(IT-NEWSWIRE.COM, May 25, 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 metagenomic sequencing market is expected to reach USD 4.3 billion by 2027 from USD 1.9 billion in 2022, at a CAGR of 18.4% during the forecast period.
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Based on 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. The drug discovery segment accounted for the largest share of the market in 2021. The large share of this segment can be attributed to the increasing research activities for novel drug discovery and growing collaborations between market players, academic institutions, and pharmaceutical companies for drug development.
Based on products & services, the metagenomic sequencing market is segmented into reagents & consumables, instruments, services, and analysis & data interpretation solutions. The reagents & consumables segment accounted for the largest share of the market in 2021. 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 this segment in the market.
The market in the Asia Pacific is expected to register the highest growth rate during the forecast period, primarily due to the increasing financial support from public as well as private agencies, the increasing number of NGS-based research projects, increasing awareness about precision medicine, and the rising prevalence of chronic diseases.
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Top Key Players:
Some of the leading players operating 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).
Mr. Aashish Mehra