PUBLISHER: The Business Research Company | PRODUCT CODE: 1414686
PUBLISHER: The Business Research Company | PRODUCT CODE: 1414686
“Whole Exome Sequencing Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on whole exome sequencing market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for whole exome sequencing? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The whole exome sequencing market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Whole exome sequencing is a genomic sequencing method that involves sequencing all the protein-coding regions within a genome. This laboratory technique is utilized to identify mutations that could be linked to a specific disease.
The primary offerings in the field of whole exome sequencing include systems, kits, and services. The term "system" pertains to the examination of how biological components such as molecules, cells, and organs interact and function. Various technologies, such as sequencing by synthesis, ion semiconductor sequencing, and others, are employed for applications in diagnostics, drug discovery and development, personalized medicine, agriculture, and animal research. These applications are utilized by hospitals and clinics, pharmaceutical and biotechnology companies, academic and research institutes, clinical laboratories, and other entities.
The whole exome sequencing market research report is one of a series of new reports from The Business Research Company that provides whole exome sequencing market statistics, including the whole exome sequencing industry global market size, regional shares, competitors with a whole exome sequencing market share, detailed whole exome sequencing market segments, market trends, and opportunities, and any further data you may need to thrive in the whole exome sequencing industry. This whole exome sequencing market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The whole exome sequencing market size has grown rapidly in recent years. It will grow from $2.34 billion in 2023 to $2.8 billion in 2024 at a compound annual growth rate (CAGR) of 19.9%. The expansion observed in the historical period can be ascribed to advancements in genomic research, the adoption of precision medicine trends, the diagnosis of rare diseases, applications in pharmaceutical and biotech sectors, and the decreasing costs associated with sequencing.
The whole exome sequencing market size is expected to see exponential growth in the next few years. It will grow to $5.89 billion in 2028 at a compound annual growth rate (CAGR) of 20.4%. The anticipated expansion in the forecast period can be linked to the increasing applications in oncology, the integration into clinical diagnostics, a surge in demand for genetic testing, initiatives in population genomics, and the emergence of gene therapies. Key trends expected in the forecast period encompass improved clinical utility and adoption, decreasing sequencing costs, emphasis on data security and privacy, integration with electronic health records, and advancements in single-cell sequencing.
The anticipated growth in the whole exome sequencing market is expected to be propelled by the increasing prevalence of HIV (human immunodeficiency virus). HIV is a virus that targets the body's immune system, and whole exome sequencing is employed to provide genomic structures of viruses, facilitating personalized treatment and vaccine designs for HIV. As of April 2023, the World Health Organization reported that HIV remains a significant global public health concern, with 38.4 million patients worldwide in 2021 and 650,000 deaths from HIV-related causes. Consequently, the escalating prevalence of HIV is a key driver for the growth of the whole exome sequencing market.
The rising demand for personalized medicine is also poised to drive the growth of the whole exome sequencing market. Personalized medicine tailors medical treatment to an individual's unique genetic makeup, offering more effective and precise healthcare interventions. Whole exome sequencing is integral to personalized medicine, enabling the customization of treatments based on an individual's genetic profile for precise and targeted therapies. In 2022, the Food and Drug Administration's Center for Drug Evaluation and Research (CDER) approved 37 new molecular entities (NMEs), with approximately 34% (12 of them) classified as personalized medicines by the Personalized Medicine Coalition (PMC). Hence, the increasing demand for personalized medicine is a significant factor contributing to the growth of the whole exome sequencing market.
A prominent trend gaining traction in the whole exome sequencing market is the adoption of innovative diagnostic techniques. Companies within this market are actively engaged in developing new product innovations to maintain their market positions. For example, in February 2023, Illumina Inc., a biotechnology company based in the United States, introduced the NovaSeqX Plus, a state-of-the-art sequencing technology. This groundbreaking technology combines high throughput and accuracy, featuring streamlined informatics, sustainability advancements, and cost-effective sequencing. The NovaSeq X Plus systems are equipped with innovations capable of generating tens of thousands of whole genomes annually, enhancing productivity, and minimizing turnaround time.
Major players in the whole exome sequencing market are concentrating on the development of advanced solutions to enhance diagnostic capabilities in complex and unsolved patient cases. These advanced whole exome sequencing solutions entail comprehensive analysis of the protein-coding regions of the genome, offering detailed insights into genetic variations associated with diseases, traits, and individual characteristics. This aids in precise diagnostics and facilitates personalized medicine approaches. In June 2021, Centogene N.V., a German-based company, launched the CentoXome, an enhanced next-generation sequencing-based assay. Paired with life-long diagnostic support and a free-of-charge proactive reclassification program, CentoXome analyzes an individual's DNA to identify potential genetic variations, mutations, or markers linked to specific diseases, conditions, or traits. These tests serve various purposes, including identifying inherited disorders, assessing susceptibility to certain diseases, or exploring ancestry.
In January 2022, Exact Sciences, a molecular diagnostics company in the United States, acquired Prevention Genetics for a deal valued at $190 million. This strategic acquisition strengthened Exact Sciences' advanced cancer testing portfolio. Prevention Genetics, a clinical DNA testing laboratory based in the U.S., is known for providing high-quality genetic testing and services to patients and researchers.
Major companies operating in the whole exome sequencing market report are Thermo Fisher Scientific Inc.,Illumina Inc.,Eurofins Genomics,Azenta US Inc.,CD Genomics,Psomagen Inc.,Agilent Technologies,BGI Genomics,F. Hoffmann-La Roche Ltd.,QIAGEN Inc.,Macrogen Inc.,Ambry Genetics,Bio-Rad Laboratories Inc.,Bioneer Corporation,Foundation Medicine Inc.,KONICA MINOLTA INC.,Otogenetics Corporation,Geneyx Genomex Ltd.,ArcherDX Inc.,Blueprint Genetics Oy,Bionano Genomics Inc.,Centogene AG,Fulgent Genetics Inc.,Natera Inc.,GeneDx Inc.,GENEWIZ Inc.,Novogene Corporation,PerkinElmer Inc.,Personalis Inc.,Clinicient Inc.
North America was the largest region in the whole exome sequencing market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global whole exome sequencing market report during the forecast period. The regions covered in the whole exome sequencing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the whole exome sequencing market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
The whole exome sequencing market consists of revenues earned by entities by providing services such as exome capture, library construction, deep sequencing, raw data quality control, and bioinformatics analysis. The market value includes the value of related goods sold by the service provider or included within the service offering. The whole exome sequencing market also includes sales of instruments, comparison tools, and sequencing reagents which are used in providing whole exome sequencing services. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.