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(Medical-NewsWire.com, September 13, 2023 ) 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.
7. Government Initiatives: Many governments and funding agencies are investing in metagenomic research for public health and environmental reasons, further boosting the market.
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.
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.
1. North America:
North America, particularly the United States, is a major player in the Metagenomic Sequencing Market. It has a well-established research ecosystem and robust healthcare infrastructure.
Europe is a significant market with a focus on microbiome research and environmental applications.
• Asia-Pacific is an emerging market with increasing interest in metagenomic sequencing.
• Growing healthcare investments, agricultural advancements, and research collaborations drive market expansion.
4. Latin America:
• Latin America is an evolving market with potential growth opportunities.
• Increasing awareness of microbiome research, agriculture-focused applications, and government initiatives contribute to growth.
5. Middle East and Africa:
• A smaller but emerging market with potential.
• Environmental monitoring, agriculture, and healthcare improvements contribute to market growth.
• 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.
Mr. Aashish Mehra