Metagenomic Sequencing Market to grow at a CAGR of 17.0% to reach USD 2.3 billion by 2024 | Leading Companies are Illumina (US) and Thermo Fisher Scientific (US)

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 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.

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The reagents & consumables segment accounted for the largest share of the metagenomic sequencing market in 2018.

On the basis of products & services, the metagenomic sequencing market is segmented into reagents & consumables, instruments, services, and analysis & data interpretation solutions. Of all these segments, reagents & consumables accounted for the largest share of the market in 2018. Factors such as the continuous requirement of sequencing reagents by end users and the development & commercialization of high-quality reagents & kits are expected to drive the growth of the reagents & consumables market in the coming years.

Sample processing & library preparation accounted for the largest share of the metagenomic sequencing market in 2018.

The large share of this segment can be attributed to the growing number of metagenome sequencing research projects being conducted, the availability of technically advanced and robust sample processing Based on workflow, the market has been segmented into sample processing & library preparation, sequencing, and data processing & analysis. In 2018, sample processing & library preparation accounted for the largest share of the metagenomic sequencing market. The large share of this segment can be attributed to the growing number of metagenome sequencing research projects being conducted and the availability of technically advanced and robust sample processing and library preparation assay kits.

The shotgun metagenomic sequencing technology is expected to witness the highest growth rate in the 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.

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.

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North America accounted for the largest share of the metagenomic sequencing market in 2018.

This report covers the metagenomic sequencing market across four major geographies-North America, Europe, the Asia Pacific, and the Rest of the World. North America commanded the largest share of the metagenomic sequencing market in 2018. This can primarily be attributed to favorable initiatives by government and private bodies for the development and adoption of NGS-based metagenomics technologies, the wide adoption of metagenomic diagnostics in the region, increasing number of NGS-based metagenomic research & clinical applications in the region, and rising awareness of metagenomics sequencing services.

Key Players in Metagenomic Sequencing 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.

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