The metagenomic sequencing market was USD 1,938 million in 2022, and it will reach USD 6,899 million, advancing at a 17.20% compound annual growth rate, by 2030.
The growth in the industry is because of the decreasing cost of this technique. Furthermore, the implementation of this technique is increasing in agricultural biotechnology, where it allows the analysis of the whole genome in an environmental sample without the need for culturing.
In 2022, the drug discovery category, based on application, held the largest share, of over 26%, and it will remain the largest in the years to come. This is because of the rising activities of research in the biotechnical and pharmaceutical industries for novel drug discovery, regularly as part of partnerships between academic institutes and industry players.
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Whereas, the clinical diagnostics category will observe the highest growth rate in the metagenomic sequencing market, in the years to come. This is primarily because of the increasing prevalence of infectious illnesses and the production of tools and software for genomic research.
The shotgun metagenomic sequencing category, based on technology, held the largest share, and it will remain the largest in the years to come. This is because of the surging genomic-based research activities led by academic and research institutes and the benefits provided by this technique as compared to other techniques.
In 2022, the sequencing category, based on workflow, accounted for the largest share of the metagenomic sequencing industry, and it will remain the largest in the years to come.
Sequencing methods are regularly utilized by research scientists and healthcare institutions for genetic studies, which is an important component of genetic testing. The price of sequence modeling has dropped by approximately 28% annually because of technological advancements, which would boost its utilization.
In 2022, North America accounted for the largest share, of over 42%, and it will observe a strong growth rate in the years to come. This is because of the higher risk of illnesses, extensive R&D activities in the pharmaceutical and biotechnology sectors, ad full-bodied support for the setup of new R&D facilities, and the presence of reputable healthcare businesses in the continent.
Whereas, APAC will observe the fastest growth rate in the years to come. This is because of the surging investment by domestic and international businesses, government support for research in advanced healthcare areas, development of the healthcare infrastructure, and a large pool of patients with infectious and chronic illnesses.
With the increasing incidence of genetic and infectious illnesses, as well as government investments in healthcare research and development, the metagenomic sequencing industry will continue to grow in the years to come.