Dublin, May 13, 2024 (GLOBE NEWSWIRE) -- The "Metagenomics Market Size, Share & Trends Analysis Report By Technology (Shotgun Sequencing, Whole Genome Sequencing), By Product, By Workflow, By Application, By Region, And Segment Forecasts, 2024 - 2030" report has been added to ResearchAndMarkets.com's offering.
The global metagenomics market size is expected to reach USD 4.82 billion by 2030 and is expected to expand at a CAGR of 13.52% from 2024 to 2030
The increasing research in genomics and proteomics, the rising adoption of personalized medicines, and escalating requirement for biologic products are driving the demand for sequencing, fueling the growth of the industry. For instance, in August 2022, Illumina, Inc. announced its plans to expand genomics operations in Brazil by developing a solution center. The establishment of the new facility is the result of rising demand for clinical genomics and accelerating the company's footprint in Latin America. 
A boost in R&D investments by the players is estimated to have a considerable impact on the usage of metagenomics in numerous applications. For instance, in April 2021, Agilent Technologies, Inc. acquired Resolution Bioscience, Inc., an NGS-based precision oncology solution developing company. The combination of Resolution Bioscience's noninvasive liquid biopsy platform with Agilent's tissue-based companion diagnostics is anticipated to expand Agilent's market position in NGS technologies for precision oncology.
Another factor contributing to the high adoption of metagenomics for environmental use is the direct involvement of microorganisms in the biogeochemical cycle. The degradation of carbon sources such as petroleum hydrocarbons by microbes has encouraged researchers to study metagenomics processes for the production of biofuels. In addition, the presence of a large number of undiscovered biomolecules in non-cultured microorganisms accelerated the adoption of metagenomics in agriculture, food safety, chemical, industrial, and other related applications.
Since the outbreak of COVID-19, key stakeholders in the life sciences and biotechnology industry are seeking solutions for COVID-19 tracking, detection, and treatment. Metagenomics analysis plays a crucial role in the detection and tracing of the virus. Various sequencing surveillance platforms and solutions are being deployed for effective diagnosis of infection. For instance, in May 2021, Oxford University and Oracle announced a strategic partnership to develop robust cloud-based genomic sequencing and analysis platform to mitigate the risk of coronavirus infection.
Moreover, funds provided by the government for promoting research in academic institutes, which use NGS platforms, further increase the usage of metagenomics tools. For instance, in February 2021, the Canadian government invested USD 53 million to implement a multilayered approach for the diagnosis of COVID-19. The Canadian government will utilize genome sequencing and analysis technologies to achieve desired outcomes.
The quality of data generated through metagenomics is another factor that increases the cost of analysis. The quality of data is highly dependent on the average number of times the bases are run during the sequencing process. The high-quality analysis is expensive. However, the adoption of emerging novel techniques, such as RNA-Seq, is rapidly increasing owing to accuracy and rapid results along with a decline in prices. It is observed that the cost of sequencing falls 5 to 10 times every year and the value of computing power doubles every two years.
Metagenomics Market Report Highlights
- The kits & reagents segment held the largest revenue share of over 61.48% in 2023. Kits & reagents are designed for specific applications, such as soil, water, and biological sample analysis.
- The shotgun sequencing segment accounted for the largest revenue share of 34.08% in 2023. Shotgun sequencing sequences entire genomes by randomly breaking up DNA into small fragments and then sequencing each fragment.
- The sequencing segment dominated the market with revenue share of 53.39% in 2023. The increase can be attributed to the cost-effectiveness and accuracy achieved through technological advancements in sequencing.
- In 2023, the environmental segment dominated the market with a revenue share of 25.02%. The role of metagenomics research is swiftly expanding in agriculture and environmental protection, employing sequencing analysis or gene screening to comprehend microorganisms within a specific environment, marking a novel approach to understanding microbial ecosystems.
- North America dominated the metagenomics market in 2023 with a revenue share of 40.26%. The region's dominance is determined through the presence of key companies, augmented R&D funding, and advancements in sequencing technology.
- Asia Pacific is expected to grow at the fastest CAGR during the forecast period. This is driven by substantial advancements in metagenomics adoption across diverse applications in India and China.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 137 |
| Forecast Period | 2023 - 2030 |
| Estimated Market Value (USD) in 2023 | $2.03 Billion |
| Forecasted Market Value (USD) by 2030 | $4.82 Billion |
| Compound Annual Growth Rate | 13.5% |
| Regions Covered | Global |
Market Dynamics
Market Growth Analysis
- Declining expenses of sequencing
- Developments in biotechnology & bioinformatics techniques
- Rising interest in microbial screening for different investigations
- Emergence of new fields in genomics that complement metagenomics
Market Restraint Analysis
- Limited accessibility to computation and different analytic tools
- High overall cost of metagenomics
Business Environment Analysis
- SWOT Analysis; By Factor (Political & Legal, Economic And Technological)
- Porter's Five Forces Analysis
- COVID-19 Impact Analysis
Competitive Landscape
- Bio-Rad Laboratories, Inc.
- Illumina, Inc.
- PerkinElmer, Inc
- Thermo Fisher Scientific, Inc
- Novogene Co., Ltd.
- Promega Corporation
- QIAGEN
- Takara Bio, Inc.
- Oxford Nanopore Technologies plc.
- F. Hoffmann-La Roche Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/83swjg
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