Market Trends of Microbiome Sequencing Services Industry
The Oncology Segment is Expected to Hold a Significant Market Share Over the Forecast Period
Oncology holds a significant market share due to the rising number of cancer cases all over the world, and the increasing cancer genomic research is expected to boost the growth of the microbiome sequencing services market. For instance, according to the data published by the National Institute of Health (NIH) in March 2023, the research spending on cancer genomics in the United States is expected to increase from USD 1,232 million in 2022 to USD 1,300 million in 2023. Thus, the increasing research spending on the microbiome of cancer is boosting the growth of the oncology segment in the microbiome sequencing services market in the forecast period.
The rising number of cancer cases around the world is also adding to the developments in the microbiome sequencing services market. For instance, according to the data updated by Cancer Australia in 2022, it was estimated that 162,163 new cases of cancer would be diagnosed in Australia in 2022, out of which 88,982 would be males and 73,181 females. The source also stated that it was estimated that around 2 in 5 people (or 43%) would be diagnosed with cancer by age 85 in Australia. The large increase in the number of cases over the years is majorly contributing to the increase in cancer genomic research for efficient treatment studies, which in turn will propel the growth of the microbiome sequencing services market in the forecast period.
Moreover, the developments by key players in the market are also expected to enhance the market growth. For instance, in June 2022, Cordlife Group and AMILI signed a strategic partnership to provide a gut microbiome banking service in Singapore and the surrounding region. The gut microbiome data would help in future fecal microbiota transplants (FMT) for diseases such as colorectal cancer.
The research and development by key market players in the segment are also adding to the market growth. For instance, in March 2022, Microbiotica raised USD 67 million for its research on microbiome-based immuno-oncology through phase 1b trials, which are to be started later in the year. Such contributions by the market players are expected to propel market growth.
Thus, the aforementioned factors, such as the rising prevalence of cancer, increasing research spending on cancer genomics, and the rising research and development by key market players, are expected to boost the market growth.
North America is Expected to Hold a Significant Share in the Market and Expected to do Same Over the Forecast Period
The rise in the adoption of highly advanced techniques and systems in microbiome sequencing services and the technological advancements made in genomic research studies are expected to boost the growth of the market in the North American region. The high awareness among healthcare personnel of the availability of innovative microbiome sequencing services in the market contributes to the high market growth in the region.
The rising number of cancer cases in the North American region is adding to the growth of the microbiome sequencing services market. For instance, as per the Canada Cancer Society's statistics for 2022, around 233,900 Canadians were expected to be diagnosed with cancer in 2022, out of which 121,100 were men and 112,800 were women. Also, as per the American Cancer Society's data for 2023, around 1.95 million new cases of cancer are expected to be diagnosed in the United States in 2023. Thus, the large population affected by cancer and the increase in the necessity of microbiome sequencing services for the ease of diagnosis and treatment of such diseases is expected to propel the growth of the microbiome sequencing services market in the forecast period.
Moreover, researchers from Rutgers University, United States, in their article published in the Journal of Genome Medicine in February 2021, discussed the use of a guild to identify potentially important functional microbiomes associated with specific health outcomes and disease phenotypes through next-generation sequencing. The article suggested that guild-based analysis may create a paradigm shift towards an ecologically meaningful approach to understanding the relationship between the gut microbiome and human health. The rise in the research studies on the microbiome through the use of sequencing services in the United States is likely to add to the growth of the studied market over the forecast period.
Moreover, the developments by key players in the market are also expected to enhance the market growth. For instance, in May 2021, Viome scored an FDA breakthrough labeling for its cancer-screening, microbiome-sequencing AI platform.
Thus, the increasing necessity for microbiome sequencing services coupled with increasing investment in the health care department is known to propel the growth of the market in this region.
