by Third generation sequencing helps read nucleotides directly without DNA amplification, thus reducing the time and cost of sequencing. It allows long reads up to hundreds of thousands of DNA bases at a time, enabling new applications like genome assembly and structural variation detection.
The global Third Generation Sequencing Market is estimated to be valued at US$ 10.1 Bn in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Increasing capabilities of single molecule sequencing is a key trend propelling the third generation sequencing market growth. This sequencing technique eliminates the need for DNA amplification and allows sequencing of long strands of DNA without breaking them into fragments. With continuous technological advancements, single molecule sequencing platforms have increased their read lengths to several thousand bases. This has helped obtain full length transcripts and resolve complex genomic regions that were previously difficult to sequence. The ability to generate long reads has expanded applications in clinical research and diagnostics.
SWOT Analysis
Strength: Third Generation Sequencing technologies offer longer reads compared to second generation sequencing, which enables better genome assembly and structural variant detection. This helps in decoding complex genomes.
Weakness: Third Generation Sequencing platforms still have low throughput and relatively high error rates compared to second generation platforms. Data analysis and interpretation also requires complex bioinformatics tools.
Opportunity: The technologies have potential applications in clinical settings like non-invasive prenatal testing, cancer monitoring and microbiome analysis. This will drive the market growth.
Threats: Intense competition from dominant second generation sequencing players poses pricing challenges for new market entrants. Stringent regulations for clinical use of these tools also act as a barrier.
Key Takeaways
Global Third Generation Sequencing Market Demand is expected to witness high growth in the forecast period of 2023 to 2030. The market size for 2023 is estimated to be US$ 10.1 Bn with a CAGR of 13%.
North America dominates the Third Generation Sequencing market currently due to presence of major market players and increasing R&D investments. Asia Pacific is expected to witness fastest growth over the forecast period attributed to growing genomics research and expanding manufacturing bases of major companies in the region.
Key players operating in the Third Generation Sequencing market are 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 product launches and collaborations to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
