Metagenomic Sequencing Market worth $4.5 billion in 2028
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 by 2028, growing at a CAGR of 17.5% from 2023 to 2028 according to a new report by MarketsandMarkets™. The major factors driving the growth of the metagenomic sequencing market are frequenct technological innovations in the NGS platforms and increasing understanding of the wide as well as significant applications of metagenomics in several fields. However, budget constraints faced by developing countries due to lack of government, private support in terms of funding, infrastructure is expected to restrain market growth to a certain extent.
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Reagents & Consumables subsegment accounted for the largest share of the metagenomic sequencing market by product & service
Among the product & 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. Growth in this market segment can be attributed to factors such as commercialization of reagents and kits and repetitive purchase of sequencing reagents by demand side entities among others.
Drug discovery is the fastest-growing segment of the metagenomic sequencing market by applications
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. In 2023, the drug discovery segment accounted for the fastest-growing share of the usage segment of metagenomic sequencing market. Growth in this market segment can be attributed to one of the major factors which is the growing number of research activities for development of new drugs.
Europe: The second-largest region in the metagenomic sequencing market.
The European market is the second-largest metagenomic sequencing market globally, mainly due to factors such as increasing number of research projects, especially in the field of soil microbiome metagenomics, in the region. Moreover, Europe is considered a major hub for metagenomic sequencing players and organizations.
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Metagenomic Sequencing Market Dynamics:
Drivers:
1. Continuous technological innovations in NGS platforms
a. iSeq 100 System
b. Ion GeneStudio S5
2. Initiatives and funding from government & private bodies for large-scale sequencing projects
3. Declining costs of genome sequencing
4. Significant applications of metagenomics in various fields
Restraints:
- End-user budget constraints in developing countries
Opportunities:
- NGS data analysis using big data
Challenges:
- Challenges associated with metagenomic NGS
Key Market 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.
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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