Metagenomics Market Size

Metagenomics Market Analysis

The metagenomics market is expected to register a CAGR of 12.6% over the forecast period.

• The COVID-19 pandemic significantly impacted the metagenomics market due to the growing demand for effective therapeutics, leading to the market's growth. For instance, according to an article published by BioMed Central (BMC) Infectious Diseases in October 2022, sequence-independent metagenomic sequencing was used to determine the whole virome in patients infected with SARS-CoV-2 and to explore whether there could be a correlation between the presence of viruses other than SARS-CoV-2, and severity of the disease. Viral metagenomics approaches were considered semi-quantitative. With such utilization of metagenomic sequence for determining the virus, its demand increases, thereby driving the market growth. Furthermore, the emergence of new variants and the ongoing need for monitoring and surveillance may continue to drive demand for metagenomic technologies, presenting both challenges and opportunities over the forecast period.
• Factors such as increasing R&D expenditure, declining sequencing expenses, and technological advancements are expected to drive market growth over the forecast period. For instance, in September 2022, the UK Government reported that expenditure on pharmaceutical research performed in UK businesses was EUR 5 billion (USD 5.9 billion). This was 18.6% of total expenditure on R&D in industries, significantly more than any other product group. Of the EUR 5 billion (USD 5.9 billion) spent on pharmaceutical R&D performed in businesses, EUR 3.8 billion (4.84 billion) was from the businesses themselves, EUR 1 billion (USD 1.14 billion) was from overseas, and EUR 12 million (USD 14.6 million) was from the government. Pharmaceuticals were 13th of 33 product groups by level of government funding for R&D performed in businesses.
• Furthermore, the increased launch of technologically advanced metagenomics platforms is expected to propel market growth. For instance, in October 2022, SYNLAB and Microba Life Sciences (Microba) expanded their strategic agreement to broaden the geographic and market availability of the microbiome test myBIOME across Europe and Latin America. Applying game-changing metagenomic technology developed by Microba, myBIOME detects all types of microorganisms (bacteria, archaea, fungi, protists), identifies the exact species, and characterizes new species.
• Thus, factors such as increasing R&D expenditure, declining sequencing expenses, and technological advancements are expected to drive the market's growth during the forecast period. However, the high cost of metagenomic sequencing is expected to hamper the market to a certain extent over the forecast period.