2024 Whole Genome And Exome Sequencing Market Summary: 5 Key Findings
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What is the Expected Growth Rate of the Whole Genome And Exome Sequencing Market from 2024 to 2033?
The whole genome and exome sequencing market will increase from $1.61 billion in 2023 to $2.02 billion in 2024, with a CAGR of 25.5%. Key drivers include decreasing sequencing costs and the rise in genetic disorders.
The whole genome and exome sequencing market is expected to see strong growth, reaching $4.91 billion in 2028 with a CAGR of 24.8%. Growth factors include population genomics initiatives, precision medicine demand, single-cell sequencing advancements, non-invasive prenatal testing expansion, and rare disease research. Trends include clinical adoption, sequencing technology advancements, population-scale studies, AI and ML integration, and oncology applications.
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What Key Factors Are Fueling the Growth of the Whole Genome And Exome Sequencing Market?
The growing demand for personalized medicine is expected to enhance the whole genome and exome sequencing market. Personalized medicine tailors healthcare to individual characteristics, considering genetics and lifestyle. Whole genome and exome sequencing provides comprehensive genetic analysis for tailored interventions. In October 2022, the Personalized Medicine Coalition projected over 75,000 genetic testing products and 300 personalized medicines in 2022. The FDA approved 37 new molecular entities that year, with approximately 34% classified as personalized. Thus, the rising demand for personalized medicine is driving the whole genome and exome sequencing market.
What Are the Major Segments of the Whole Genome And Exome Sequencing Market?
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
What New Trends Are Transforming the Whole Genome And Exome Sequencing Market?
Companies in the whole genome and exome sequencing markets are focusing on advanced technological solutions, like ultra-fast NGS analysis, to gain a competitive advantage. This innovation allows for exceptionally rapid processing of NGS data, cutting down the time needed for genomic analysis. For example, in January 2023, QIAGEN Digital Insights introduced an ultra-fast NGS analysis platform that can process a whole genome in just 25 minutes for $1 in cloud computing costs. This technological breakthrough enhances the speed and accessibility of genomic data analysis, which is crucial for personalized medicine.
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Which Regions Are Driving Growth in the Whole Genome And Exome Sequencing Market?
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 Whole Genome And Exome Sequencing Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the whole genome and exome sequencing market, its market share, and analyzes key competitors along with their market positions.
The Table Of Content For The Whole Genome And Exome Sequencing Market Include
1. Whole Genome And Exome Sequencing Market Executive Summary
2. Whole Genome And Exome Sequencing Market Segments
3. Whole Genome And Exome Sequencing Market Size And Template Market Growth Rate
4. Key Whole Genome And Exome Sequencing Market Trends
5. Major Whole Genome And Exome Sequencing Market Drivers
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25. Key Mergers And Acquisitions In The Whole Genome And Exome Sequencing Market
26. Top Whole Genome And Exome Sequencing Companies
27. Whole Genome And Exome Sequencing Market Opportunities And Strategies
28. Whole Genome And Exome Sequencing Market, Conclusions And Recommendations
29. Appendix
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