Market Trends of Whole Exome Sequencing Industry
Personalized Medicine Segment is Expected to Witness a Significant Growth Over the Forecast Period.
Personalized medicine aims to provide tailor-made therapies to individual patients, depending on the molecular basis of the disease. It has become popular over the past few years. Precision medicine is a new specialty known as "individualized medicine," a healthcare approach based on each patient's unique genetic makeup as opposed to traditional medicine. Developments and a deeper understanding of genetics and human genetic makeup and how they drive health, development, and drug response enable medical professionals to develop safer and more effective treatment methods and drugs for various health conditions. Precision is benefiting health and healthcare in different ways.
The rise in the prevalence of various types of cancer, the affordability of personalized medicine therapy in cancer drugs and various other disease indications, fewer side-effects of customized medicine therapy, high adoption in developed markets, and the development of innovative drugs are factors driving this personalized medicine segment. For instance, in August 2022, the Medical Device Innovation Consortium launched its somatic reference samples (SRS) initiative with a pilot project to improve the validation and regulatory review process for cancer diagnostics based on next-generation sequencing (NGS). Next-generation sequencing (NGS) is a powerful technology enabling diagnostics and therapeutic breakthroughs. These diagnostic tests need to be validated for proper clinical use, and reference samples are essential to the validation process.
Moreover, strategic activities by market players, such as partnerships, mergers and acquisitions, and product launches, are expected to propel the segment's growth. For instance, in January 2021, Illumina Inc. announced a portfolio of new and expanded oncology partnerships with Bristol Myers Squibb, Kura Oncology, Myriad Genetics, and Merck to advance comprehensive genomic profiling for precision oncology. In June 2021, Labcorp and OmniSeq, a CAP-accredited molecular diagnostic innovation of Roswell Park Comprehensive Cancer Center, announced the launch of OmniSeq INSIGHTsm, a comprehensive genomic and immune profiling, tissue-based test that integrates next-generation sequencing (NGS) technology.
Thus, the segment is expected to witness significant growth over the forecast period due to the reasons mentioned above, such as increased adoption of precision medicine and product launches.
North America is Expected to Witness a Significant Growth Over the Forecast Period.
North America has a large regional market in terms of revenue. The increasing prevalence of genetic and chronic disorders, such as cancer, the aging population, the growing demand for targeted and personalized medicine, and favorable government initiatives are the primary factors behind the growth of the whole-exome sequencing market. According to the HIV.gov updates in October 2022, HIV affects around 1.2 million persons in the United States. Thus, the growing burden of infectious diseases is expected to increase in demand for its diagnosis, thereby boosting the market's growth over the forecast period.
The mergers, acquisitions, launches, and partnerships among the key players in the market are also driving the market in the region. For instance, in January 2021, Helix OpCo, LLC, received de novo authorization from the United States Food and Drug Administration (USFDA) for the Helix Laboratory Platform, a whole exome sequencing platform with coverage of approximately 20,000 genes. This marks the first time such a broad, sequencing-based device has been authorized by the United States Food and Drug Administration (USFDA). Helix also received 510(k) clearance for the Helix Genetic Health Risk App for late-onset Alzheimer's Disease for over-the-counter use on the Helix Laboratory Platform.
Similarly, in May 2021, BG introduced Rapid Trio Whole Exome Sequencing, which reduced turnaround time from seven to five days. In June 2021, Centogene N.V., a commercial-stage company that generates data-driven insights to diagnose, understand, and cure rare diseases, launched NEW CentoXome, an improved next-generation sequencing-based assay.
Thus, due to the factors mentioned above, such as the growing prevalence of infectious diseases and product launches, the market is expected to show significant growth over the forecast period in the region.
