Number of pages: 100 | Report Format: PDF | Published date: January 23, 2023
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
Based on the deep-dive market assessment study by Growth Plus Reports, the global Whole exome sequencing market was valued at US$ 1.02 billion in 2021 and is expected to register a revenue CAGR of 18.70% to reach US$ 4.80 billion by 2030.
Whole Exome Sequencing Market Fundamentals
An exome is defined as the sequence encompassing all exons of protein-coding genes and nonprotein coding elements, such as microRNA or lncRNA. Whole-exome sequencing (WES) is a popular approach for sequencing the bulk of the genome’s coding sections, which include most disease-causing mutations. The clinical uses of whole exome sequencing are not just limited to diagnosis. The technology can be used to assist in therapy for a patient based on their mutation profile. Whole exome sequencing solutions can also be used to estimate an individual’s risk of developing diseases, such as type 2 diabetes (T2D), Miller Syndrome, or Alzheimer’s disease.
Whole Exome Sequencing Market Dynamics
The global whole exome sequencing market is an emerging industry expected to demonstrate rapid revenue growth during the forecast period. This can be majorly attributed to rising prevalence of genetic diseases and/or hereditary illnesses. For instance, whole exome sequencing is useful in the focused treatment of complicated disorders, such as autism spectrum disorder, neuropathy, epilepsy, and other hereditary diseases. The whole exome sequencing approach allows for an in-depth analysis of around 23,000 genes in the human genome in a single run using next-generation sequencing.
Growing demand for whole exome sequencing among researchers due to growing R&D activities in genomic research positively influences the market revenue growth. Moreover, the market is being driven by rise in the demand for personalized medicines or therapies, which have gained momentum in recent years.
Whole Exome Sequencing Market Ecosystem
The global whole exome sequencing market is analyzed from five perspectives: products & services, technology, application, end-user, and region.
Whole Exome Sequencing Market by Products & Services
Based on the products & services, the global whole exome sequencing market is segmented into systems, kits, and services.
The systems segment is sub-segmented into the Hiseq series (Hiseq 2500 and 1500), ION torrent platform (ION PGM and ION proton), and Miseq. Similarly, the kits segment is sub-segmented into library preparation kits, DNA fragmentation, end repair, a-tailing & size selection kits, and target enrichments kits. Moreover, the services segment is sub-segmented into sequencing series, bioinformatics (data analysis) services, and others.
The systems segment accounts for the largest revenue share of the exome sequencing market and is expected to register notable revenue growth during the forecast period. The dominance of this segment can be attributed to increased demand for whole exome sequencing systems among healthcare practitioners due to ongoing advancements in bioinformatics visualization capabilities. Sequence analysis provides a wide range of services, such as experimental design, library construction from a wide range of samples, and downstream DNA sequencing, contributing to the segment's growth. Furthermore, the ever-increasing popularity of these systems among researchers and scientists to resolve various bioinformatic-related challenges boosts the revenue growth of this segment, further driving the market forward.
Whole Exome Sequencing Market by Technology
Based on the technology, the global whole exome sequencing market is segmented into ION semiconductor sequencing, sequencing by synthesis (SBS), and others (pyrosequencing and sequencing by ligation (SBL)).
The sequencing by synthesis (SBS) segment dominates the market with the largest revenue shares owing to extensive utilization of the technology. Among other technologies, sequencing by synthesis, which is also known as next-generation sequencing (NGS), plays a significant role in sequencing data (code for proteins or exons). In recent years, healthcare practitioners in various economies have widely adopted this technology to analyze the potential structural abnormalities in the fetus/neonatal. SBS provides an effective sequence and can sequence hundreds to thousands of genes or gene regions simultaneously. Various advantages of sequencing by synthesis, such as higher sensitivity for the detection of low-frequency variants (1,2), lower limit of detection (4,5), wide-ranging genomic coverage, and large capacity with multiplexing, are driving demand for this technology.
Whole Exome Sequencing Market by Application
Based on the application, the global whole exome sequencing market is segmented into diagnostics (monogenic (mendelian) disorder, monogenic diabetes, cancer diagnostics, and others), drug discovery & development, personalized medicine, animal & agricultural research, and others.
The personalized medicine segment accounted for the largest revenue share in 2021. This can be attributed to increasing cancer cases causing a rise in demand for customized therapies. One such instance is increasing utilization of NGS (SBS) in various applications of pharmacogenomics, majorly in oncology for developing tailored drugs/therapies with high efficiency and reduced side effects.
Whole Exome Sequencing Market by End-user
Based on the end-user, the global whole exome sequencing market is segmented into hospitals and clinics, research institutes and academics, pharmaceutical companies, diagnostic centers, and others.
The research institutes and academics segment leads the whole exome sequencing market with the largest revenue share. Increasing R&D activities and the launch of advanced technologies are the major factors responsible for the growth of this segment. For instance, Avesthagen Limited, India's pioneer industry in systems biology genomics, launched a novel product called AVGEN Diagnostics in 2022. This product is the first fully integrated end-to-end individualized genetic testing service technology using the most recent next-generation sequencing technology and AI-powered precision analytics to power diagnostic testing services.
Whole Exome Sequencing Market by Region
Based on the region, the global whole exome sequencing market is segmented into North America, Europe, Asia Pacific, and the Rest of the World.
North America dominates the global market in terms of revenue share. Rising prevalence of chronic and genetic illnesses, increasing need for personalized treatment, growing usage of whole exome sequencing technology for the development of improved diagnostics, and increase in genomic R&D activities are driving revenue growth in the North America whole exome sequencing market. Increasing government support for cancer research and presence of significant players in the region are also driving revenue growth.
The market in Asia Pacific is expected to register significant growth during the forecast period owing to increasing prevalence of chronic and/or genetic diseases and technological advancements. Additionally, rapid development of the Asia Pacific market can be linked to increasing per capita income and government efforts to enhance overall healthcare quality.
Whole Exome Sequencing Market Competitive Landscape
The prominent players operating in the global whole exome sequencing market are:
Whole Exome Sequencing Market Strategic Developments
The sequencing by the synthesis (SBS) segment dominates the global whole exome sequencing market with the largest revenue share in 2021.
The global whole exome sequencing market is expected to register a revenue CAGR of 18.7% during the forecast period.
Asia Pacific is projected to be the fastest-growing regional market for whole exome sequencing.
Illumina Inc., Eurofins Genomics Inc., Thermo Fisher Scientific Inc., Agilent Technologies, Macrogen Inc., and Roche NimbleGen Inc. are among the key companies operating in the global market.
The expected market size of the whole exome sequencing market is US$ 4,808.94 million in 2030.
*Insights on financial performance are subject to the availability of information in the public domain