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:
1 DRIVERS
1.1 Continuous technological innovations in NGS platforms
1.1.1 Ion Torrent Genexus Dx Integrated Sequencer
1.1.2 iSeq 100 System
1.1.3 Ion GeneStudio S5
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
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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