Burlingame, Sept. 13, 2023 (GLOBE NEWSWIRE) -- Coherent Market Insights published a report, titled, “Third Generation Sequencing Market, By Type of Technology (Single-molecule real-time (SMRT) sequencing, Nanopore sequencing, Others), By Product (Instruments, Reagents and consumables, Services), By Application (Genome sequencing, Epigenetics, Transcriptomics, Metagenomics, Others), By End User (Academic and research institutes, Pharmaceutical and biotechnology companies, Hospitals and clinics, Contract research organizations (CROs), Others): Global Size & Share Analysis - Growth Trends and Forecasts (2023 - 2030).”According to the report, the global Third Generation Sequencing industry was estimated at $8.93 billion in 2022, and is anticipated to hit $23.92 billion by 2030, registering a CAGR of 13.1% from 2023 to 2030.
Third-generation sequencing (TGS) technologies are significant traction in the genomics field as it helps to overcome few limitations associated with earlier sequencing generations, such as the need for amplification and the generation of short reads. Growing need for DNA or RNA in real-time is expected to foster the market growth. Moreover, it gives much longer sequencing read.
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Key Trends and Analysis of the Global Third Generation Sequencing Market:
Growing trend of precision medicine to propel market growth. Precision medicine helps to tailor individual treatment based on their genetic makeup. This is augmenting demand for comprehensive genomic information. Third-generation sequencing plays important role in giving genetic information. This is beneficial in taking personalized treatment decisions.
Third Generation Sequencing Market Report Coverage
| Report Coverage | Details | |
| Forecast Period | 2023–2030 | |
| Base Year | 2022 | |
| Market Size in 2022 | $8.93 billion | |
| Market Size in 2030 | $23.92 billion | |
| CAGR | 13.1% | |
| No. of Pages in Report | 155 | |
| Segments covered | By Type of Technology, By Product, By Application, By End User | |
| Growth Drivers |
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| Restraints & Challenges |
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Key Developments
In March 2023, Sophia Genetics a cloud-native software company in the healthcare space, announced a new partnership with Qiagen N.V. that will pair QIAseq reagent technology with the SOPHiA DDM™ platform to enhance tumor analysis through next-generation sequencing (NGS)
In December 2020, OHMX.bio, a provider of cutting-edge “omics” solutions, and Fujirebio Europe announced that they have been awarded a 720K EURO research grant from Flanders Innovation & Entrepreneurship (VLAIO) to develop a clinical in vitro diagnostics (IVD) platform incorporating third generation sequencing (TGS) technologies.
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Market Drivers:
Growing genomic research to propel third-generation sequencing market growth
Increasing genomic research and growing biotechnology sector is propelling growth of the third-generation sequencing market. In September 2021, India’s genomics lab Nucleome launched its most advanced genomics lab NKC Centre for genomics research. Laboratory was inaugurated by the Defence Minister of India, Shri Rajanth Singh Ji and Chief Minister of Madhya Pradesh, Shri Shivraj Singh Chauhan Ji. Principal Scientific Advisor delivered the keynote lecture to the Government of India Prof K VijayRaghvan Ji.
Growing need for infectious disease surveillance is anticipated to propel market growth
Third-generation sequencing platforms with real-time sequencing provide rapid identification and characterization of infectious pathogens. This can support the surveillance and response to disease outbreaks, allowing timely interference strategies and informed public health decisions.
Market Restrain:
High cost is a key factor to hamper market growth
Third-generation sequencing is expensive than second-generation sequencing techniques. Cost of instrument, data processing, and consumables increase the overall cost of the process. This makes it expensive when compared to other process. Thus, high cost of third-generation sequencing is expected to augment market growth.
Market Opportunities:
Expanding application of TGS to serve major growth opportunities
Third-generation sequencing technologies are widely gaining adoption in range of fields outside genomics research. Some of the emerging application of third-generation sequencing are precision medicine, environmental studies, clinical diagnostics, agriculture, and more. The ability to create long-read sequences and capture complex genomic information opens up new possibilities for exploration of various applications.
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Key Market Takeaways:
Global third generation sequencing market is expected to exhibit a CAGR of 13.1% during the forecast period, owing to increasing genomic research, expanding biotechnology sector, and growing demand for personalized medicine.
On the basis of Type of Technology, Single-molecule real-time (SMRT) sequencing segment is expected to hold a dominant position, as it gives real-time result. It can be used to identify DNA modification.
On the basis of Product, instruments segment is expected to hold a dominant position, owing to the fact that they are the very important component of TGS process.
On the basis of Application, genome sequencing segment is expected to hold a dominant position. TGS allow researchers to get more accurate and complete genomic information
On the basis of End User, academic and research institutes segment is expected to hold a dominant position, owing to the growing number of genomic research.
On the basis of region, North America is expected to hold a dominant position over the forecast period, due to growing investment in genomic research, presence of well-established healthcare infrastructure, and strong presence of key sequencing companies.
Key players operating in the global Third Generation Sequencing market include 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.
Detailed Segmentation:
- Global Third Generation Sequencing Market, By Technology:
- Single-Molecule Real-Time (SMRT) Sequencing
- Nanopore Sequencing
- Others
- Global Third Generation Sequencing Market, By Product:
- Instruments
- Reagents and Consumables
- Services
- Global Third Generation Sequencing Market, By Application:
- Genome Sequencing
- Epigenetics
- Transcriptomics
- Metagenomics
- Others
- Global Third Generation Sequencing Market, By End user:
- Academic and Research Institutes
- Pharmaceutical and Biotechnology Companies
- Hospitals and Clinics
- Contract Research Organizations (CROs)
- Others
- Global Third Generation Sequencing Market, By Geography:
- North America
- U.S.
- Canada
- Europe
- Germany
- Italy
- U.K.
- France
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- Australia
- India
- ASEAN
- South Korea
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- Israel
- South Africa
- Rest of Middle East & Africa
- North America
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