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 Market Dynamics
1.
DRIVERS
1.1 Continuous technological
innovations in NGS platforms
1.2 Initiatives and funding from government & private
bodies for large-scale sequencing projects
1.3 Declining cost of genome sequencing
1.4 Significant applications of metagenomics in various
fields
2. RESTRAINTS
2.1 End-user budget
constraints in developing countries
2.2 Stagnation in NGS product market in developed countries
3. OPPORTUNITIES
3.1 NGS data analysis
using big data
4. CHALLENGES
4.1 Challenges
associated with metagenomic NGS
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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