Metagenomic Sequencing Market worth $4.5 billion in 2028 ,growing at a CAGR of 17.5%

(IT-NEWSWIRE.COM, April 10, 2024 ) The report "Metagenomic Sequencing Market by Product & Services(Reagent, Consumables, Instrument), Workflow (Sample Preparation, Sequencing), Technology(16S rRNA, Shotgun, Whole-genome), Application (Drug Discovery, Diagnostic, Industrial) - Global Forecast to 2028 ", is projected to reach USD 4.5 billion in 2028 from USD 2.0 billion in 2023, growing at a CAGR of 17.5%.

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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.

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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.

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Metagenomic Sequencing Market worth $4.5 billion in 2028 ,growing at a CAGR of 17.5%