PUBLISHER: The Business Research Company | PRODUCT CODE: 1458769
PUBLISHER: The Business Research Company | PRODUCT CODE: 1458769
Whole genome sequencing (WGS) and exome sequencing (ES) are advanced genetic analysis methodologies aimed at deciphering an organism's complete DNA sequence and specifically targeting the protein-coding regions of the genome. These techniques play a crucial role in diagnosing genetic disorders and identifying cancer-related mutations.
The primary product categories in WGS and ES comprise kits and instruments, where kits encompass a collection of related products packaged together for simplified inventory management. Various workflows such as whole genome sequencing (WGS) and whole exome sequencing (WES) are utilized across multiple applications including diagnostics, cancer research, monogenic disorders, drug development, personalized medicine, agriculture, and animal research. End users encompass diverse entities such as research centers, academic institutions, governmental bodies, hospitals, pharmaceutical and biotechnology companies, among others.
The whole genome and exome sequencing market research report is one of a series of new reports from The Business Research Company that provides whole genome and exome sequencing market statistics, including whole genome and exome sequencing industry global market size, regional shares, competitors with a whole genome and exome sequencing market share, detailed whole genome and exome sequencing market segments, market trends and opportunities, and any further data you may need to thrive in the whole genome and exome sequencing industry. This whole genome and exome sequencing market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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 observed during the historical period can be ascribed to declining sequencing costs, an increase in genetic disorders, clinical applications, the establishment of genomic data repositories, and 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 anticipated growth in the forecast period is driven by population genomics initiatives, increased demand for precision medicine, advancements in single-cell sequencing, expansion of non-invasive prenatal testing (NIPT), and its application in rare disease research. Key trends expected during this period include increased clinical adoption, rapid advancements in sequencing technologies, the rise of population-scale genomic studies, integration of artificial intelligence (AI) and machine learning (ML), and expanding applications in oncology.
The increasing interest in personalized medicine is anticipated to drive the expansion of the whole genome and exome sequencing market in the coming years. Personalized medicine adopts a tailored approach to healthcare, considering individual patient characteristics such as genetics, environment, and lifestyle in treatment decisions. Whole genome and exome sequencing play a pivotal role in personalized medicine by offering a comprehensive analysis of an individual's genetic composition, enabling healthcare interventions customized to their specific genetic, environmental, and lifestyle factors. For example, as of October 2022, the Personalized Medicine Coalition (PMC) projects over 75,000 genetic testing products and 300 personalized medicines to be available on the market. Additionally, the Food and Drug Administration's Center for Drug Evaluation and Research (CDER) approved 37 new molecular entities (NMEs) in 2022, with approximately 34% classified as personalized among the 35 therapeutic NMEs. Consequently, the growing demand for personalized medicine is fueling the expansion of the whole genome and exome sequencing market.
Major players in the whole genome and exome sequencing markets are intensifying their efforts towards developing cutting-edge technological solutions, notably ultra-fast NGS (next-generation sequencing) analysis, to gain a competitive advantage. This innovation facilitates the rapid processing of NGS data, drastically reducing analysis time. For example, in January 2023, QIAGEN Digital Insights (QDI), a US-based bioinformatics company, introduced an ultra-fast NGS analysis platform. This platform boasts features such as processing a whole genome in just 25 minutes at a cost of $1 in cloud computing expenses, promoting efficiency, affordability, and scalability. Its technological breakthrough significantly enhances the speed and accessibility of genomic data analysis, playing a crucial role in the whole genome and exome sequencing market by enabling swift decision-making and wider adoption of personalized medicine.
In January 2023, QIAGEN, a multinational corporation headquartered in Germany and specializing in sample technologies and molecular insights products, acquired Verogen for an undisclosed sum. This acquisition bolsters QIAGEN's presence in the human identification and forensics market, consolidating its leadership position and facilitating the creation of more comprehensive solutions with potential implications for the entire genome and exome sequencing market. Verogen, based in the United States, is a biotech company that offers next-generation sequencing (NGS) tools and services, including whole genome and exome sequencing.
Major companies operating in the whole genome and exome sequencing market report are 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.
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.
The countries covered in the whole genome and exome sequencing market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The whole genome and exome sequencing market consists of revenues earned by entities by providing services such as genetic profiling, variant identification, personalized medicine solutions, and comprehensive genomic analysis. The market value includes the value of related goods sold by the service provider or included within the service offering. The whole genome and exome sequencing market also includes sales of exome capture kits, benchtop sequencer, and sample preparation instrutments. 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.
Whole Genome And 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 genome and 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 genome and 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 genome and 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.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.