Whole Genome Sequencing Market Size, Share, Industry, Forecast and Outlook (2024-2031)

Whole Genome Sequencing Market is segmented By Product (Instruments, Consumables, Services), By Application (Diagnostics, Drug Discovery, Precision Medicine, Epidemiological Studies, Others), By Type (Large Whole Genome Sequencing, Small Whole Genome Sequencing), By End User (Academic & Research Institutes, Hospitals and Diagnostic Centers, Pharmaceutical & Biotechnology Companies, Others) and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2024-2031

Whole Genome Sequencing Market Overview

Global Whole Genome Sequencing market reached US$ YY million in 2023 and is expected to reach US$ YY million by 2031, growing at a CAGR of YY% during the forecast period 2024-2031.

Specifying the order of bases is called sequencing. Whole genome sequencing is a laboratory process that specifies the order of bases in the genome of an organism in one operation. Whole-genome sequencing (WGS) is a complete technique for analyzing complete genomes. Genomic data has been instrumental in determining inherited conditions, marking the mutations that cause cancer advancement, and tracking infection outbreaks.

Whole Genome Sequencing Market Scope

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Whole Genome Sequencing Market Dynamics

Increasing Advanced Products Introductions

The increasing advanced products introductions into the market is expected to boost the global market growth during the forecast period. For instance, in September 2022, Illumina, Inc. introduced its NovaSeq X series platforms, including NovaSeq X Plus and NovaSeq X. The production-scale sequencers can yield around 20,000 whole genomes in a year, which delivers 2.5 times better throughput than existing sequencers. Moreover, in January 2023, Qiagen Digital Insights (QDI) introduced Qiagen CLC Genomics Workbench Premium software that analyses the whole genome data in 25 minutes for almost USD 1 in cloud computing costs.

Furthermore, the technological advancements, rise in research activities, increaseing investments, growing cases of chronic and heridaitery conditions and increaseing awareness are among the other additional factors boosting the global market growth during the forecast period.

Lack of Skilled Professionals

The lack of skilled professionals is expected to hamper the global market growth during the forecast period. Furthermore, the the ethical and legal limitaions associated with sequencing  are other additional factors hampering the global market growth during the forecast period.

Whole Genome Sequencing market Segmentation

The global whole genome sequencing market is segmented based on product, type, application, end user and region.

Services Products are Expected to Dominate Market

Owing to the increase in the introductions of new genome sequencing services into the market and the low-cost genome sequencing are boosting the segment growth dominating the global market during the forecast period. For instance, in February 2021, Stanford Medicine introduced its whole genome sequencing in-house service for the detection of the reason for disorders, particularly cardiovascular disease, and assists in the identification of target therapies. Moreover, in February 2020, Nebula Genomics introduced a lower-cost whole genome sequencing service, which is obtainable direct-to-consumer at USD 299.

Global Whole Genome Sequencing market Geographical Share

North America is Expected to Dominate the Global Market

Owing to the research advancements and the presence of major players such as Illumina, Inc., with well-established R&D and manufacturing facilities in the region holding the majority of the global market through distinct market tactics, ensures North America's dominance on the global market in the forecast period. 

For instance, in March 2022, in a substantial breakthrough, researchers at a US-based gene analytics corporation asserted that they could decode nearly all the DNA of days-old embryos produced through in vitro fertilization (IVF). Moreover, in November 2021, Illumina and Genetic Alliance began a USD 120 million multinational endeavor the iHope Genetic Health program. This endeavor seeks to present Whole Genome Sequencing (WGS) access to diverse individuals affected by genetic conditions worldwide.

COVID-19 Impact Analysis

The increased use of genomic sequencing in response to the pandemic has had a positive impact on the market. One example of this is the COVID-19 Genomics U.K. Consortium, which was launched by the U.K. Government in March 2022 to sequence the genomes of the SARS-CoV-2 virus. The consortium received an investment of approximately USD 22 million (EUR 20 million) to map the spread of the virus. Additionally, the Department of Defense developed a SARS-CoV-2 Whole Genome Sequencing Action Plan in December 2022, in response to the COVID-19 pandemic.

Key Developments

• In October 2023 Congenica, a digital health corporation delivering software and solutions for the analysis and interpretation of genomic data at scale, expanded its contract by 2 years for the Hong Kong Genome Project (HKGP), the first large-scale genome sequencing initiative in Hong Kong. 
• In October 2023, PacBio, a top developer of high-quality, highly precise sequencing solutions, introduced PacBio WGS Variant Pipeline, a complete, standardized computational approach for HiFi whole genome sequencing (WGS) data analysis.
• In April 2021, Sedia Biosciences Corporation introduced the Sedia COVID-19 whole genome sequencing service, which delivers whole genome sequencing of SARS-CoV-2 specimens for the identification of novel variants and their surveillance.

Whole Genome Sequencing Market Major Players

The major global players in the market include Illumina; Inc., Thermo Fisher Scientific, Inc., Oxford Nanopore Technologies, QIAGEN, Agilent Technologies, PerkinElmer Genomics, Bio-Rad Laboratories, Inc., F. Hoffmann-La Roche Ltd, PACBIO and PierianDx.

Why Purchase the Report?

• To visualize the global whole genome sequencing market segmentation based on product, type, application, end user and region as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development. 
• Excel data sheet with numerous data points of whole genome sequencing market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as excel consisting of key products of all the major players.

Target Audience 2024

• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies

The global whole genome sequencing market report would provide approximately 69 tables, 69 figures and 184 pages.