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Whole Genome And Exome Sequencing Global Market Demand Analysis, Manufacturers Share, Regions, Risk Analysis, Driving Forces and Application, Forecast To 2033
Whole Genome And Exome Sequencing Global Market
The Business Research Company presents an extensive market research report on the Whole Genome And Exome Sequencing Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
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%. Thegrowth 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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Key Market Players:
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
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.
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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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