According to a recent FMI market analysis, the Metagenomics Market Sales is predicted to grow at a CAGR of 6.9% between 2023 and 2033. In 2023, the market is expected to be worth US$ 202.9 million. The value is expected to exceed US$ 394.2 million by 2033.
The market is primarily driven by increased investments from the public and private sectors in order to accomplish large-scale sequencing initiatives. Government agencies and commercial enterprises are also collaborating to establish research centres. There have been advances in sequencing methods that are thought to improve the efficacy of Metagenomics.
The emergence of COVID-19 raised demand for Metagenomics. The Metagenomics-based nasopharyngeal swabs have attracted a large number of investors in the healthcare sector. The capacity to follow infection in the upper respiratory system with high efficiency piqued the interest of many investors.
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One of the most important applications of Metagenomics is the capacity to track molecular changes in infections. This will allow healthcare professionals to take proactive measures before infections cause severe problems in the environment.
Shotgun sequencing, high-throughput sequencing, and next-generation sequencing are all projected to open up new market prospects. Geriatric population expansion, an increase in diabetes patients, and an increase in cancer cases are likely to drive market growth during the projection period. Controlling environmental toxicology is also predicted to drive demand in the next years.
Thus, the FMI analysts are of the view that ‘increasing collaboration between government sector and private firms, the ability to trace pathogens, surge in the geriatric population and a number of other factors are expected to increase the Metagenomics market growth during the forecast period.’
Metagenomics Market Key Takeaways:
- During the projection period, the market is expected to increase at a 6.9% annual rate.
- The valuation is estimated to be US$ 202.9 million in 2023.
- The forecast may exceed US$ 394.2 million by 2033.
- According to geographical study, North America will be the dominant market.
- The market in the United States is predicted to increase at an 8% annual rate.
- The market in the United Kingdom is expected to grow at a 5.8% annual rate.
- The Chinese market is expected to rise by 8.6%.
- The Japanese market is predicted to grow at a 5.3% annual rate.
- The Indian Metagenomics market is expected to expand at a 6.8% CAGR.
- The library preparation kits sector is predicted to have the largest market share and grow at a 7.2% annual rate.
- Based on application, the clinical diagnostics segment is expected hold the dominant market share, and is expected to grow at 8.3%.
- On the basis of end user, the pharmaceutical industries segment is anticipated to hold the dominant share.
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Metagenomics Market Competitive Landscape:
The key players are expected to invest huge amounts in Research and Development. They would also be making moves pertaining to mergers and acquisitions. The key players are also looking to appoint leaders who have been involved in the niche for decades together. The manufacturers would also be looking to invest for technological upgradation. This would help them to scale up the process, and develop procedures of high quality. With a view to make moves which would create positive impact on the future generations, the key players are also investing on achieving sustainable goals.
Key developments in the Metagenomics Market:
- In September 2022, PerkinElmer unveiled industry-first cell analysis solution to streamline cell and gene therapy research and manufacturing.
- In January 2023, Illumina and Nashville Biosciences announced a sequencing agreement with Amgen.
Metagenomics Market Segmentation:
By Product Type:
- Library Preparation Kits
- Sample Extraction Kits
- Metagenomic Sequencing Kits
By Application:
- Microbial Diversity
- Bioremediation and Degradation
- Bio Surfactants and Antibiotics Production
- Clinical Diagnostics
- Others
By End User:
- Pharmaceutical Industries
- Research Laboratories
- Biotechnology Companies
- Pathology Laboratories
- Academic and Research Institutes
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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