(PharmaNewsWire.Com, August 24, 2021 ) The 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. 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.
Browse 60 market data Tables and 30 Figures spread through 149 Pages and in-depth TOC on "Metagenomic Sequencing Market"
In 2018, the drug discovery segment accounted for the largest share of the metagenomic sequencing market
Based on applications, the metagenomic sequencing market is segmented into drug discovery, clinical diagnostics, soil microbiome applications, industrial applications, ecological and environmental applications, veterinary applications, and other applications. The drug discovery segment accounted for the largest share of the metagenomic sequencing market in 2018. Growth in this market segment is mainly due to the increasing research activities for novel drug discovery, growing collaborations between market players, academic institutions, and pharmaceutical companies for drug development, and growing use of metagenomic NGS in clinical trials.
Key Players of Market
Illumina, Inc. (US), Thermo Fisher Scientific, Inc (US), QIAGEN N.V. (Netherlands), PerkinElmer (US), Oxford Nanopore Technologies Ltd. (UK), BGI Group (China), Macrogen Inc. (South Korea), GENEWIZ (US), Eurofins Scientific (Luxembourg), Novogene Corporation (China), Zymo Research Corporation (US), NuGEN Technologies, Inc (US), IntegraGen SA (France), Microsynth AG (Switzerland), and DNAStar, Inc (US) are some of the leading players operating in the metagenomic sequencing market.
The Asia Pacific region is projected to grow at the highest CAGR during the forecast period.
On the basis of region, the market has been classified into-North America, Europe, the Asia Pacific, and the RoW. The Asia Pacific regional segment, on the other hand, is expected to grow at the highest CAGR of 18.3% during the forecast period. Growth in this market segment is mainly due to a significant focus on R&D activities as a means of broadening the scope of metagenomics applications, increasing adoption of metagenomics for diagnostics (due to the decreasing cost of metagenomics products and services), and technological developments in metagenomics genomic data analysis as well as interpretation.
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