DUBLIN--(BUSINESS WIRE)--The "Whole Genome Sequencing Market - A Global and Regional Analysis: Focus on Product, Workflow, Application, End User, and Country - Analysis and Forecast, 2024-2034" report has been added to ResearchAndMarkets.com's offering.
Whole genome sequencing refers to the DNA sequencing of the entire genome, both coding and non-coding regions to detect inherited disease and track disease outbreaks. Various factors such as increasing demand for personalized medicine, advancement in next-generation sequencing (NGS) technologies, rising incidence of genetic disorders, and declining cost of sequencing are driving the market of whole genome sequencing. For instance, the cost of sequencing a human genome has dramatically decreased from about $3 billion at the end of the Human Genome Project in 2003 to $600 in 2024. This decline is primarily due to the advent of next-generation sequencing (NGS) technologies, which facilitate high-throughput and parallel sequencing.
Furthermore, increased funding from governments, private institutions, and non-profit organizations for genomic research is fostering innovation and expanding the market for whole genome sequencing. For instance, in March 2024, Genomics-centered biomedical research received $6.5 million in funding to tackle intricate health challenges. A $6.5 million funding will accelerate genomics-focused breakthroughs in cancer, inherited eye diseases, and common gynecological disorders.
The Advanced Genomics Collaboration (TAGC) has awarded this funding to four Innovation Projects led by University of Melbourne researchers in partnership with the Melbourne Biomedical Precinct. These projects will also utilize advanced DNA sequencing technology from TAGC's leading genomics hub, a collaboration between the University and global biotech firm Illumina, with support from Invest Victoria.
The integration of AI and ML is significantly transforming the landscape of whole genome sequencing (WGS) by enhancing data analysis, improving accuracy, and facilitating personalized medicine. AI and ML algorithms can process large genomic datasets more efficiently than traditional methods. With whole genome sequencing (WGS) producing around 100 gigabytes of raw data per individual, these technologies swiftly identify patterns, detect genetic variations, and predict disease risks. For example, AI tools like the Broad Institute's Genome Analysis Toolkit (GATK) streamline variant identification, which is essential for diagnosing genetic disorders. This use of technologically advanced tools is expected to drive the market for WGS over a forecast period.
The whole genome sequencing (WGS) market encounters several challenges that may hinder its growth and widespread adoption. One significant issue is the management and interpretation of the vast amounts of data generated, which requires advanced bioinformatics tools and skilled personnel, posing logistical and financial burdens on institutions. Furthermore, technical limitations, such as sequencing errors and difficulties in interpreting complex genomic regions, can impact the reliability of results. Addressing these challenges is crucial for unlocking the full potential of whole genome sequencing in both research and clinical applications.
Asia Pacific whole genome sequencing market is poised for substantial growth driven by technological advancements, government support, increasing healthcare applications, and a rising prevalence of genetic disorders. For instance, in February 2022, the Government of India authorized five laboratories to conduct whole genome sequencing for detecting the SARS-CoV-2 virus.
Key players in the market are Agilent Technologies, BGI Group, Bio-Rad Laboratories, Eurofins Scientific, F. Hoffmann-La Roche, Illumina, Laboratory Corporation of America, Thermo Fisher Scientific and ProPhase Labs.
Report Scope
Product/Innovation Strategy: This report provides a comprehensive product/innovation strategy for the global whole genome sequencing market, identifying opportunities for market entry, technology adoption, and sustainable growth. It offers actionable insights, helping organizations gain a competitive edge, and capitalize on the increasing demand.
Growth/Marketing Strategy: This report offers a comprehensive growth and marketing strategy designed specifically for the whole genome sequencing market. It presents a targeted approach to identifying specialized market segments, establishing a competitive advantage, and implementing creative marketing initiatives aimed at optimizing market share and financial performance. By harnessing these strategic recommendations, organizations can elevate their market presence, seize emerging prospects, and efficiently propel revenue expansion.
Competitive Strategy: This report crafts a strong competitive strategy tailored to the whole genome sequencing market. It evaluates market rivals, suggests methods to stand out, and offers guidance for maintaining a competitive edge. By adhering to these strategic directives, companies can position themselves effectively in the face of market competition, ensuring sustained prosperity and profitability.
Key Topics Covered:
1. Markets: Industry Outlook
2. Whole Genome Sequencing Market, by Product, $Million, 2023-2034
2.1 Kits
2.1.1 Target Enrichment Kits
2.1.2 Library Preparation Kits
2.1.3 Sequencing Kits
2.2 Instruments
3. Whole Genome Sequencing Market, by Workflow, $Million, 2023-2034
3.1 Sample Extraction/ Isolation/ Purification
3.2 Library Preparation
3.3 Library Quantification
3.4 Analysis (Bioinformatics)
4. Whole Genome Sequencing Market, by Application Type, $Million, 2023-2034
4.1 Oncology Research
4.2 Microbial Research
4.3 Non-Invasive Prenatal Testing (NIPT)
4.4 Other Applications
5. Whole Genome Sequencing Market, by End User, $Million, 2023-2034
5.1 Pharmaceutical and Biotechnology Companies
5.2 Diagnostic Laboratories
5.3 Hospitals and Clinics
5.4 Research and Academic Institutes
5.5 Other End Users
6. Whole Genome Sequencing Market, by Region, $Million, 2023-2034
7. Competitive Landscape and Company Profiling
7.1 Competitive Landscape
7.2 Company Profiles
- Agilent Technologies
- BGI Group
- Eurofins Scientific
- F. Hoffmann-La Roche
- Illumina
- Laboratory Corporation of America
- Novogene Corporation
- Oxford Nanopore Technologies
- Pacific Biosciences of California
- QIAGEN
- Thermo Fisher Scientific
- ProPhase Labs
For more information about this report visit https://www.researchandmarkets.com/r/i53fv4
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