The value of the metagenomic sequencing market was USD 1,938 million in 2022, which will grow at a rate of 17.20% during the forecast period, touching, USD 6,899 million by 2030.
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Drug discovery had the largest share of revenue of over 26%, in 2022, and it will continue like this in the years to come as well. This is due to the increasing research in the pharma and biotech industries for new drug discovery, frequently as part of partnerships amongst the stalwarts of the market and academic institutes.
The clinical diagnostics will grow the fastest by the end of this decade, because of the making of tools and software for genomic research and increasing occurrence of infectious ailments.
The sequencing category had the largest share in the metagenomic sequencing market, and it will continue its dominance in the years to come, told by an expert at P&S Intelligence.
Sequencing techniques are often used by healthcare organizations and researchers for genetic studies, crucial component of genetic testing. The cost of sequence modeling has decreased by about 28% yearly because of tech advancements, which will power its acceptance.
Data processing & analysis will grow significantly because of the rising intricacies in upholding the read data of billions of sequences.
North America had the largest share, of over 42%, in 2022, and it will power at a significant rate in the years to come. This will be credited to the considerable R&D activities in the pharma and biotech sectors, increased the risk of diseases, presence of trustworthy healthcare businesses, and support for the initiation of new R&D facilities.
Furthermore, Europe is growing considerably in the acceptance of this technology as a result of the incidence of prominent market participants. As well, the partnerships between government organizations and the sequencing solution providers are accountable for the advance of the industry. It is also thriving because of the obtainability of cutting-edge genomic sequencing technology.
Due to the increasing incidence of genetic and infectious disease, the demand for metagenomic sequencing systems will grow even more by the end of this decade.
