Microbiome Sequencing Services Market to Report a CAGR of 18.1%Between 2017 and 2022
Global Microbiome Sequencing Services Market: Snapshot
The global microbiome sequencing services market has experienced rapid growth in the last few years due to the growing support for research into genomics. The market has benefited from the growing investment being driven into the life sciences sector and particularly genetic and genomic research. Government healthcare agencies have been the prime contributor to the growth of the life sciences research sector, while private pharmaceutical and biotech companies have risen to the fore in recent year as a major contributor due to the growing economic potential of the sector. The microbiome sequencing services market is likely to benefit from the rising awareness about the utility of microbiome sequencing in understanding human health and how microbial presence affects it in various ways.
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According to Transparency Market Research, the global microbiome sequencing services market is likely to rise to a valuation of US$1,570.4 mn by 2022. The microbiome sequencing services market was valued at US$684.1 mn in 2017 and is expected to exhibit a strong 18.1% CAGR between 2017 and 2022.
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Sequencing by Synthesis Likely to Remain Favored Technique in Microbiome Sequencing
The global microbiome sequencing services market is segmented by technique into sequencing by synthesis, sequencing by ligation, pyrosequencing, Sanger sequencing, and others. Of these, sequencing by synthesis dominated the global microbiome sequencing services market in 2017, accounting for 47.8% of the global market with a valuation of US$326.7 mn. The segment is expected to exhibit an 18.6% CAGR in the 2017-2022 forecast period to rise to a valuation of US$765.6 mn by 2022. The promising growth prospects of the sequencing by synthesis segment are illustrated by the fact that its share in the global microbiome sequencing services market is likely to rise to 48.8% over the 2017-2022 forecast period.
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North America to Dominate Global Microbiome Sequencing Services Market
Geographically, the global microbiome sequencing services market is dominated by North America, which held a valuation of US$261.4 mn in 2017 and is likely to rise to US$619.1 mn by 2022 thanks to an excellent 18.8% CAGR. The North America microbiome sequencing services market is helped by the presence of several leading players in the global pharmaceutical and biotech sector in the region, which has enabled a smooth growth in demand for microbiome sequencing services. The widespread awareness among consumers in North America about the utility of microbiome sequencing is also conducive to growth of the microbiome sequencing services market in the region.
Europe is also likely to remain a leading contributor to the global microbiome sequencing services market in the coming years, with the market expected to rise to a valuation of US$439.5 mn by 2022. Europe is one of the regions where genomics research has continued largely unhindered, which has helped enable steady growth of the microbiome sequencing services market in the region. The Europe microbiome sequencing services market is likely to exhibit a strong 17% CAGR over the 2017-2022 forecast period.
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