USD 360.02 million
Report ID:
SQMIG35H2119 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
92
|Figures:
76
Whole Exome Sequencing Market size was valued at USD 422.95 million in 2022 and is poised to grow from USD 496.88 million in 2023 to USD 1802.87 million by 2031, growing at a CAGR of 17.48% during the forecast period (2024-2031).
The market has witnessed significant growth potential due to various factors, including the development of new technologies, increased applications in research and diagnostics, and a reduction in costs associated with these technologies. The demand for precise and early detection methods for genetic and chronic diseases has also contributed to the expansion of the market. Consequently, the utilization of advanced sequencing technologies has greatly propelled market growth, as medical professionals and researchers employ whole exome sequencing to identify genetic variations related to different diseases and develop personalized treatments based on patients' genomic data. A study published in the Journal of Cancer in 2020 exemplifies how exome sequencing has been employed to identify mutations in patients with advanced cancer, predicting their response to immunotherapy and demonstrating its potential to revolutionize personalized medicine. The global demand for whole exome sequencing products is rapidly increasing due to several key factors, primarily driven by the decreasing cost associated with advancements in automation, data analysis tools, and various technologies. These advancements have made whole exome sequencing more accessible and affordable for healthcare facilities and researchers to study genetic information. For example, a partnership between a Chinese healthcare provider and BGI Genomics was established in 2022 to offer whole exome sequencing services for cancer patients, aiming to gain a better understanding of cancer genetics and provide personalized treatment options. Such collaborations highlight the growing popularity of whole exome sequencing in clinical settings due to its affordability and accessibility. The utilization of this technology by medical professionals for diagnosing and treating a range of diseases is increasing, indicating a promising future for genetic medicine and whole exome sequencing. Additionally, the market has experienced significant growth due to the demand for personalized care. Medical professionals can now utilize whole exome sequencing to customize treatment recommendations based on a patient's unique genetic alterations and susceptibility to diseases. This allows healthcare providers to offer specialized and more effective treatments by thoroughly examining a patient's DNA. For example, Natera's Signatera, a test based on whole exome sequencing, has been designated as a breakthrough device by the FDA. This test assists in monitoring tumor recurrence, allowing patients who have undergone treatment for solid tumors to track the presence of any residual disease. By analyzing circulating tumor DNA, Signatera identifies genetic changes associated with cancer and tracks the patient's response to therapy. The FDA's recognition of Signatera as a breakthrough device emphasizes the potential of exome sequencing-based diagnostics in cancer identification and treatment. The whole exome sequencing industry is growing due to the increasing demand for personalized treatment. Further market growth is anticipated with the introduction of new diagnostics and assays. Through whole exome sequencing, medical professionals can now identify a patient's specific genetic anomalies and disease risk factors, enabling them to design treatment plans tailored to each individual's needs. This advancement in individualized medicine holds the potential to revolutionize healthcare practices.
US Whole Exome Sequencing Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 360.02 million
Largest Segment
Consumables
Fastest Growth
Consumables
Growth Rate
17.48% CAGR
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The Global Whole Exome Sequencing Market is segmented by technology, application, end-User, and region. Based on technology, the market can be segmented into targeted sequencing, whole exome sequencing and others. Based on application, the market is segmented into oncology, rare diseases, cardiovascular diseases, neurological disorders, and other applications. Based on end-user, the market is segmented into research centers and academic institutions, hospitals and clinics, pharmaceutical and biotechnology companies, and contract research organizations (CROs). Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Whole Exome Sequencing Market Analysis by Technology
By Technology, the market can be segmented into targeted sequencing, whole exome sequencing and others. Whole Exome Sequencing is the dominating segment in the global market. It involves sequencing the protein-coding regions of the entire exome, offering a comprehensive analysis of genetic variations. Whole Exome Sequencing provides a broad view of the exome, including both coding and non-coding regions. This enables researchers and clinicians to identify disease-causing mutations, variants, and potential therapeutic targets.
Targeted Sequencing is the fastest-growing segment in the global market. It involves selectively sequencing specific regions of the exome, focusing on genes or genomic regions of interest. Targeted Sequencing offers a cost-effective alternative to Whole Exome Sequencing by specifically targeting relevant genomic regions. This reduces the sequencing and analysis costs, making it more accessible for research and clinical applications.
Whole Exome Sequencing Market Analysis by Application
By application, the market is segmented into oncology, rare diseases, cardiovascular diseases, neurological disorders, and other applications. Oncology is the dominating segment in the global market. Whole Exome Sequencing plays a crucial role in oncology research, diagnostics, and treatment. WES enables the identification of somatic mutations and genetic alterations in tumors, helping to guide personalized treatment approaches. It allows oncologists to understand the underlying genomic characteristics of individual tumors, leading to targeted therapies and improved patient outcomes.
Rare Diseases emerge as the fastest-growing segment in the whole exome sequencing market. WES has revolutionized the diagnosis and understanding of rare genetic disorders. Rare diseases often lack specific diagnostic tests, and their genetic underpinnings remain unknown. WES addresses this unmet medical need by providing a comprehensive analysis of the exome, facilitating the discovery of novel disease-causing genes and variants.
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The dominating region in the whole exome sequencing market is North America. This region has been at the forefront of technological advancements and has a well-established healthcare infrastructure, which has contributed to its dominance. In North America, the United States in particular has witnessed significant adoption of whole exome sequencing technology in both research and clinical settings. The presence of major key players, academic institutions, and research organizations focused on genomics research has further fueled the market growth in this region. Additionally, favorable government initiatives and funding for genomic research and precision medicine have played a crucial role in the dominance of North America in the whole exome sequencing market.
The fastest growing region in the whole exome sequencing market is Asia Pacific. The Asia Pacific region has witnessed rapid economic growth and an increasing focus on healthcare advancements. Countries such as China, Japan, and India have made significant investments in genomics research and precision medicine initiatives, leading to the growing adoption of whole exome sequencing technology. The region also benefits from a large population base, increasing awareness about personalized medicine, and rising healthcare expenditure. Furthermore, the availability of cost-effective sequencing technologies and the presence of key market players expanding their presence in the region have contributed to the accelerated growth of the whole exome sequencing market in Asia Pacific.
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Whole Exome Sequencing Market Drivers
Increasing demand for personalized medicine
Whole Exome Sequencing Market Restraints
Complexity and interpretation challenges
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The global whole exome sequencing market is characterized by the presence of various companies offering sequencing platforms, reagents, and analysis software. These companies strive to differentiate themselves by providing innovative and cost-effective solutions to meet the growing demand for whole exome sequencing. Market players focus on research and development activities to enhance their product portfolios and expand their customer base. Additionally, partnerships, collaborations, and acquisitions are common strategies employed by companies to strengthen their market position and gain a competitive edge. The competitive landscape is dynamic, with new entrants continuously emerging and established players seeking to maintain their market share.
Whole Exome Sequencing Market Top Player’s Company Profiles
Whole Exome Sequencing Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to global Whole Exome Sequencing market analysis, the global market is poised for a promising future with significant growth opportunities. The increasing demand for personalized medicine and the ability to study individual genetic variations drive the market's expansion. North America dominates the market, particularly the United States, due to advanced technology, established healthcare infrastructure, and government initiatives supporting genomics research. Asia Pacific emerges as the fastest-growing region, fueled by economic growth, rising healthcare expenditure, and investments in precision medicine initiatives. China, in particular, exhibits substantial market potential with its large population and increasing focus on genomic research. As the market progresses, advancements in data analysis tools, automation, and integration of AI and ML technologies will further revolutionize the field of whole exome sequencing, paving the way for personalized healthcare and transformative discoveries in genetic medicine.
Report Metric | Details |
---|---|
Market size value in 2022 | USD 422.95 million |
Market size value in 2031 | USD 1802.87 million |
Growth Rate | 17.48% |
Base year | 2023 |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Million |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Whole Exome Sequencing Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Whole Exome Sequencing Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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Report ID: SQMIG35H2119