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Metagenomics Market Insights and Dynamics Report 2024
Metagenomics Market Insights
According to The Business Research Company's, The metagenomics market size has grown rapidly in recent years. It will grow from $1.72 billion in 2023 to $2 billion in 2024 at a compound annual growth rate (CAGR) of 16.0%. The growth in the historic period can be attributed to microbiome research advancements, disease association studies, environmental monitoring needs, agricultural and food applications, biotechnology and industrial processes..
The metagenomics market size is expected to see rapid growth in the next few years. It will grow to $3.43 billion in 2028 at a compound annual growth rate (CAGR) of 14.5%. The growth in the forecast period can be attributed to precision medicine integration, microbial ecology understanding, one health initiatives, bioprospecting and drug discovery, diagnostic and therapeutic innovations.. Major trends in the forecast period include technological advancements in sequencing, integration of ai and machine learning, single-cell metagenomics, metagenomic data standardization, consumer wellness and personalized nutrition..
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Market Drivers and Trends:
The rise in the incidence of infectious diseases is significantly contributing to the growth of the metagenomics market. Infectious diseases, also known as transmissible diseases, refer to illnesses caused by pathogenic microorganisms, including bacteria, viruses, fungi, and parasites, and can be transmitted from person to person or through other modes of transmission. Metagenomics is used to study infectious diseases by analyzing the genetic material of microbial communities. It allows for the comprehensive analysis of microbial communities associated with infectious agents, providing insights into their composition, genetic diversity, and potential interactions. For instance, in October 2022, according to an article published by the Pan American Health Organization, a US-based specialized agency of the United Nations, approximately 10.6 million people fell ill with tuberculosis (TB) in 2021. Therefore, the increasing prevalence of infectious diseases is driving the growth of the metagenomics market.
Technological advancements are the key trend gaining popularity in the metagenomics market. Major companies operating in the metagenomics market are focused on adopting new genomics technologies to improve their observation power and sustain their position in the market. For instance, in May 2023, CD Genomics, a US-based genomics services company, launched the Long-Read Metagenomic Sequencing service. With its state-of-the-art technology, researchers and scientists are better equipped to understand the complexity of microbial communities with unmatched accuracy and depth. Clients can enter a new era of metagenomics research by utilizing CD Genomics' cutting-edge technology and genomic knowledge. Its key features include enhanced resolution, species identification, functional annotation, and comparative analysis. This advanced method is expected to transform metagenomics research by offering previously unattainable insights into microbial communities.
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Major Key Players of the Market:
Illumina Inc.; Promega Corporation; Qiagen N.V.; Thermo Fisher Scientific Inc.; Perkin Elmer Inc.; Bio-Rad Laboratories Inc.; F. Hoffmann-La Roche Ltd.; Novogene Co. Ltd.; Oxford Nanopore Technologies Limited; Takara Bio USA Inc.; BGI Group; Eurofins Scientific SE; Arc Bio LLC; Computomics GmbH; Enterome Bioscience; TAKARA BIO INC.; Danaher Corporation; ELITechGroup; Metagenomi; Cosmosid Inc.; Pattern Ag; Tiny Health; MATIS OHF; Adapsyn Bioscience; Precidiag Inc.; One Codex Inc.; MetaBi Inc.; Zymo Research Corporation; Bluebee Holding BV; Maverix Biomics Inc.; Lucigen Corporation
Metagenomics Market 2024 Key Insights:
• The metagenomics market size will grow to $3.43 billion in 2028 at a compound annual growth rate (CAGR) of 14.5%.
• The Impact Of Rising Infectious Disease Incidence On The Metagenomics Market
• The Impact Of Technological Advancements On The Metagenomics Market
• North America was the largest region in the global metagenomics market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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