Whole Genome Sequencing Market to be Worth $7.17 Billion by 2031

 

Meticulous Research®—a leading global market research company, published a research report titled Whole Genome Sequencing Market Size, Share, Forecast, & Trends Analysis by Offering (Library Preparation, DNA Extraction) Sequencing Type (Large, Small, Phased), Technology (SBS, SMRT, Nanopore, Nanoball) Application, End User – Global Forecast to 2031 According to this latest publication from Meticulous Research®, the global whole genome sequencing market is projected to reach $7.17 billion by 2031 at a CAGR of 15.2% from 2024 to 2031.

The growth of this market can be attributed the declining costs of sequencing, the increasing prevalence of cancer & genetic disorders, the growing utilization of whole genome sequencing in disease diagnostics & precision medicine, increasing pharmaceutical R&D expenditures, improvements in regulatory & reimbursement scenarios for whole genome sequencing, rising healthcare expenditures, increasing funding for research activities, the growing need for the early detection & prevention of diseases, technological advancements in sequencing products, and government initiatives promoting the use of sequencing in clinical & research applications.. However, the high costs of whole genome sequencing consumables, the low chances of identifying positive actionable mutations for precision medicine, and the ethical & legal issues related to whole genome sequencing-based diagnosis restrain the market’s growth.

Furthermore, increasing applications of whole genome sequencing, government support for large-scale genomic sequencing projects, and emerging economies are expected to generate growth opportunities for the players operating in this market. However, uncertainties in the regulatory landscape, the limited expertise & sequencing capabilities of small & medium-sized laboratories, the lack of sequencing professionals in developing countries, and the high capital investments required for NGS setups are major challenges impacting market growth..

Key Players

The key players operating in the whole genome sequencing market are Illumina, Inc. (U.S.), Thermo Fisher Scientific, Inc. (U.S), QIAGEN N.V. (Netherlands), F. Hoffmann-La Roche Ltd (Switzerland), PerkinElmer, Inc. (U.S) Agilent Technologies, Inc. (U.S), Pacific Biosciences of California Inc. (U.S), Danaher Corporation (U.S), Bio-Rad Laboratories, Inc. (U.S.), Oxford Nanopore Technologies Plc. (U.K),MGI Tech Co., Ltd. (China), and  Beijing Genomics Institute (BGI) (China)

Whole Genome Sequencing Market: Future Outlook

The global whole genome sequencing market is segmented by offerings (Consumables [Sample Preparation Kits & Reagents {Nucleic Acid Extraction & Amplification, Library Preparation & Target Enrichment, Quality Control, and Other Consumables} Sequencing Instruments, Software, and Services]), Sequencing Type (Large whole-genome sequencing, Small whole-genome sequencing, Phased sequencing, Other whole genome sequencing), Technology (Sequencing by Synthesis, Ion Semiconductor Sequencing, Single-Molecule Real-Time Sequencing (SMRT), Nanopore Sequencing, DNA Nanoball (DNB) Sequencing, Other NGS Technologies), Application (Research and other Applications [Drug Discovery, Agriculture and Animal Research, and Other Applications], Clinical Applications [Reproductive Health, Oncology, Infectious Diseases,  and Other Clinical Applications]), End User (Pharmaceutical & Biotechnology Companies, Hospitals & Diagnostic Laboratories, Academic Institutes & Research Centers, and Other End Users) and Geography. The study also evaluates industry competitors and analyzes the market at the global and regional levels.

Among all the offerings studied in this report in 2024, the consumables segment is expected to account for the largest share of 70.1% of the whole genome sequencing market. The largest share of the segment is contributed to the increasing demand from end users for advance whole genome sequencing solutions, recurring demand for sample preparation consumables due to increasing research and development expenditure by pharmaceutical and biotechnology industries, continuous advancements in whole genome sequencing reagents and kits, target enrichment protocols and associated consumables are factors contributing to the largest share of the segment.

Among all the sequencing types studied in this report in 2024, the large whole-genome sequencing segment is expected to account for the largest share of the whole genome sequencing market. The largest share of the segment is contributed to the advantages offered by large whole genome sequencing such as it allows characterization of any genome, by combining short inserts and longer reads, it provides high resolution view of the genome which is contributing to the largest share of the segment.

Among all these technologies studied in this report, in 2024, the sequencing by synthesis segment is expected to account for the largest share of 56.5% of the whole genome sequencing market. The largest share of the segment is attributed to the cost effectiveness of technology, high throughput, high level data resolution, and high accuracy, are the factors contributing to the largest share of the segment.

Among all the applications studied in this report, in 2024, the research applications segment is expected to account for the largest share of 67.2% of the whole genome sequencing market. The largest share of the segment is attributed to the wide use of whole genome sequencing in research, increasing demand for gene-based medicines, growing investments in drug research and development activities, and increasing research programs for personalized medicine.

Among all the end users studied in this report, in 2024, the pharmaceutical & biotechnology companies’ segment is expected to account for the largest share of the whole genome sequencing market. Biotechnology companies utilize genome sequencing in bioprocess development to improve the efficiency and yield of bioproduction. Additionally, pharmaceutical and biotechnology companies are increasing the R&D spending which is raising the adoption of whole genome sequencing among pharmaceutical & biotechnology companies. contributing to the largest share of the segment

In 2024, North America is expected to account for the largest share of 52.1% of the whole genome sequencing market. North America’s major market share is attributed to the high implementation of sequencing technologies in the region, favorable government initiatives for genomics research, high cancer prevalence, and rising adoption of advanced sequencing technologies sequencing. For instance, In September 2023, National Institutes of Health (NIH) (U.S) provided USD 5.8 million for creating educational hub for computational genomics and data science.

Download Sample Report Here @  https://www.meticulousresearch.com/download-sample-report/cp_id=6069

Key questions answered in the report-

  • Which are the high-growth market segments in terms of offering, sequencing type, technology, application, end user, and region/country?
  • What was the historical market size for whole genome sequencing globally?
  • What are the market forecasts and estimates for the period 2024–2031?
  • What are the major drivers, restraints, challenges, opportunities, and trends in the global whole genome sequencing market?
  • Who are the major players in the global whole genome sequencing market?
  • What is the competitive landscape like, and who are the market leaders in the global whole genome sequencing market?
  • What are the recent developments in the global whole genome sequencing market?
  • What are the different strategies adopted by the major players in the global whole genome sequencing market?
  • What are the geographical trends and high growth regions/countries?

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Meticulous Research®
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