Selbyville, DE -- (SBWIRE) -- 12/28/2018 -- The Digital Genome Market to exceed USD 45 billion by 2024; as per a new research report by Global Market Insights, Inc.

Increased adoption of personalized medicine aimed at identifying genomic markers of disease and prescribe drugs that specifically target the pathway will drive the digital genome market size. Growing emphasis on sensitivity and specificity of the gene sequencing instruments should also fuel industry growth.

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In 2015, sequencing and analyzing instruments accounted for over 40% of digital genome market share. Technological innovation for development of novel instruments coupled with growing investments in genetic research will provide thrust to industry expansion. Sequencing chips should witness over 10% CAGR owing to continuous R&D in bioinformatics, microfluidics, enzymology, and nanotechnology providing innovative platforms for digital genome market growth.

Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
- BioMarin Pharmaceutical Inc.
- Illumina
- Agilent Technologies
- Fluidigm Corporation
- Pacific Biosciences
- Agios Pharmaceuticals
- AVEO Oncology
- Thermo Fisher Scientific
- QIAGEN
- Sigma-Aldrich
- PerkinElmer, Inc.
- QIAGEN

Research and development led the digital genome market share, with projections to surpass USD 23 billion by 2024. Growing number of public and private investments and surge in research funds should drive industry expansion.

Microbiology applications held over 22% of the revenue in 2015 with expectations to reach over USD 10 billion by 2024. Increasing industrial, biological and clinical application of microbes should accelerate segment growth.

Biopharmaceutical companies contributed more than 45% to the digital genome market share in 2015. Extensive application of genome sequencing technologies for development of targeted therapies should spur industry growth. Other industry segments such as hospitals, research institutes and diagnostic laboratories should strive to seize business share over the coming years.

Academic research institutes are set to witness high growth owing to increasing funding from investors for development of novel technologies, instruments and services. Early investors are trying to reap significant profits by investing in relatively new and less explored ecosystem.

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U.S. digital genome market share was more than 80% of the North American revenue in 2015. The well-established healthcare infrastructure, discovery of new genome sequencing technologies and increasing geriatric population will contribute towards revenue growth.

Russia market size was over USD 290 million in 2015 and anticipated to exhibit healthy growth due to presence of many companies competing to capture maximum industry share. The launch of Genome Russia Project aimed at creating a web-based database for whole genome sequences from different regions will also stimulate industry growth.

Digital Genome Market By End-Use
- Diagnostics & Forensic Labs
- Academic Research Institutes
- Hospitals
- Bio-pharmaceutical companies