Surge in advancements in metagenomics sequencing and rise in applications of metagenomics in various fields drive the growth of the global metagenomics sequencing market.
PORTLAND, Ore., July 20, 2021 /PRNewswire/ -- Allied Market Research published a report, titled, "Metagenomics Sequencing Market by Product & Service (Reagents & Consumables, Instruments, and Services), Technology (Shotgun Metagenomics Sequencing, 16S rRNA Sequencing, Whole Genome Sequencing & De Novo Assembly, and Metatranscriptomics), and Application (Ecological & Environmental Metagenomics, Clinical Diagnostics, Drug Discovery, Biofuel, and Industrial Application) Global Opportunity Analysis and Industry Forecast, 2021–2028." According to the report, the global metagenomics sequencing industry was estimated at $974.30 million in 2020, and is expected to hit $3.64 billion by 2028, registering a CAGR of 17.5% from 2021 to 2028.
Surge in advancements in metagenomics sequencing, rise in applications of metagenomics in various fields, increase in initiatives & funding from government & private bodies for large-scale sequencing projects, and declining cost of sequencing fuel the growth of the global metagenomics sequencing market. On the other hand, budget constraints in developing countries and dearth of skilled professionals impede the growth to some extent. However, availability of cloud computing for data management is anticipated to create lucrative opportunities in the industry.
The services segment to retain its dominance by 2028-
Increase in number of COVID-19 cases has led to rapid testing and clinical diagnosing.
The majority of this testing is PCR-based. Next-generation sequencing (NGS) and whole genome sequencing of the COVID-19 virus are providing metagenomics data of diagnostic test that is integrated with clinical data to seek out effective treatments. This factor has driven the global metagenomics sequencing market in several ways.
By product & service, the services segment generated the major share in 2020, accounting for around three-fourths of the global metagenomics sequencing market. This is attributed to easy availability of healthcare facilities, and increase in healthcare and research expenditure across the world. The reagents & consumables segment, on the other hand, would register the fastest CAGR of 17.6% during the forecast period.
The 16S rRNA sequencing segment to rule the roost-
By technology, the 16S rRNA sequencing segment contributed to more than two-fifths of the global metagenomics sequencing market revenue in 2020, and is projected to dominate by 2028. However, the shotgun metagenomic sequencing segment would cite the fastest CAGR of 18.5% throughout the forecast period. The other segments studied in the report include shotgun metagenomic sequencing, whole genome sequencing & de novo assembly, and metatranscriptomics.
North America had the major share in 2020-
By region, North America held the highest share in 2020, garnering more than two-fifths of the global metagenomics sequencing market. Rise in genetic disorders and increase in number of clinical diagnostics drive the market growth in this region. Simultaneously, the market across Asia-Pacific would register the fastest CAGR of 19.0% from 2021 to 2028.
Frontrunners in the industry-
Oxford Nanopore Technologies Ltd
Pacific Biosciences of California, Inc.
Thermo Fisher Scientific Inc.
BGI Genomics Co., Ltd.
Swift Biosciences Inc.
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