Market Dynamics:
The entire Whole Exome Sequencing Market is expected to grow significantly during the forecast period. This is because of the increasing adoption of precision medicine and next generation sequencing technology. Precision medicine employs the whole exome sequencing technique to identify the genetic mutations responsible for certain diseases and customize the treatment.
The continuous advancement in next-generation sequencing continues to innovate. For example, semiconductor sequencing has come up to reduce the cost significantly, making it available for various stakeholders.
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Market Trends:
Growing investments in activities related to genomic research are propelling the growth of this market. For example, In 2022, NHGRI spent more than USD 630 million dollars on genomic research projects that fall under precision medicine and rare diseases. Another trend gaining traction is direct-to-consumer exome sequencing services. Direct-to-consumer exome sequencing services allow individuals to access their whole exome sequencing. Leading players such as Xcode Life, Dante Labs and Genos are offering direct-to-consumer exome sequencing services at affordable prices. This is expected to boost the adoption of whole exome sequencing over the forecast period.
Whole Exome Sequencing Market Report Coverage
|
Report Coverage |
Details |
|
Market Revenue in 2024 |
$1.80 billion |
|
Estimated Value by 2031 |
$4.72 billion |
|
Growth Rate |
Poised to grow at a CAGR of 14.8% |
|
Historical Data |
2019–2023 |
|
Forecast Period |
2024–2031 |
|
Forecast Units |
Value (USD Million/Billion) |
|
Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
|
Segments Covered |
By Product Type, By Technology, By Application, By Indication, By End User |
|
Geographies Covered |
North America, Europe, Asia Pacific, and Rest of World |
|
Growth Drivers |
• Increasing demand for personalized medicine • Advancements in sequencing technologies |
|
Restraints & Challenges |
• High costs associated with sequencing and data analysis • Ethical concerns regarding genetic data privacy |
Whole Exome Sequencing Market Opportunities
The innovation in instruments segment is expected to hold a dominant position over the forecast period. Rapid innovations in sequencing instruments have enabled higher throughput capabilities and reduced run times. This has boosted adoption rates among both diagnostic laboratories and research institutions. Key players are also introducing new compact benchtop instruments to expand access to exome sequencing.
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Key Market Takeaways
By technology, the sequencing by synthesis segment accounted for the largest market share in 2023. This is due to sequencing by synthesis offering significantly higher accuracy over other technologies like semiconductor sequencing. Continuous improvements are helping deliver longer read lengths at higher throughput levels from lower sample inputs.
By application, the drug discovery & development segment is anticipated to witness lucrative growth over the forecast period. Expanding diagnostic applications of whole exome sequencing for complex diseases are increasingly fueling pharmaceutical R&D workflows. It involves patient stratification and target identification. This is expected to propel the segment at a high CAGR through 2031.
North America is expected to hold a dominant position over the forecast period. This due to rising healthcare expenditure, improving reimbursement policies, and growing awareness regarding personalized medicine in the region.
Key Players Insights
- Illumina, Inc.
- Thermo Fisher Scientific Inc.
- BGI Genomics
- Agilent Technologies, Inc.
- Roche Diagnostics
- QIAGEN N.V.
- Pacific Biosciences of California, Inc,
- Oxford Nanopore Technologies plc
- Eurofins Scientific SE
- Genomatix GmbH
- Myriad Genetics, Inc.
On July 30, 2024,
GeneDx, enhanced its Whole Genome Sequencing (WGS) service with broader sample
alternatives (buccal swabs), and increased coverage for repeat expansions.
These enhancements aim to speed up diagnostics, particularly for rare diseases,
hence improving patient outcomes.
In May 2024, SOPHiA GENETICS collaborated with Microsoft and NVIDIA to develop
a scalable whole genome sequencing (WGS) analytics solution for healthcare. The
cooperation intends to make the solution available to healthcare providers by
the end of the year.
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