According to a recent market research report by Future Market Insights (FMI), the global metagenomics market is poised for significant growth over the next decade. The market, valued at USD 202.9 million in 2023, is projected to expand at a compound annual growth rate (CAGR) of 6.9%, reaching an estimated USD 394.2 million by 2033.
This robust growth is primarily driven by substantial investments from both government sectors and private entities. These investments are aimed at implementing large-scale sequencing projects, which are pivotal for the advancement of metagenomics. Additionally, partnerships between government bodies and private companies are fostering the establishment of new research centers, further propelling the market forward.
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Advancements in sequencing methods are also playing a crucial role in enhancing the efficacy of metagenomics. As sequencing technologies continue to evolve, they are expected to provide more accurate and comprehensive insights into the genetic material of entire ecosystems, thereby driving further market expansion.
The future of the global metagenomics market looks promising, with increasing support and collaboration between public and private sectors, alongside continual technological innovations. These factors collectively underscore the market’s potential to revolutionize our understanding of complex biological systems.
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 USD 202.9 million.
- By 2033, the estimate might cross USD 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 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.
Key Players in the market are:
- Illumina
- PerkinElmer
- Trivitron Healthcare Pvt. Ltd.
- Qiagen N.V.
- Thermo Fisher Scientific.
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
By Region:
- North America
- Latin America
- Europe
- Commonwealth of Independent States and Russia
- Japan
- Asia Pacific Excluding Japan
- The Middle East and Africa
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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 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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