How is the Whole Exome Sequencing Market Poised for Growth: Trends and Opportunities Through 2034
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What key factors are powering the surge in the whole exome sequencing market right now?
In recent times, there has been a significant expansion in the size of the whole exome sequencing market. This market is projected to escalate from $2.82 billion in 2024 to $3.37 billion in 2025, with a compound annual growth rate (CAGR) of 19.4%. Factors such as advancements in genomic research, trends in precision medicine, diagnosis of rare diseases, applications in pharmaceutical and biotech, coupled with decreasing sequencing costs, have contributed to the growth witnessed in the historic period.
How fast Is the whole exome sequencing market expected to grow, and what’s its future value?
The market size for whole exome sequencing is anticipated to experience rapid expansion in the coming years, with a predicted increase to “$7.29 billion in 2029 at a CAGR of 21.3%. This anticipated growth during the prognosis period can be credited to an increase in oncology applications, incorporation into clinical diagnostics, an increase in demand for genetic testing, initiatives in population genomics, and the emergence of gene therapies. During this forecast period, we can expect to see a trend towards increased clinical use and adoption, a reduction in sequencing costs, a greater emphasis on data security and privacy, integration with electronic health records, and advancements in single-cell sequencing.
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What are the leading drivers of growth in the whole exome sequencing market?
An upsurge in the incidence of HIV (human immunodeficiency virus) is anticipated to foster growth in the whole exome sequencing market in the future. HIV is a virus that targets the body’s immune system. Whole exome sequencing plays a vital role in providing genomic structures of viruses, which are beneficial in personalized treatment and the formulation of vaccines for HIV. For instance, it was reported in August 2024 by the Minority HIV/AIDS Fund (MHAF), a US-based government agency, that an estimated 39.9 million individuals globally were living with HIV in 2023. This figure includes 38.6 million adults and 1.4 million children, showing an increase from previous years. As such, the rising prevalence of HIV is a key factor in driving the growth of the whole exome sequencing market.
What are the key segments defining the whole exome sequencing market?
The whole exome sequencing market covered in this report is segmented –
1) By Product: Systems, Kits, Services
2) By Technology: Sequencing By Synthesis, Ion Semiconductor Sequencing, Other Technologies
3) By Application: Diagnostics, Drug Discovery And Development, Personalized Medicine, Agriculture And Animal Research
4) By End-User: Hospitals And Clinics, Pharmaceutical And Biotechnology Companies, Academic and Research Institutes, Clinical Laboratories, Other End-Users
Subsegments:
1) By Systems: Sequencing Systems, Data Analysis Systems
2) By Kits: Library Preparation Kits, Exome Enrichment Kits, Sequencing Kits
3) By Services: Data Analysis Services, Consulting Services, Custom Sequencing Services
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Who are the key players steering the development of the whole exome sequencing market?
Major companies operating in the whole exome sequencing market include 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.
What emerging trends are influencing the growth of the whole exome sequencing market?
The rising trend of innovative diagnostic techniques is becoming increasingly prevalent in the whole exome sequencing market. Companies in this sector are diligently innovating new products to maintain their market stance. For example, in February 2023, Illumina Inc., an American biotechnology company, unveiled its latest product, NovaSeqX Plus. Being the most potent sequencing technology, it provides an unmatched blend of high throughput and precision, enhanced computing, sustainable advances, and cost-effective sequencing. The ingenuity inherent in NovaSeq X Plus systems possess the capability to produce tens of thousands of complete genomes annually, optimizing productivity and reducing turnaround time.
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Which regions are most influential in expanding the whole exome sequencing market?
North America was the largest region in the whole exome sequencing market in 2024.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.
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