Microbiome Diagnostics Market Worth $300 million | MarketsandMarkets™.

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 MarketsandMarkets™. 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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Microbiome Diagnostics Market Scope:

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:

• By Company Type: Tier 1 - 55%, Tier 2 - 40%, and Tier 3 – 5%
• By Designation: C-level - 37%, D-level - 48%, and Others - 15%
• By Region: North America - 56%, Europe - 20%, Asia Pacific - 17%, Rest of the World– 7%

Recent Developments of Microbiome Diagnostics Industry:

• In 2023, The Genetic Analysis (Norway) entered into an agreement with Eagle Biosciences Inc. (US) through its distributors with an undisclosed partner. A high-volume lab company providing laboratory diagnostics to clinics, public health departments and research universities in the US.
• In 2022, DNA Genotek (Canada) Launched OMNIgene GUT OMR-205. This product allows for the stabilization, self-collection, storage and transportation of both microbial DNA and RNA at ambient temperature for gut microbiome profiling.
• In 2022, Genetic Analysis (Norway) company entered into an agreement with Microbiome Research Pvt. Ltd. to launch GA-map technology in India.

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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:

• Analysis of key drivers (The collaborative efforts between the microbiome industry and academia for microbiome research and the growing demand for personalized medicine, growing awareness about the importance of the human microbiome diagnostics, rising incidences of disease), opportunities (Increased collaboration of key players and small innovative companies to work on new microbiome technologies), and challenges (Adverse impact of complex regulatory policies on commercialization of microbiome ) influencing the growth of the microbiome-based market
• Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product launches in the microbiome diagnostics market.
• Market Development: Comprehensive information about lucrative markets – the report analyses the microbiome diagnostics market across varied regions.
• Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the microbiome diagnostics market
• Competitive Assessment: In-depth assessment of market shares, growth strategies and product offerings of leading players like DNA Genotek (Canada), Invivo Healthcare (UK), Microba Life Sciences (US), and Genetic Analysis AS (Norway)among others in the microbiome-based diagnostics market strategies.

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