Dublin, Jan. 25, 2024 (GLOBE NEWSWIRE) -- The "Whole Exome Sequencing Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The latest global market research on whole exome sequencing has been released, indicating a notable surge in the industry’s value and an anticipated compound annual growth rate (CAGR) that showcases the sector's robust expansion. The report provides a comprehensive analysis of the current trends, market size, and projections for future growth, positioning itself as an invaluable resource for industry stakeholders.
Historical Growth and Projections
The research highlights the market's significant growth from $2.34 billion in 2023 to an estimated $2.8 billion in 2024, attributable to a CAGR of 19.9%. This increase reflects the impact of technological advancements in genomic research, the increasing adoption of precision medicine, early diagnosis of rare diseases, and reduced sequencing costs.
Looking forward to 2028, the market is expected to achieve an impressive valuation of $5.89 billion at a steady CAGR of 20.4%. This projected growth can be tied to the expanding applications in oncology, integration into clinical diagnostics, heightened demand for genetic testing, population genomics initiatives, and advancements in gene therapy.
Key Market Drivers
- Increasing Prevalence of HIV: The proliferation of the human immunodeficiency virus (HIV) is driving the need for whole exome sequencing to aid in the development of personalized treatments and vaccines, directly impacting market growth.
- Surge in Personalized Medicine: With personalized medicine reshaping healthcare, whole exome sequencing's pivotal role in customizing treatments based on unique genetic profiles is catalyzing market expansion.
- Innovative Diagnostic Techniques: Novel product developments from leading companies are further enhancing the market's growth trajectory. Highlighting this trend is Illumina Inc.'s NovaSeqX Plus, which is raising the bar for sequencing technology.
Strategic Market Developments
Industry players are advancing the market with innovative solutions for diagnosis and personalized medicine. For instance, Centogene N.V. introduced CentoXome, enhancing genetic analysis to guide patient care. Additionally, in a strategic move to bolster its diagnostics portfolio, Exact Sciences acquired Prevention Genetics, showcasing the dynamic nature of this market.
Territorial Insights
In 2023, North America led the whole exome sequencing market, with the Asia-Pacific region anticipated to be the fastest-growing during the forecast period. The market's expansion across these regions underscores the global demand and integration of whole exome sequencing in various clinical and research settings.
Comprehensive Market Offerings
The market encompasses equipment, kits, and services essential for conducting comprehensive genetic analyses. These offerings support applications in multiple sectors, including healthcare, pharmaceuticals, and biotechnology, and affirm the widespread utility of whole exome sequencing.
A selection of companies mentioned in this report includes
- 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.
- Clinicient Inc.
For more information about this report visit https://www.researchandmarkets.com/r/5is6u2
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