Third generation sequencing refers to advanced sequencing technologies that enable long read sequencing of DNA and RNA molecules. These technologies allow characterization of repeat regions, structural variation detection, phasing of variants and complete de novo assembly of genomes without scaffolding. Products associated with third generation sequencing includes Oxford Nanopore sequencing platforms such as GridION and PromethION sequencers that utilizes nanopore sensors to sequence single DNA or RNA strands. Pacific Biosciences offers Single Molecule, Real-Time (SMRT) sequencing platforms such as the Sequel II and Sequel IIe systems which uses zero-mode waveguides to sequence single molecules in real time.
The global third generation sequencing market is estimated to be valued at US$ 10.1 billion in 2023 and is expected to exhibit a CAGR of 4.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Increasing investment in genomic research from both public and private organizations is expected to drive the third generation sequencing market growth over the forecast period. For instance, in 2019, the National Human Genome Research Institute, part of the National Institutes of Health invested over US$ 630 million in genomic research. Moreover, increasing adoption of third generation sequencing technologies by pharmaceutical and biotechnology companies for drug discovery and development is another factor fueling the market growth. Third generation sequencing allows researchers to generate comprehensive genomic data at a faster pace and lower costs, thereby accelerating precision medicine initiatives and new drug development processes.
Segment Analysis
The global third generation sequencing market is segmented on the basis of technology, application, end user and region. Based on technology, the market is segmented into single molecule real time sequencing (SMRT), nanopore sequencing and others. Among these, the single molecule real time sequencing segment dominates the market and accounts for around 60% share of the total market. This is because SMRT offers highest read lengths and ability to detect epigenetic modifications like DNA methylation which makes it preferred technology for sequencing large and complex genomes.
PEST Analysis
Political: Government funding for genomic research and precision medicine initiatives will drive the third generation sequencing market growth. Various countries are investing heavily in genomic research which will promote adoption of advanced sequencing technologies.
Economic: Continuous decline in sequencing costs along with development of portable and affordable sequencers by key players will boost the marketconomically. However, high installation and maintenance costs of third generation sequencers poses a challenge for market growth.
Social: Increasing incidence of chronic diseases and focus on personalized medicine is creating demand for genomic data. Continuous technological advancements are making sequencing services affordable and accessible to masses.
Technological: Integration of IoT and cloud computing in sequencing platforms is anticipated to offer real-time analysis of large genomic data. Adoption of AI and machine learning also helps improve data analysis workflow and clinical reporting.
Key Takeaways
The Global Third Generation Sequencing Market Size is estimated to be valued at US$ 10.1 billion in 2023 and is expected to exhibit a CAGR of 4.6% over the forecast period 2023 to 2030.
North America is expected to dominate the market owing to strong government support for genomics research and presence of leading sequencing companies in the US. The Asia Pacific region is anticipated to be the fastest growing market due to increasing healthcare expenditure, rising awareness about precision medicine and heavy Chinese government investments in the field of genomic research.
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. Key players are mainly focusing on introducing portable and affordable sequencing platforms with high throughput to expand their customer base. They are also investing in R&D activities to integrate advanced technologies like artificial intelligence for improved data analysis.
