Metagenomic Sequencing Market by Workflow, Product & Services, Technology, Application - Global Forecast to 2024
DUBLIN, Oct. 21, 2019 /PRNewswire/ -- The "Metagenomic Sequencing Market by Workflow (Sample Preparation, Data Analysis), Product & Services (Reagents, Consumables, Instruments), Technology (Shotgun, 16s Rrna, Whole-Genome), Application (Diagnostic, Soil Microbiome) - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The metagenomic sequencing market is projected to reach USD 2.3 billion by 2024 from USD 1.0 billion in 2019, at a CAGR of 17.0%.
The growth of this market is 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 reagents & consumables segment is expected to witness the highest growth in the metagenomic sequencing market during the forecast period
On the basis of product & service, the metagenomic sequencing market is segmented into reagents & consumables, instruments, services, and analysis & data interpretation solutions. Of all these segments, reagents & consumables are expected to grow at the highest CAGR during the forecast period.
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 the reagents & consumables market in the coming years.
The sample processing & library preparation segment is expected to witness the highest growth in the metagenomic sequencing market during the forecast period
The market, based on workflow, has been segmented into sample processing & library preparation, sequencing, and data processing & analysis. The sample processing & library preparation segment projected to register the highest growth rate during the forecast period. This growth can be attributed to the growing number of metagenome sequencing research projects being conducted, the availability of technically advanced and robust sample processing and library preparation assay kits, and the demand for efficient library preparation products.
The shotgun metagenomic sequencing technology segment is expected to witness the highest growth in the metagenomic sequencing market during the forecast period
On the basis of technology, the metagenomic sequencing market is segmented into shotgun metagenomic sequencing, 16S rRNA sequencing, metatranscriptomics, and whole-genome sequencing & de-novo assembly. The shotgun metagenomic sequencing technology is expected to witness the highest growth rate in the metagenomic sequencing market during the forecast period.
This can be attributed to the advantages offered by shotgun sequencing over other techniques, growing adoption of shotgun metagenomic sequencing among researchers and healthcare professionals, and the increasing number of metagenomic sequencing-based research activities.
The drug discovery segment is expected to witness the highest growth in the metagenomic sequencing market during the forecast period
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 is poised to grow at the highest rate during the forecast period.
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.
The Asia Pacific is expected to grow at the highest CAGR during the forecast period
The metagenomic sequencing market is segmented into four major regions, namely, North America, Europe, the Asia Pacific (APAC), and the Rest of the World (Latin America, the Middle East, and Africa). The Asia Pacific regional segment is expected to grow at the highest CAGR 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.
Market Dynamics
Drivers
- Significant Applications of Metagenomics in Various Fields
- Initiatives and Funding From Government & Private Bodies for Large-Scale Sequencing Projects
- Declining Cost of Sequencing
Restraints
- End-User Budget Constraints in Developing Countries
Opportunities
- Availability of Cloud Computing for Data Management
Challenges
- Storage of Sequencing Data
- Dearth of Skilled Professionals
Companies Mentioned
- BGI Group
- DNAstar, Inc.
- Eurofins Scientific
- GENEWIZ
- Illumina, Inc.
- Integragen SA
- Macrogen, Inc.
- Microsynth AG
- Novogene Co., Ltd.
- NuGEN Technologies, Inc. (A Wholly Owned Subsidiary of Tecan Trading AG)
- Oxford Nanopore Technologies, Ltd.
- Perkinelmer, Inc.
- QIAGEN N.V.
- Thermo Fisher Scientific, Inc.
- Zymo Research Corporation
For more information about this report visit https://www.researchandmarkets.com/r/q4sfnu
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