Long read sequencing, also known as third-generation sequencing, helps analyze long strands of DNA or RNA sequences in a single read. It enables structural variant detection and gene mapping by generating reads that span entire gene regions or whole bacterial/viral genomes. The technology offers advantages over short read technologies by eliminating reliance on assembly and mapping to a reference genome. The global long read sequencing market is dominated by products such as SMRT sequencing by Pacific Biosciences and nanopore technology by Oxford Nanopore Technologies.
The Global long read sequencing market is estimated to be valued at US$ 780 Mn in 2024 and is expected to exhibit a CAGR of 30% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the global long read sequencing are Illumina Inc., Pacific Biosciences, Oxford Nanopore Technologies, PerkinElmer, Stratos Genomics, Phase Genomics, 10x Genomics, Genapys, Bionano Genomics. Illumina Inc. commands the largest market share owing to its leadership in short read sequencing technologies. However, companies like Oxford Nanopore Technologies and Pacific Biosciences are focusing on technology advancements to gain market share in the long read sequencing segment.
The growing application of Global Long Read Sequencing Market Size in precision medicine and genomics research presents significant opportunities for market players. Long reads help in disease gene identification, structural variant analysis, de novo assembly of complex genomes, RNA sequencing and real-time monitoring of gene expression.
Major players are expanding their geographic footprint to tap the high growth markets in Asia Pacific and Latin America. Market leaders are focusing on partnerships with academic institutions and hospitals to increase adoption of long read technologies in clinical research and diagnostics applications.
Market Drivers
The major market driver is the increasing adoption of long read sequencing technologies in precision medicine and genomics research. Long read sequencing helps generate complete sequences of structural variants, complex genomes and full-length transcriptomes. This enables high resolution analysis of genetic factors driving diseases.
Market Restraints
High instrument and sequencing costs limit the widespread use of long read technologies. Though costs are declining, long read sequencing remains more expensive compared to short read technologies. This acts as a major restraint for broader clinical and research applications of the technology.
Segment Analysis
The global long read sequencing market is dominated by sequencing platform sub-segment. This is because long read sequencing platforms like Pacific Biosciences and Oxford Nanopore Technologies provide highly accurate sequencing of entire genomes including structural variants, isoforms and epigenetic markers which is not possible with short read platforms. The technology allows sequencing of long stretches of DNA up to hundreds of kilobases in length in a single read without assembly.
Clinical & research application sub-segment holds majority share in the global market owing to extensive use of long read sequencing in clinical genomic research for detection of genetic disorders, cancer research, inherited diseases and identification of disease-causing variants.
Global Analysis
North America dominates the global long read sequencing market and will continue its dominance during the forecast period. This is attributed to existence of major market players, availability of research funding, technological advancements and presence of sophisticated healthcare infrastructure in the region. Asia Pacific is expected to witness highest growth rate during the forecast period owing to increasing healthcare expenditure, rise in genomics research and economic growth in emerging countries like China and India.
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