Whole Genome Sequencing Market by Product (Instruments, Consumables, and Services), Type (Large Whole Genome Sequencing and Small Whole Genome Sequencing), Workflow (Pre-sequencing, Sequencing, and Data Analysis), Application (Human Whole Genome Sequencing, Plant Whole Genome Sequencing, Animal Whole Genome Sequencing, and Microbial Whole Genome Sequencing), End User (Academic & Research Institutes, Hospitals & Clinics, Pharmaceutical & Biotechnology Companies, and Others), and Region (North America, Europe, Asia-Pacific, and LAMEA): Opportunity Analysis and Industry Forecast, 2023-2032

Whole Genome Sequencing Overview

The state-of-the-art biotechnological procedure known as whole genome sequencing (WGS) enables a thorough examination of a person’s whole DNA sequence, which is also referred to as their genome. The genome is the entire collection of genes and non-coding areas that affect different biological processes that are present in an organism. Adenine (A), cytosine (C), guanine (G), and thymine (T) are the four nucleotide bases that make up a DNA molecule. WGS entails identifying the precise order of these bases. The underlying code that controls how an organism grows, works, and behaves is found in its DNA sequence. Scientists can learn a great deal about the genetic causes of numerous diseases, hereditary problems, and individual differences by getting the whole genome sequence.

Global Whole Genome Sequencing Market Analysis

The global whole genome sequencing market size was $1,669.9 million in 2022 and is predicted to grow with a CAGR of 20.4%, by generating a revenue of $10,490.6 million by 2032.

COVID-19 Impact on Global Whole Genome Sequencing Market

Sequencing instruments and reagents manufacturing and distribution were affected due to the pandemic's impact on global supply chains, which caused delays in projects and installations.  In order to focus on COVID-19 research and diagnosis, a lot of research organisations and laboratories have diverted funds from other fields, such as genomic research.

The importance of genetics in comprehending infectious diseases and following their spread has been made clear by the COVID-19 pandemic. WGS and other genomic technologies have been adopted more quickly as a result for both therapeutic and scientific purposes. Expanded financing and investments in genomic research and infrastructure may result from greater understanding of the potential effects of genetics on public health.

Growing Prevalence of Genetic Disorders and Mutations Leading to Cancer Progression to Drive the Market Growth

The increasing prevalence of genetic disorders and mutations that lead to cancer progression is the major factor predicted to boost the market growth during the forecast period. Besides, WGS is essential to the concept of precision medicine, in which a patient's genetic profile informs medical decisions and treatments. WGS will be more and more crucial in offering tailored medicines and preventive measures as our understanding of the connection between genetics and illnesses advances. The identification of genetic differences that affect disease susceptibility, medication responses, and consequences for public health can be aided by large-scale genomic research like population genomics. Moreover, the demand for whole genome sequencing is growing, and several government as well as non-government organizations are adopting this method for the early detection of genetic & rare disorders in newborns.

High Costs to Restrain the Market Growth

WGS is still a rather expensive procedure in comparison to other genetic testing techniques, despite costs gradually declining. Some research organisations, healthcare organizations, and people interested in direct-to-consumer testing may find the expense of sequencing and subsequent data analysis to be exorbitant. WGS produces enormous amounts of genomic data, which presents difficulties for management, storage, and analysis. Massive data volumes must be handled and interpreted using sophisticated computational infrastructure and bioinformatics knowledge, both of which may be missing in particular environments. WGS poses moral and legal concerns about how to utilise, store, and share private genetic information.

Technological Advancements to Drive Excellent Opportunities

The price and time needed to sequence an entire genome have dramatically decreased thanks to improvements in sequencing technology like Next-Generation Sequencing (NGS). These technological advancements have increased the usability of WGS for academics and physicians, promoting its use across a range of industries. Over the years, the price of whole genome sequencing has been continuously falling. WGS becomes a viable choice for more research organisations, healthcare organisations, and even individuals interested in personal genomics as the price drops. WGS has found several uses in research, from understanding the genetic basis of complex diseases and features to cancer genomics and investigations of rare disorders. All these factors are predicted to create massive growth opportunities for the global market during the forecast period.

Global Whole Genome Sequencing Market Share, by Product, 2022

The consumables sub-segment accounted for the highest market share in 2022. The price of whole genome sequencing has been continuously falling over time due to improvements in sequencing technology and efficiency. Whole genome sequencing is becoming more and more affordable for academics, healthcare providers, and other stakeholders, which raises the demand for consumables.

Global Whole Genome Sequencing Market Share, by Type, 2022

The large whole genome sequencing sub-segment accounted for the highest market size in 2022. Numerous research efforts and collaborations, both public and private, have been developed to carry out large-scale whole genome sequencing studies. These projects seek to create extensive genomic databases that reflect many populations and offer insightful information about genetic variants and disease associations.

Global Whole Genome Sequencing Market Share, by Workflow, 2022

The sequencing sub-segment accounted for the highest market share in 2022. The identification of genetic abnormalities causing tumour growth in cancer genomics makes considerable use of sequencing technologies. These discoveries support the development of personalized cancer medicines and precision oncology treatment regimens. Researchers, doctors, and other stakeholders now have easier access to whole genome sequencing because to these developments. Moreover, the price of sequencing an entire genome has drastically dropped over time.

Global Whole Genome Sequencing Market Share, by Application, 2022

The human whole genome sequencing sub-segment accounted for the highest market size in 2022. Whole genome sequencing is essential in research and genetic studies. It enables the exploration of the genetic basis of numerous traits and disorders as well as the identification of genetic variations linked to diseases and population genetics.

Global Whole Genome Sequencing Market Share, by End User, 2022

The academic & research institutes sub-segment accounted for the highest market share in 2022. Academic and research institutions frequently work with business partners, such as suppliers of sequencing technology and bioinformatics firms to create cutting-edge WGS platforms and solutions. Thorough research is carried out by academic and research institutes to close the gap between genetic discoveries and therapeutic applications.

Global Whole Genome Sequencing Market Share, by Region, 2022

The North America whole genome sequencing market generated the highest revenue in 2022. Industry stakeholders and regulatory organizations are addressing privacy concerns and ethical issues around the usage and storage of genetic information as genomic data becomes more widely available. The competition between different sequencing technology vendors and service providers delivering sequencing solutions defines the WGS market in the North America region.

Competitive Scenario in the Global Whole Genome Sequencing Market

Investment and strategic acquisition are the common strategies followed by the major market players. For instance, in March 2022, Element Biosciences unveiled technical information regarding its eagerly anticipated Aviti DNA sequencer. Element claims that the new benchtop equipment uses a variation on sequencing-by-synthesis chemistry that decreases reagent usage and results in expenses of about USD 7 per Gb.

Some of the leading whole genome sequencing market players are Illumina, Inc., Agilent Technologies, Thermo Fisher Scientific, Inc., Psomagen, Oxford Nanopore Technologies, Pacific Biosciences of California, Inc., ProPhase Labs, Inc., BGI, Azenta US, Inc., and QIAGEN.