Third generation sequencing technology offers advancements like portability, real-time sequencing and long reads. These technologies provide unique applications in genetic disease research and personalized medicine by accurately sequencing complete genomes in a single run, enabling whole-genome analysis.
The global Third Generation Sequencing Market is estimated to be valued at US$ 11.64 Mn in 2024 and is expected to exhibit a CAGR of 4.6% over the forecast period 2024 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Advancements in sequencing technologies is one of the key trends fueling growth of the third generation sequencing market. Technologies like nanopore sequencing offer improvements such as long reads capability that facilitates sequencing of complete genomes or transcriptomes in a single run. This provides greater genomic structural insights than short-read technologies. Continuous technological innovations coupled with reduced costs of sequencing are boosting adoption of third generation sequencing in applications ranging from genetic disease research to clinical diagnosis over the forecast period.
Strength: Third generation sequencing has significantly high throughput and low error rate compared to first and second generation sequencing. It can sequence entire human genomes within a single day.
Weakness: Third generation sequencing platforms have relatively high capital costs which can be a barrier for smaller labs and research institutes. The datasets generated also require high computational power for analysis and interpretation.
Opportunity: The declining prices of third generation sequencing instruments and consumables is increasing its adoption in clinical settings for applications like non-invasive prenatal testing and cancer monitoring. Expanding application areas offer significant market potential.
Threats: Ethical issues surrounding the use of genomic data and patient privacy needs to be adequately addressed to gain public acceptance for clinical use. Intense competition from emerging long-read sequencing technologies can threaten market share of existing players.
Global Third Generation Sequencing Market Size is expected to witness high growth over the forecast period of 2024 to 2030.
Asia Pacific region is projected to be the fastest growing regional market due to increasing healthcare investments, demand for precision medicine and declining sequencing costs.
Key players operating in the third generation sequencing market are Pfizer, Inc., F. Hoffmann-La Roche Ltd, Takeda Pharmaceutical Company Limited, Regeneron Pharmaceuticals Inc., and Sanofi. These companies are investing heavily in developing new clinical applications of sequencing technologies and partnering with healthcare institutions for adoption.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it