Microbiome Sequencing Services Market worth $1,424.7 Million by 2021

(IT-NEWSWIRE.COM, May 26, 2020 ) The global microbiome sequencing services market is poised to reach USD 1424.7 Million by 2021 from USD 538.0 Million in 2016, at a CAGR of 21.5% from 2016 to 2021.

Major factors fueling market growth are the rising use of microbiomes in genomics, proteomics, and metabolomics and technological advancements in next-generation sequencing (NGS). On the other hand, lack of detailed research, government regulations, and ethical and legal issues related to NGS are the major factors restraining the growth of microbiome sequencing services market.

The global microbiome sequencing services market is segmented on the basis of technology, application, research type, laboratory type, end user, and region. By technology, the market is divided into sequencing by synthesis (SBS), sequencing by ligation (SBL), pyrosequencing, sanger sequencing, and other technologies (such as Omic technologies). The sequencing by synthesis segment is expected to grow at the highest CAGR in the market in 2016. This growth rate can be attributed to the prevalent high demand for this technology.

Based on application, the market is segmented into shotgun sequencing, targeted gene sequencing, RNA sequencing, whole genome sequencing, and other applications (such as small molecule analysis and protein analysis). The shotgun sequencing segment is estimated to grow at the highest CAGR during the forecast period.

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Based on research type, the market is divided into internal research and outsourced research. The outsourced research segment is expected to command the fastest CAGR in the market in 2016. This largest share and fastest CAGR is primarily due to increase in outsourced R&D services, as they are less expensive.

On the basis of laboratory type, the market is broadly divided into wet labs and dry labs. The wet labs research segment is expected to command the highest CAGR in the market in 2016.

Based on end user, the market is broadly divided into pharmaceutical and biotechnology companies and academic/research institutes. The pharmaceutical and biotechnology companies segment is expected to grow at the highest CAGR in the market in 2016.

North America is expected to be at the highest CAGR in the global microbiome sequencing services market in 2016. Factors such as favorable business environment, government support through funds for genomics research, continuous developments in sequencing technologies, availability of commercial solutions for NGS data analysis, growing number of research studies on cancer & inherited rare diseases drive the growth of the market in this region.

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Microbiome Sequencing Services Market worth $1,424.7 Million by 2021