The key factors driving the global whole-exome sequencing market are the increasing applications in clinical diagnosis, high demand for the diagnosis of rare diseases, increasing R&D in the field of genomics and next-generation sequencing, and increasing demand for personalized medicine.
The increase in acceptance of next-generation sequencing methods for prediction, treatment, and monitoring of diverse chronic diseases, such as cancer, is driving the overall market.
The low cost and high speed associated with whole-exome sequencing technology, technological advancements in whole-exome sequencing techniques, and global alliances among leading research institutes, are some of the major driving forces for the global whole exome sequencing market. However, some of the challenges associated with the market include lack of skilled professionals, and the high cost of investment, followed by legal and ethical issues in several countries regarding its procedures and outcomes.
Key Market Trends
Personalized Medicine Segment by Application is Expected to Grow the Fastest Over the Forecast Period
Personalized medicine aims to provide tailor-made therapies to individual patients, depending on the molecular basis of disease, and it has become popular over recent years. Rising demand for personalized medicine has created tremendous opportunities in the field of genetic medicine, and in order to exploit these opportunities, novel diagnostic and therapeutic technologies must be developed, which in turn, has resulted in the rapid expansion of the global whole exome sequencing market. The personalized medicines are currently in focus due to their effectiveness in cancer patients and patients suffering from rare genetic disorders. therefore the increasing prevalence of cancer and other genetic disorders is boosting the segment growth. A large number of cancer indications can be treated using personalized medicines with specific uses via exome sequencing, where a significant scientific community has an interest in this domain. Thus, it is expected to grow at a healthy rate, over the forecast period.
North America holds the Largest Market and is Expected to Follow the Same Trend Over the Forecast Period
North America has the largest regional market, in terms of revenue. The increasing prevalence of genetic and chronic disorders, such as cancer, aging population, increasing demand for targeted and personalized medicine, and favorable government initiatives, are the primary factors behind the growth of the whole-exome sequencing market.
Asia-Pacific is expected to be the fastest-growing market for whole-exome sequencing. Regular government funding and large numbers of conferences related to the whole exome sequencing technique are the major driving forces for the Asia-Pacific whole exome sequencing market.
There are key players that have adopted strategies, such as collaborations, partnerships, agreements, and new product launches to gain a competitive advantage in the market. In addition, the high investments made by companies, both new and old, are on R&D facilities in this technology, which are also impacting the growth of the market.
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