According to FMI’s most recent market analysis, the metagenomics market sales is projected to expand at a compound annual growth rate (CAGR) of 6.9% between 2023 and 2033. The market is expected to reach US$ 202.9 million US$ in 2023. The projected value is anticipated to reach US$ 394.2 million by 2033.
The market is mainly driven by surging investments from government sector and private entities in order to implement large scale sequencing projects. The government bodies and private companies are also forming partnerships to launch research centers. There have been advancements in the sequencing methods, which are believed to increase the efficacy of metagenomics.
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The inception of COVID-19 increased the demand for metagenomics. The nasopharyngeal swabs which work on the principal of metagenomics found a lot of investors in the healthcare sector. The ability to track the infection in the upper respiratory tract with a high efficiency caught the attention of a lot of investors.
One of the most crucial applications of metagenomics is its ability to trace changes at the molecular level in the pathogens. This would enable the healthcare experts to take proactive steps before the pathogens create serious problems in the environment.
Innovations like shotgun sequencing to high-throughput and next-generation sequencing are expected to create a lot of opportunities in the market. Growth of geriatric population, increase in diabetic patients, and surging cancer cases are expected to surge the market growth during the forecast period. The ability to control environmental toxicology is also expected to push the demand in the coming times.
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”.
Key Takeaways:
- The market is expected to grow at 6.9% during the forecast period.
- In 2023, the valuation is expected to be US$ 202.9 million.
- By 2033, the estimate might cross US$ 394.2 million.
- Based on regional analysis, North America is expected to be the dominant market.
- The United States market is expected to grow at 8%.
- The United Kingdom market is projected to advance at 5.8%.
- China market is anticipated to record a growth of 8.6%.
- Japan market is expected to advance at 5.3%.
- India metagenomics market is projected to grow at 6.8%.
- Based on product type, the library preparation kits segment is expected to hold the dominant market share, and might expand at 7.2%.
- 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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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 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.
Key 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
By Region:
- North America
- Latin America
- Europe
- Commonwealth of Independent States and Russia
- Japan
- Asia Pacific Excluding Japan
- The Middle East and Africa
Author By:
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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