The Growth in the metagenomic sequencing market is mainly driven by continuous technological innovations in NGS platforms, increasing initiatives and funding from government & private bodies for large-scale sequencing projects, declining costs of genome sequencing, and the significant applications of metagenomics in various fields.
The global metagenomic sequencing market in terms of revenue was estimated to be worth $2.0 billion
in 2023 and is poised to reach $4.5 billion in 2028, growing at a CAGR of 17.5%
from 2023 to 2028.
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Key
Driving growth factors:
Here
are some of the driving growth factors for the Metagenomic Sequencing Market:
1. Microbiome
Research: Increasing interest and investment in microbiome research are
propelling the market forward. Scientists are exploring the human microbiome's
role in health and disease, leading to a surge in metagenomic sequencing
studies.
2. Healthcare
Applications: Metagenomic sequencing is vital in personalized medicine and
infectious disease diagnostics. It helps identify pathogens, study antibiotic
resistance, and understand the gut microbiome's impact on health, driving
demand in the healthcare sector.
3. Agriculture
and Food Safety: The agriculture and food industries use metagenomic sequencing to
improve crop yield, manage soil health, and ensure food safety by identifying
potential contaminants and pathogens.
4. Environmental
Monitoring: Environmental scientists use metagenomic sequencing to assess
biodiversity, study ecosystems, and monitor pollution. Climate change studies
also benefit from metagenomic data.
5. Biotechnology
and Drug Discovery: Metagenomics contributes to the discovery of novel enzymes,
bioactive compounds, and drug candidates from microbial communities. This has
sparked interest from biotechnology and pharmaceutical companies.
6. Technological
Advancements: Continuous advancements in sequencing technologies, such as
next-generation sequencing (NGS) and single-cell sequencing, have reduced the
cost and improved the accuracy of metagenomic sequencing, making it more
accessible.
Market Segmentation:
Among the products & service,
the metagenomic sequencing market is segmented reagents & consumables,
instruments, sequencing services and analysis & data interpretation
solutions. In 2023, the reagents and consumables segment accounted for the
largest share of the metagenomic sequencing market by product & service.
Among the applications,
the metagenomic sequencing market is segmented into drug discovery, clinical
diagnostics, soil microbiome applications, industrial applications, ecological
& environmental applications, veterinary applications, and other
applications.
Regional Analysis.
Geographically,
the metagenomic sequencing market is segmented into North America, Europe, Asia
Pacific, Latin America and Middle East & Africa. The metagenomic sequencing
market was dominated by North America in 2022 and this dominance is anticipated
to continue throughout the forecast period between 2023 and 2028.
Recent Developments:
- In September 2022, Illumina, Inc.
(US) launched the NovaSeq X series production-scale sequencers, which are
capable of generating more than 20,000 whole genomes per year (which is
2.5 times the throughput of prior sequencers from Illumina).
- In September 2021, Thermo Fisher
Scientific, Inc. (US) and AstraZeneca(UK) co-developed an NGS-based
companion diagnostic. The collaboration was focused on commercializing
NGS-based diagnostics in Russia.
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Top Key Players:
The market for metagenomic sequencing is
consolidated, with key players strategizing to capture the market. Prominent
players in the metagenomic sequencing market are Illumina, Inc. (US), Thermo
Fisher Scientific (US), QIAGEN N.V. (Netherlands), PerkinElmer, Inc. (US), and
Oxford Nanopore Technologies Plc. (UK) among others.
The Metagenomic Sequencing
Market is a dynamic and rapidly evolving industry with significant implications
for various sectors, including healthcare, agriculture, environmental science,
and biotechnology. Advances in technology and increased awareness of the
importance of microbiome research are expected to continue driving growth in
this market.
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