(PharmaNewsWire.Com, September 24, 2020 ) Market growth is largely driven by factors such as the significant applications of metagenomics in various fields, the various initiatives and funding from government & private bodies for large-scale sequencing projects, and the declining cost of sequencing.
The global metagenomic sequencing market is estimated to grow at a CAGR of 17.0% to reach USD 2.3 billion by 2024 from USD 1.0 billion in 2019.
What is the expected addressable market value of major metagenomic sequencing products over a 5-year period?
Based on the prevailing trends and estimated market value data as of 2018, the total market value of major metagenomic sequencing products is estimated to be about USD 2.39 billion as of 2024.
Which product categories are expected to have highest growth rate in the metagenomic sequencing market?
Reagents and consumables are expected to be the fastest growing product segments within this industry during 2019-2024 period. Their demand growth is mainly driven by the continuous requirement of sequencing reagents by end users and the development & commercialization of high-quality reagents & kits.
What are the major revenue pockets in the metagenomic sequencing market currently?
The highest revenue share of metagenomic sequencing market is estimated to belong to the North America with US garnering majority share within the region as of 2018.
Well-established infrastructure and funding sources required for overall NGS based small- and medium-sized research studies and projects make and growing focus of market players on expanding their presence and increasing government initiatives to support genomics research and workshops to support growth the region are driving the growth of this market in North America.
What are the key challenges faced by the players in the metagenomic sequencing market?
Storage of sequencing data and dearth of skilled professionals are some of the key challenges faced by the players in this market space.
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