The whole genome and exome sequencing global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Whole Genome And Exome Sequencing Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The whole genome and exome sequencing market size has grown exponentially in recent years. It will grow from $1.61 billion in 2023 to $2.02 billion in 2024 at a compound annual growth rate (CAGR) of 25.5%. The growth in the historic period can be attributed to decreasing sequencing costs, rise in genetic disorders, clinical applications, genomic data repositories, advancements in bioinformatics.
The whole genome and exome sequencing market size is expected to see exponential growth in the next few years. It will grow to $4.91 billion in 2028 at a compound annual growth rate (CAGR) of 24.8%. The growth in the forecast period can be attributed to population genomics initiatives, rising demand for precision medicine, advancements in single-cell sequencing, expansion of non-invasive prenatal testing (NIPT), application in rare disease research. Major trends in the forecast period include expanded clinical adoption, rapid advancements in sequencing technologies, rise of population-scale genomic studies, integration of artificial intelligence (AI) and machine learning (ML), expanding applications in oncology.
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Scope Of Whole Genome And Exome Sequencing Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Whole Genome And Exome Sequencing Market Overview
Market Drivers –
The rising demand for personalized medicine is expected to propel the growth of the whole genome and exome sequencing market in the future. Personalized medicine is an approach to medical treatment that tailors healthcare decisions and interventions to the individual characteristics of each patient, considering factors such as genetics, environment, and lifestyle. Whole genome and exome sequencing is used in personalized medicine by providing a comprehensive analysis of an individual’s genetic makeup, allowing for tailored healthcare decisions and interventions based on their unique genetic, environmental, and lifestyle factors. For instance, in October 2022, according to the Personalized Medicine Coalition (PMC), a US-based organization that promotes the understanding and adoption of personalized medicine, more than 75,000 genetic testing products and 300 personalized medicines are expected to be on the market in 2022. Furthermore, the Food and Drug Administration’s Center for Drug Evaluation and Research (CDER) approved 37 new molecular entities (NMEs) in 2022. Further, out of the 35 therapeutic NMEs, approximately 34%, which amounts to 12 of them, are classified as personalized. Therefore, the rising demand for personalized medicine is driving the growth of the whole genome and exome sequencing market.
Market Trends –
Major companies operating in the whole genome and exome sequencing markets are increasing their focus on developing advanced technological solutions, such as ultra-fast NGS (next-generation sequencing) analysis, to gain a competitive edge in the market. Ultra-fast NGS analysis is a technological innovation that enables the processing of next-generation sequencing (NGS) data at an exceptionally high speed, significantly reducing the time required for genomic data analysis. For instance, in January 2023, QIAGEN Digital Insights (QDI), a US-based bioinformatics company, launched the ultra-fast NGS analysis platform. This platform offers features such as processing a whole genome in 25 minutes for $1 in cloud computing costs, promoting efficiency, affordability, and scalability; its technological innovation significantly enhances genomic data analysis speed and accessibility, thus holding considerable importance in the whole genome and exome sequencing market by enabling rapid decision-making and wider adoption of personalized medicine.
The whole genome and exome sequencing market covered in this report is segmented –
1) By Product Type: Kits, Instruments
2) By Workflow: Whole Genome Sequencing (WGS), Whole Exome Sequencing (WES)
3) By Applications: Diagnostics, Cancer, Monogenic Disorders, Diabetes, Drug Discovery And Development, Personalized Medicine, Agriculture And Animal Research, Other Applications
4) By End user: Research Center, Academic And Government Institutions, Hospitals And Clinics, Pharmaceutical And Biotechnology Companies, Other End Users
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Regional Insights –
North America was the largest region in the whole genome and exome sequencing market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the whole genome and exome sequencing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Siemens AG, Hoffmann-La Roche Ltd., Thermo Fisher Scientific Inc., Cytiva (Danaher Corporation), Laboratory Corporation of America Holdings (Labcorp), Eurofins Scientific SE, Agilent Technologies Inc., Illumina Inc., Canon Medical Systems Corporation, Bio-Rad Laboratories Inc., QIAGEN N.V, Neusoft Corporation, BGI Genomics, Mirion Technologies (Capintec) Inc., Novogene Co., Oxford Nanopore Technologies Inc., LANDAUER, Pacific Biosciences of California Inc., Digirad Corporation, Berthold Technologies GmbH & Co.KG, GENEWIZ Inc., Incom Inc., Lucerno Dynamics LLC, Absolute Imaging Inc., Mediso Ltd., Ashby Gorman Baker Ltd., DDD-Diagnostic AS, SurgicEye GmbH, CMR Naviscan
Table of Contents
1. Executive Summary
2. Whole Genome And Exome Sequencing Market Report Structure
3. Whole Genome And Exome Sequencing Market Trends And Strategies
4. Whole Genome And Exome Sequencing Market – Macro Economic Scenario
5. Whole Genome And Exome Sequencing Market Size And Growth
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27. Whole Genome And Exome Sequencing Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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