Metagenomic Sequencing Market worth $2.3 billion by 2024
The metagenomic sequencing market is estimated to grow at a CAGR of 17.0% to reach USD 2.3 billion by 2024 from USD 1.0 billion in 2019.
Factors Driving the Market Growth:
Market growth is largely driven by factors such as the significant applications of metagenomics in various fields, the various initiatives and funding from government & private bodies for large-scale sequencing projects, and the declining cost of sequencing.
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Reagents & consumables accounted for the largest share of the metagenomic sequencing market, in 2018.
On the basis of products & services, the metagenomic sequencing market is segmented into reagents & consumables, instruments, services, and analysis & data interpretation solutions. Of all these segments, reagents & consumables accounted for the largest share of the market in 2018. Factors such as the development and commercialization of high-quality reagents and kits and the continuous requirement of sequencing reagents by end users are expected to drive the growth of the reagents & consumables market in the coming years.
The sample processing & library preparation segment accounted for the largest share of the metagenomic sequencing market in 2018.
Based on workflow, the market has been segmented into sample processing & library preparation, sequencing, and data processing & analysis. Sample processing & library preparation accounted for the largest share of the metagenomic sequencing market in 2018. The large share of this segment can be attributed to the growing number of metagenome sequencing research projects being conducted, the availability of technically advanced and robust sample processing and library preparation assay kits, and the demand for efficient library preparation products.
The shotgun metagenomic sequencing technology is expected to witness the highest growth rate in the metagenomic sequencing market during the forecast period.
On the basis of technology, the metagenomic sequencing market is segmented into shotgun metagenomic sequencing, 16S rRNA sequencing, metatranscriptomics, and whole-genome sequencing & de-novo assembly. The shotgun metagenomic sequencing technology is expected to witness the highest growth rate in the metagenomic sequencing market during the forecast period. This can be attributed to the advantages offered by shotgun sequencing over other techniques, growing adoption of shotgun metagenomic sequencing among researchers and healthcare professionals, and the increasing number of metagenomic sequencing-based research activities.
The drug discovery segment accounted for the largest share of the metagenomic sequencing market in 2018.
Based on applications, the metagenomic sequencing market is segmented into drug discovery, clinical diagnostics, soil microbiome applications, industrial applications, ecological and environmental applications, veterinary applications, and other applications. The drug discovery segment accounted for the largest share of the metagenomic sequencing market in 2018. Growth in this market segment is mainly due to the increasing research activities for novel drug discovery, growing collaborations between market players, academic institutions, and pharmaceutical companies for drug development, and growing use of metagenomic NGS in clinical trials.
The Asia Pacific region is projected to grow at the highest CAGR during the forecast period.
On the basis of region, the market has been classified into-North America, Europe, the Asia Pacific, and the RoW. The Asia Pacific regional segment, on the other hand, is expected to grow at the highest CAGR of 18.3% during the forecast period. Growth in this market segment is mainly due to a significant focus on R&D activities as a means of broadening the scope of metagenomics applications, increasing adoption of metagenomics for diagnostics (due to the decreasing cost of metagenomics products and services), and technological developments in metagenomics genomic data analysis as well as interpretation.
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Leading Players of Market:
The major players operating in the global metagenomic sequencing market are Illumina, Inc. (US), Thermo Fisher Scientific, Inc (US), QIAGEN N.V. (Netherlands), PerkinElmer (US), Oxford Nanopore Technologies Ltd (UK), BGI Group (China), Macrogen Inc. (South Korea), GENEWIZ (US), Eurofins Scientific (Luxembourg), Novogene Corporation (China), Zymo Research Corporation (US), NuGEN Technologies, Inc (US), IntegraGen SA (France), Microsynth AG (Switzerland), and DNAStar, Inc (US).