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Classified in: Health, Science and technology
Subject: MRR

Microbiome Diagnostics Market Worth $300 million | MarketsandMarketstm.


CHICAGO, Feb. 22, 2024 /PRNewswire/ -- Microbiome Diagnostics Market in terms of revenue was estimated to be worth $146 million in 2023 and is poised to reach $300 million by 2028, growing at a CAGR of 15.5% from 2023 to 2028 according to a new report by MarketsandMarketstm. The microbiome diagnostics market is driven by the growing demand of personalized medicine, the collaborative efforts between the microbiome industry and academia for microbiome research and increasing incidences of diseases in the microbiome-based diagnostics market. Growth in emerging countries and increased collaboration of industry players to work on new microbiome technology are anticipated to offer lucrative growth opportunities for the microbiome diagnostics market.

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Browse in-depth TOC on "Microbiome Diagnostics Market"

152 - Tables
38 - Figures
185 - Pages

Microbiome Diagnostics Market Scope:

Report Coverage

Details

Market Revenue in 2023

$146 million

Estimated Value by 2028

$300 million

Growth Rate

Poised to grow at a CAGR of 15.5%

Market Size Available for

2022?2028

Forecast Period

2023?2028

Forecast Units

Value (USD Million)

Report Coverage

Revenue Forecast, Competitive Landscape, Growth Factors, and Trends

Segments Covered

Product, Technology, Sample, Application, End User, and Region

Geographies Covered

North America, Europe, Asia Pacific, Rest of the World

Report Highlights

Updated financial information / product portfolio of players

Key Market Opportunities

Increased collaboration of key players and small innovative companies to work on new microbiome technologies

Key Market Drivers

Collaborative efforts between the microbiome industry and academia for microbiome research

 

The kits & reagents accounted for the largest share of the microbiome diagnostics market, by product segment, in 2022.

The global microbiome diagnostics market is segmented into instruments and reagents & kits based on product. High consumption of consumables such as kits and reagents and their repeated purchases along with the increasing number of microbiome diagnostic tests performed across the globe, are the factors supporting the growth of the reagents & kits product segment.

The hospitals segment accounted for the largest share of the microbiome diagnostics market, by end user, in 2022.

By end user, microbiome diagnostics market segmented into hospitals, research & academic institutes and, pharmaceutical & biotechnology companies. Hospitals are accounted for largest in the microbiome diagnostics market. The increasing prevalences of diseases such as gastrointestinal disorder, metabolic disorder etc. will boost the market growth.

North America is the largest regional market for microbiome diagnostics market.

The global microbiome diagnostics market has been segmented into four major regions?North America, Europe, the Asia Pacific, and Rest of the World. In 2022, North America dominated the global microbiome diagnostics market in 2022. The large share of the North American market is primarily driven by the prevalence of chronic diseases, and the easy accessibility of technologically advanced instruments.

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Microbiome Diagnostics Market Dynamics:

Drivers:

  1. Growing prevalence of chronic diseases
  2. Collaborative efforts between microbiome industry and academia for microbiome research
  3. Growing demand for personalized medicine
  4. Rising awareness about importance of human microbiomes
  5. Rising funding and investments in microbiome research

Restraints:

  1. End-user budget constraints in developing countries

Opportunities:

  1. Increased collaboration between key players and small innovative companies to work on new microbiome technologies

Challenge:

  1. Adverse impact of complex regulatory policies on commercialization of microbiome

Key Market Players of Microbiome Diagnostics Industry:

The major players operating in this market are DNA Genotek (Canada), Microba Life Sciences (US), and Genetic Analysis AS (Norway)

The break-up of the profile of primary participants in the microbiome diagnostics market:

Recent Developments of Microbiome Diagnostics Industry:

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Microbiome Diagnostics Market - Key Benefits of Buying the Report:

The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall microbiome diagnostics market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.

The report provides insights on the following pointers:

Related Reports:

Metagenomic Sequencing Market - Global Forecasts to 2028

Pharmacogenomics Market - Global Forecasts to 2028

Epigenetics Market - Global Forecasts to 2028

Sterility Testing Market - Global Forecasts to 2028

Research Antibodies & Reagents Market - Global Forecasts to 2028

About MarketsandMarketstm:

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MarketsandMarketstm is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStoretm (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

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