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. 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.
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.
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.
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.
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.
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