The metagenomics market size in Europe is expected to be worth USD 100.4 million by 2028 from USD 67.01 million in 2023, growing at a CAGR of 8.44% from 2023 to 2028.
The growing demand for personalized medicine across the European region is one of the major factors propelling the metagenomics market growth in Europe. The need for comprehensive and accurate data on the microbiome has tremendously grown in recent years due to the increasing adoption of personalized medicine. Using metagenomics, the diversity and function of microbial communities can be studied and assists in the identification of new targets that are required for drug development and personalized treatment.
Technological advancements are another key factor fuelling the market’s growth rate in Europe. DNA sequencing and bioinformatics tools have experienced several technological developments in recent years and resulting in the improved speed, accuracy, and cost-effectiveness of metagenomics research. Due to this, the analysis of large datasets and identify complex microbial communities with greater precision has become possible.
In addition, factors such as rising awareness of the importance of the microbiome, funding for metagenomics research by public and private organizations, increasing patient population suffering from chronic diseases and the growing number of advancements in computational biology boost the regional market growth. The rising adoption of metagenomics in the pharmaceutical and biotech industries, growing usage of metagenomics to study foodborne pathogens, improve food safety, and develop new products, increasing number of initiatives and policies supporting metagenomics research by several governments and rising demand for environmental metagenomics further contribute to the metagenomics market growth in Europe.
On the other hand, the high costs associated with sequencing limit the adoption of metagenomics and hampers market growth in the coming years. Due to these high costs, the scope for R&D among the several smaller research institutions and market players is being limited in some countries. In addition, lack of standardization, challenges associated with data management and data analysis, the stringent regulatory environment for metagenomics, poor awareness among the researchers in some countries regarding the capabilities of metagenomics and lack of funding among smaller companies hinder the market growth.
This research report on the Europe metagenomics market has been segmented and sub-segmented into the following categories.
By Product:
Based on product, the consumables segment led the market in 2022 and is expected to continue dominating throughout the forecast period. The segmental growth is driven by the growing demand for sample preparation and sequencing consumables in metagenomics research, the rising need for consumables to process and analyze large volumes of data generated by metagenomics research and increasing interest in microbiome research.
On the other hand, the instruments and software segment is anticipated to showcase a promising CAGR during the forecast period. Factors such as technological advancements in metagenomics instruments and software, increasing demand for automation and high-throughput sequencing, and the need for data analysis and interpretation tools are anticipated to contribute to the segmental growth during the forecast period.
By Application:
By Technology:
By Country:
Europe accounted for a substantial share of the global market in 2022 and is expected to hold a promising occupancy in the worldwide market during the forecast period.
Germany held the leading share of the European market in 2022 and is predicted to grow at a healthy CAGR during the forecast period. The growth of the German market is majorly driven by the presence of a strong research infrastructure and a well-established biotech and pharmaceutical industry. In addition, the growing investments and support for the R&D of metagenomics by the German government to research institutes and universities is another major factor contributing to the market growth. Furthermore, rising awareness of the importance of microbiome research in Germany fuels the German market growth.
UK captured a substantial share of the European market in 2022 and is estimated to progress a notable CAGR during the forecast period. Factors such as a strong academic and research community, growing adoption of personalized medicine and the role of the microbiome in disease majorly drive the UK market growth.
France and Netherlands accounted for a considerable share of the European market in 2022 and are expected to grow at a steady pace during the forecast period.
KEY MARKET PLAYERS:
Agilent Technologies, Illumina Inc., F Hoffman-La Roche Ltd., Oxford Nanopore Technologies Ltd., Bio-Rad Laboratories, Inc., PerkinElmer Inc., Qiagen, Thermo Fisher Scientific Inc., Pacific Bioscience of California, Inc. and Merck KGaA are some of the major players in the European metagenomics market.
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