Allied Market Research recently published a report, titled, “Metagenomics Market by Product (Instrument & Software and Consumable), Technology (Sequencing and Bioinformatics), and Application (Infectious Disease Diagnosis, Environmental Remediation, Gut Microbe Characterization, Biotechnology, Biofuel, and Agriculture) – Global Opportunity Analysis and Industry Forecast, 2017-2024”. The report valued the global metagenomics market at $176 million in 2017 and expected it to attain $523 million by 2024, growing at a substantial CAGR of 16.8% from 2018 to 2024.
The major market players that are active in the Global Metagenomics Market, are Agilent Technologies, Inc., Enterome SA, F. Hoffmann-La Roche Ltd., Illumina, Inc., Oxford Nanopore Technologies Ltd., Pacific Biosciences of California, Inc., PerkinElmer, Inc., Qiagen N.V., Swift Biosciences, Inc., and Thermo Fisher Scientific, Inc.
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The advancement of DNA sequencing technology and the substantial expansion of metagenomic applications are responsible for driving the market forward and supplementing its growth. However, it is a relatively new concept which involves analysis of microbial interaction and its subjective interpretation. Hence, lack of knowledge regarding this sector could impede market growth in the forecast period.
The global metagenomics market is segmented based on product, technology, application, and geography. By product, the market is categorized into instrument & software and consumable. In 2017, the consumable segment garnered the maximum revenue and is expected to maintain its dominance throughout the forecast period. This domination is a result of high adoption of consumables in pre-sequencing, one of the most crucial steps in the overall metagenomic sequencing protocol. This step comprises sample preparation, sample processing, and metagenomic sequencing. Owing to continuous evolution in the development of software packages and instruments utilized in the metagenomic studies, the instrument & software segment is projected to attain the highest growth rate during the forecast period of 2018-2024. Based on technology, the global market is bifurcated into sequencing and bioinformatics, with the sequencing segment accounting for four-fifths of the total market share in 2017.
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Based on application, the global metagenomic market is segmented into infectious disease diagnosis, environmental remediation, gut microbe characterization, biotechnology, biofuel, and agriculture. The gut microbe characterization segment garnered the maximum revenue in 2017 and is expected to continue its dominance throughout the forecast period. Meanwhile, the infectious disease diagnosis segment is expected to register the fastest growth rate during the forecast period. This is due to the rise in popularity of metagenomic technologies among clinical researchers, who helps to identify the bacterial pathogens responsible for causing several infectious diseases. Among regions, North America dominated the market in 2017 and is expected to be the region that garners the most revenue throughout the forecast period. Meanwhile, Asia-Pacific is poised to witness the highest growth rate in the forecast period, due to its high population base, the surge in disposable income, and rise in awareness towards new sequencing technologies.
Key Findings of the Metagenomics Market:
- The sequencing segment accounted for four-fifths of the total market share in 2017.
- The environmental remediation segment registered the second-highest growth rate among applications with a CAGR of 17.4% from 2018 to 2024.
- North America dominated the global metagenomics market, accounting for the maximum share in 2017, and is expected to retain the same trend during the forecast period.
- India has registered the highest growth rate in the Asia-Pacific metagenomics market with a CAGR of 19.7% during the forecast period.
- Germany accounted for two-sevenths of the total share in the European metagenomics market in 2017.
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