Metagenomics Market to Reach $523 Mn, Globally, by 2024 at 16.8% CAGR, Says Allied Market Research
PORTLAND, Oregon, September 10, 2018 /PRNewswire/ --
The global metagenomics market would grow at a CAGR of 16.8% from 2018 to 2024 owing to technological developments and progress in DNA sequencing & High Throughput Screening (HTS) methods
Allied Market Research published a report, titled, Metagenomics Market by Product (Instrument & Software and Consumable), Technology (Sequencing and Bioinformatics), and Application (Infectious Disease Diagnosis, Environmental Remediation, Gut Microbe Characterization, Biotechnology, Biofuel, and Agriculture): Global Opportunity Analysis and Industry Forecast, 2017-2024. The report outlines a CXO perspective, offers a detailed analysis of key market segments, highlights market dynamics, and sheds light on strategic developments. According to the report, the global metagenomics market generated a revenue of $175.7 million in 2017, and is projected to reach $523 million by 2024, growing at a CAGR of 16.8% from 2018 to 2024.
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Technological advancements and progress in the fields of DNA sequencing & high throughput screening (HTS) are growth driving factors of the industry. As the metagenomics field is its infancy, lack of skilled workforce hinder growth in the industry. On the other hand, R&D activities to determine new enzymes & antibiotics and enhanced bioinformatics create new opportunities for growth.
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Sequencing technology: a lucrative segment
Sequencing technology segment contributed more than three-fourth of total market share in 2017 and will continue its dominance by 2024. Moreover, this segment will register the fastest CAGR of 17.0% from 2018 to 2024, owing to the ease offered to researchers in examining an entire set of genes of organisms at once. Bioinformatics technology segment would also grow significantly during the forecast period.
Consumable applications in full swing
The rise in adoption of consumables in pre-sequencing has been responsible for contribution of more than two-third of total market revenue in 2017. The consumables segment would continue to maintain its lead position by 2024 at a healthy growth. However, the instruments and software segment would grow at the fastest CAGR of 18.0% during the forecast period, owing to high adoption in experiments related to DNA extraction, metagenomic analysis, amplification, sequence binning among others.
Infectious disease diagnosis segment to grow the fastest by 2024
The infectious disease diagnosis segment would grow at the fastest rate with a CAGR of 17.5% from 2018 to 2024, owing to rise in rate of diseases such as tuberculosis (TB), condylomas, pneumonia, hepatitis B & C, HIV/AIDS, respiratory infections, and others. However, the gut microbe characterization segment contributed to more than one-third of total market share in 2017 and will maintain its lead through 2024. Other applications of metagenomics analyzed in the research include environmental remediation, biofuel, biotechnology, and agriculture.
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North America highest, Asia-Pacific fastest
New product launches and increase in advancements in DNA sequencing are factors responsible for North America contributing more than one-third of the total market share in terms of revenue in 2017. However, Asia-Pacific would grow at the fastest CAGR of 17.9% from 2018 to 2024, owing to factors including changing healthcare infrastructure in developing economies such as India and China. Other regions analyzed in the research are Europe and Latin America, Middle East and Africa (LAMEA).
Key market players active in the industry
Key players discussed in the research include Agilent Technologies, Inc., F. Hoffmann-La Roche Ltd., Enterome SA, Oxford Nanopore Technologies Ltd., Illumina, Inc., PerkinElmer, Inc., Pacific Biosciences of California, Inc., Swift Biosciences, Inc., Qiagen N.V., and Thermo Fisher Scientific, Inc. New product launches, joint ventures, partnerships, collaborations, mergers & acquisitions, and other strategies have been implemented by them to gain a strong position and international presence.
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