by The global 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.
Market Overview:
Third generation sequencing or single molecule real-time (SMRT) sequencing helps in identifying epigenetic markers and DNA/RNA modifications at a single molecule level. SMRT sequencing uses a technique called zero-mode waveguide (ZMW) to detect individual molecules in real time without amplification as they are synthesized. This provides long, highly accurate reads and ability to detect modifications at single nucleotide resolution. These key advantages enable quick and comprehensive identification of variants associated with diseases, development of precision medicines and breakthroughs in genomics.
Market key trends:
One of the key trends shaping the market is the increasing adoption of NGS platforms for whole genome and targeted panel sequencing. Researchers extensively use these platforms to study complex genetic conditions, inherited disorders, cancers, infectious diseases and more. Moreover, new product launches with enhanced capabilities are expected to further aid whole genome assembly and variant detection. For instance, in 2022, Oxford Nanopore launched the PromethION 48, a novel high-throughput DNA and RNA sequencer that enables fast and scalable sequencing of many samples in parallel for large population studies. Furthermore, growing partnership between sequencing companies and drug developers for pharmacogenomic research is likely to augment market growth over the forecast period.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the Third Generation Sequencing Market is moderate. High capital requirements and technological expertise pose as a barrier for new companies.
Bargaining power of buyers: The bargaining power of buyers is moderate to high. Buyers can switch between products of different manufacturers depending on the prices or quality of products and services.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as there are many suppliers of raw materials and components present in this market.
Threat of new substitutes: The threat of new substitutes is low as there are limited number of substitutes for third generation sequencing technologies.
Competitive rivalry: The competitive rivalry in the Third Generation Sequencing market is high due to presence of major global players.
Key Takeaways
The global Third Generation Sequencing market is expected to witness high growth, exhibiting a CAGR of 13.1% over the forecast period 2023-2030, due to increasing applications in genomics studies for diseases. The market size for 2022 was US$ 8.93 Bn.
Regional analysis: North America dominated the Third Generation Sequencing market in 2022 due to large presence of leading manufacturers and technological advancements in the region. Asia Pacific is anticipated to witness the fastest growth over the forecast period owing to rising prevalence of chronic diseases, increasing healthcare expenditure and growing biotechnology industry in China and India.
Key players: 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.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
