The whole exome sequencing market size is projected to reach US$ 1,457.8 million by 2031 from US$ 414.5 million in 2023. The market is expected to register a CAGR of 17.02% during 2023–2031. Incorporation of artificial intelligence and machine learning algorithms and diagnosing and treating cancer using whole exome sequencing are likely to remain key trends in the market.
Whole exome sequencing is the next-generation technique that is widely preferred as a substitute for whole genome sequencing due to its advantages. As the whole sequencing technique reduces the time and cost of analyzing genetics, it also offers a reduction of time spent in the trial and error for the drug formulation. The next-generation sequencing has enabled higher results of the analysis for genotypic and phenotypic relations among the human populations, helping in the development of genetics information for drug development. The significant reduction in the prices and rising technology is leading to the shift towards emphasizing drug development through whole-exome sequencing.
Exome sequencing is a widely used technique, and it contains approximately 85% analysis of the variants or mutation-causing diseases. Thus, it is widely used for applications such as genetic disease and population genetics. According to the Genetic Disorders UK, it is estimated that in the UK, nearly one in twenty-five children are diagnosed with a genetic disorder. It also allows researchers to access coding for the tumor-affected regions to diagnose cancer. Moreover, various programs are undergoing to secure and implement precision medicine. For instance, Japan’s National Cancer Center’s genome sequencing and TOP-GEAR genetic testing projects are utilizing data to look for clinical applications to treat cancer. Along with the projects, the private sector and academic institutes have collaborated and are working on the MASTER KEY project. The project is currently working to optimize genomic medicine for rare cancers.
Due to the benefits of whole-exome sequencing, it is utilized as a diagnostic tool in regular practice. The technique is mainly utilized to diagnose genetic diseases and cancer. The whole-exome sequencing technique is considered ideal for targeted management of complex conditions such as epilepsy, neuropathy, and other genetic diseases. In addition, whole-exome sequencing allows complete analysis of nearly 23,000 genes in the human genome with the help of next-generation sequencing in a single run. Whole-exome sequencing is advantageous in the fields of research, diagnostics, and clinical settings. Thus, the wide application of whole-exome sequencing in the field of molecular diagnostics and clinical diagnostics is a major drivers of the global whole exome sequencing market share.
The advancement in next-generation sequencing is leading attention toward personalized medicine or precision medicine. The ability to study an individual's entire exome allows medical professionals to tailor treatment regimens based on each patient's unique genetic makeup and disease susceptibility. This personalized approach to healthcare provides the opportunity for extra effective and targeted therapies, leading to improved patient outcomes. Whole exome sequencing has been more widely used in clinical settings due to its increased affordability and accessibility as a result of developments in sequencing technologies and data analysis tools. Thus, the increasing demand for whole exome sequencing due to the rising recognition of the benefits of personalized care is shaping the future of healthcare.
Key segments that contributed to the derivation of the whole exome sequencing market analysis are products & services, technology, and application.
The geographic scope of the whole exome sequencing market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
North America has dominated the market. The growth of the market is majorly influenced by the rising incidences of genetic disorders such as sickle cell, thalassemia, and others. The rise in government initiatives in Canada is likely to increase genomic activities across the country. Also, funds have been raised by the government to support the genomics in the region. In addition, rising growth opportunities across Mexico as the country has the potential to support genomic research and the presence of global market players in the field of genomics are factors contributing to the dominance of the market. Asia Pacific is expected to grow with the highest CAGR in the coming years.
The regional trends and factors influencing the Whole Exome Sequencing Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Whole Exome Sequencing Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 414.5 Million |
| Market Size by 2031 | US$ 1,457.8 Million |
| Global CAGR (2023 - 2031) | 17.02% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Products & Services
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Whole Exome Sequencing Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Whole Exome Sequencing Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The whole exome sequencing market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the whole exome sequencing market are listed below:
The “Whole Exome Sequencing Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
North America region dominated the whole exome sequencing market in 2023.
Rising need for molecular diagnosis and increasing application in drug discovery are the most influential factors responsible for market growth.
Thermo Fisher Scientific Inc.; Illumina, Inc.; Centogene AG; F. Hoffmann-La Roche AG; Psomagen, Inc. (previously Macrogen Corp.); Pacific Biosciences of California, Inc.; GENEWIZ, Inc.; Bio-Rad Laboratories, Inc.; Eurofins Scientific; and Stratos Genomics are the key players in the whole exome sequencing market.
The estimated value of the whole exome sequencing market accounted for US$ 1,457.8 million in 2031.
The CAGR for whole exome sequencing market accounted for 17.02% during 2023-2031.