Global microbiome sequencing services market to reach USD 1,424.7 Million by 2021
According to a recent report published by Markets&Markets the global microbiome sequencing services market is poised to reach USD 1,424.7 Million by 2021 from USD 538.0 Million in 2016, at a Compound Annual Growth Rate (CAGR) of 21.5% from 2016 to 2021.
The microbiome sequencing services market by application is broadly classified 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 and the highest share of the market during the forecast period.
The growth of this market is propelled by the increase in 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 & legal issues related to NGS are the major factors restraining the growth of microbiome sequencing services market.
The outsourced research segment is expected to command the highest growth as well as the largest share of the market in 2016. This largest share and fastest CAGR is attributed to the increasing outsourcing R&D activities.
Based on end users, the global microbiome sequencing services market is categorized into pharmaceutical and biotechnology companies and academic/research institutes. The pharmaceutical and biotechnology companies segment is expected to grow at the highest rate.