Metagenomic sequencing market worth USD 4.5 billion by 2028

In the near future, the metagenomic sequencing industry is poised to undergo a transformative revolution, becoming a pivotal driving force in diverse fields such as healthcare, agriculture, environmental science, and beyond. Advancements in sequencing technologies, data analytics, and computational capabilities will propel metagenomic studies to unprecedented heights, allowing for comprehensive and precise analysis of entire microbial communities within various ecosystems. This will lead to groundbreaking discoveries of novel microorganisms, potential therapeutic agents, and insights into the intricate relationships between microbes and their environments. Metagenomic sequencing will play an integral role in personalized medicine, empowering clinicians to tailor treatments based on an individual’s unique microbiome composition, resulting in more effective disease management and prevention strategies. Moreover, metagenomics will facilitate sustainable agriculture by enhancing soil health and crop productivity through the identification of beneficial microbes. As the metagenomic sequencing industry continues to thrive, it will undoubtedly unlock a myriad of opportunities to address pressing global challenges, shaping a promising future of discovery and innovation.

Metagenomic sequencing Market in terms of revenue was estimated to be worth $2.0 Billion in 2023 and is poised to reach $4.5 Billion by 2028, growing at a CAGR of 17.5% from 2023 to 2028 according to a new report by MarketsandMarkets™. The major factors driving the growth of the metagenomic sequencing market are frequenct technological innovations in the NGS platforms and increasing understanding of the wide as well as significant applications of metagenomics in several fields. However, budget constraints faced by developing countries due to lack of government, private support in terms of funding, infrastructure is expected to restrain market growth to a certain extent.

Reagents & consumables subsegment accounted for the largest share of the metagenomic sequencing market by product & service
Among the product & service, the metagenomic sequencing market is segmented reagents & consumables, instruments, sequencing services and analysis & data interpretation solutions. In 2023, the reagents and consumables segment accounted for the largest share of the metagenomic sequencing market by product & service. Growth in this market segment can be attributed to factors such as commercialization of reagents and kits and repetitive purchase of sequencing reagents by demand side entities among others.

Drug discovery is the fastest-growing segment of the metagenomic sequencing market by applications
Among the applications, the metagenomic sequencing market is segmented into drug discovery, clinical diagnostics, soil microbiome applications, industrial applications, ecological & environmental applications, veterinary applications, and other applications. In 2023, the drug discovery segment accounted for the fastest-growing share of the usage segment of metagenomic sequencing market. Growth in this market segment can be attributed to one of the major factors which is the growing number of research activities for development of new drugs.

Europe: The second-largest region in the metagenomic sequencing market
The European market is the second-largest metagenomic sequencing market globally, mainly due to factors such as increasing number of research projects, especially in the field of soil microbiome metagenomics, in the region. Moreover, Europe is considered a major hub for metagenomic sequencing players and organizations.

Key market players:
The market for metagenomic sequencing is consolidated, with key players strategizing to capture the market. Prominent players in the metagenomic sequencing market are Illumina, Inc. (US), Thermo Fisher Scientific (US), QIAGEN N.V. (Netherlands), PerkinElmer, Inc. (US), and Oxford Nanopore Technologies Plc. (UK) among others.

Recent developments:

• In September 2022, Illumina, Inc. (US) launched the NovaSeq X series production-scale sequencers, which are capable of generating more than 20,000 whole genomes per year (which is 2.5 times the throughput of prior sequencers from Illumina).
• In September 2021, Thermo Fisher Scientific, Inc. (US) and AstraZeneca (UK) co-developed an NGS-based companion diagnostic. The collaboration was focused on commercializing NGS-based diagnostics in Russia.

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