The Rapid Growth of the Third Generation Sequencing Market Owing to Advancements in Genome Sequencing Technologies

The Rapid Growth of the Third Generation Sequencing Market Owing to Advancements in Genome Sequencing Technologies

The third generation sequencing market focuses on high throughput and long reads with direct physical methods that do not require amplification before sequencing. These direct and high-throughput sequencing technologies make it possible to sequence entire genomes and epigenomes rapidly and cost-effectively. The global Third Generation Sequencing market was valued at US$ 600.8 Mn in 2023 and is forecast to reach a value of US$ 2,297.3 Mn by 2030 at a CAGR of 21.1% between 2023 and 2030.

Key players operating in the third generation sequencing market are PacBio , 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, and Phase Genomics, Inc.These players are focusing on technologies such as singlemolecule real-time sequencing which allows real-time monitoring of DNA polymerase as it synthesizes a new strand. The technology offers long reads of up to 100 kilobases or more without requiring fragmentation or amplification.

With the demand for precision medicine and enhanced diagnostics on the rise, the Third Generation Sequencing Market size is witnessing high growth. The technologies support applications including genome assembly, structural variant detection, RNA sequencing, and epigenetics, which are finding increasing usage in research and clinical settings. Moreover, the reduced cost of DNA sequencing has boosted the accessibility of third generation sequencing platforms.

Geographically, North America dominates the third generation sequencing market owing to availability of advanced healthcare infrastructure and increasing R&D investments. However, Asia Pacific is expected to exhibit the highest growth over the forecast period with growing awareness regarding applications of sequencing and establishment of manufacturing facilities by major market players in the region.

Key trends in the third generation sequencing market include integration of innovative formats such as nanopore sequencing arrays and enhanced sequencing biochemistry. While early platforms faced challenges such as high error rates, ongoing technological advancements are improving accuracy and throughput at reduced costs. This will facilitate broader clinical adoption of third generation sequencing worldwide.

Porter’s Analysis

Threat of new entrants: The large capital requirements and presence of patents pose as a barrier for new entrants.

Bargaining power of buyers: Biotechnology companies have high bargaining power as buyers can choose from existing technologies.

Bargraining power of suppliers: Suppliers of raw materials, equipment and reagents have low bargaining power due to presence of established substitute sources.

Threat of new substitutes:

Third Generation Sequencing Market Challenges and Opportunities arise with the emergence of new technologies like gene sequencing and protein engineering, which pose a threat of substitution.

Geographically, North America accounts for the largest share in the third generation sequencing market. This can be attributed to growing R&D investment, presence of leading market players and government funding for genetic research.

Asia Pacific is expected to witness the fastest growth over the forecast period owing to rising healthcare expenditure, increasing awareness about precision medicine and growth in genomics research for disease diagnosis.

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About Author: Vaagisha brings over three years of expertise as a content editor in the market research domain. Originally a creative writer, she discovered her passion for editing, combining her flair for writing with a meticulous eye for detail. Her ability to craft and refine compelling content makes her an invaluable asset in delivering polished and engaging write-ups. (LinkedIn: https://www.linkedin.com/in/vaagisha-singh-8080b91)