The third generation sequencing market is estimated to be valued at US$ 8.93 Bn in 2022 and is expected to exhibit a CAGR of 13.1% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights. Third generation sequencing enables long read sequencing which helps in genomic mapping and de novo assembly. These technologies aid in structural variations detection, complex genome assembly and clinical diagnostics.
The growth of the third generation sequencing market is majorly driven by increasing applications in clinical diagnostics and significant reduction in cost of sequencing. Clinical diagnostics requires long reads for complex structural variations identification which is efficiently provided by third generation sequencing technologies. The declining prices of sequencing have ensured wider access and adoption across various industry verticals. From 2013 to 2022, the cost of sequencing has reduced tremendously at a CAGR of over 50% expanding market scope. Further, technological advancements focusing on throughput enhancement, read lengths and ability to sequence native DNA/RNA directly without amplification are also fueling revenues.
Key trends in the Third Generation Sequencing Market generation sequencing market include:
-Decreasing costs of sequencing: Over the past decade, costs for sequencing a genome have dropped significantly from hundreds of thousands of dollars to just over $1000 today due to advances in sequencing technologies and increased competition. This declining cost of sequencing is expected to further propel the adoption of third generation sequencing methods.
Strengths: Third generation sequencing methods offer longer read lengths, higher accuracy, and require lesser time than second generation techniques. They can detect epigenetic modifications, structural variations and repetitive genomic regions better.
Weaknesses: Third generation sequencing platforms have high capital costs and complexity in operations. The yield of long reads is relatively lower.
Opportunities: Widening applications in clinical genomics, cancer research, drug discovery, and direct diagnosis are expected to drive growth opportunities. Increase in genome sequencing initiatives by various governments will also boost demand.
Threats: Ethical issues and stringent regulations around the use of genomic data and intellectual property rights pose threats. Competition from newer sequencing technologies can also impact market share.
The global third generation sequencing market is expected to witness high growth, exhibiting CAGR of 13.1% over the forecast period, due to increasing usage in clinical diagnosis and personalized medicine. The market was valued at US$ 8.93 Bn in 2022.
Regional analysis: North America dominated the third generation sequencing market in 2022 owing to rapid adoption of advanced sequencing methodologies for clinical diagnosis in the region. Asia Pacific is projected to witness highest growth aided by increasing government initiatives for genome sequencing and establishment of biotech hubs in countries like China and India.
Key players operating in the third generation sequencing market include Pacific Biosciences of California, Inc., Oxford Nanopore Technologies, Ltd., BGI Genomics Co., Ltd., F. Hoffmann-La Roche AG, Illumina, Inc., Thermo Fisher Scientific Inc., QIAGEN N.V., Agilent Technologies, Inc., GenapSys Inc., Loop Genomics, Nabsys, Inc., Genia Technologies, Inc., Stratos Genomics, Inc., GATC Biotech AG, Phase Genomics, Inc. These players are focusing on developing upgraded platforms with high reading capacities to gain market share.
- Source: Coherent Market Insights, Public sources, Desk research
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