Wilmington, New Castle, Delaware, April 08, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Long Read Sequencing Market by Application (Research Applications and Clinical Applications), Technique (Single-Molecule Real-Time (SMRT) Sequencing, Nanopore Sequencing, and Synthetic Long Read Sequencing), Product (Instruments, Consumables, and Services), and End User (Academic & Government Research Institutes, Pharmaceutical & Biotech Companies, Hospitals & Clinics, and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the "long read sequencing market" was valued at $0.7 billion in 2022, and is estimated to reach $5.2 billion by 2032, growing at a CAGR of 21.7% from 2023 to 2032.
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Prime Determinants of Growth
Rise in demand for precision medicine, surge in number of partnership & collaboration, and increase in initiatives taken by key players for drug delivery are the factors that drive the growth of the global long read sequencing market. However, high initial investment and costs restrict market growth. Moreover, the rise in technological advancements presents new opportunities in the coming years.
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size In 2022 | $0.7 Billion |
| Market Size In 2032 | $5.2 Billion |
| CAGR | 21.7% |
| No. Of Pages In Report | 395 |
| Segments Covered | Application, Technique, Product, End User, and Region |
| Regional Scope | North America, Europe, Asia Pacific, LAMEA |
| Country Scope | U.S., Canada, Mexico, Germany, France, UK, Italy, Spain, Rest Of Europe, Japan, China, India, Australia, South Korea, Rest Of Asia-Pacific, Brazil, Colombia, Argentina, Rest Of LA, GCC, South Africa, North Africa, And Rest Of MEA. |
| Drivers | Rise In Demand For Precision Medicine |
| Surge In Number Of Partnership And Collaboration | |
| Increase In Initiatives Taken By Key Players For Drug Delivery | |
| Opportunity | Rise In Technological Advancements |
| Restraint | High Initial Investment And Cost |
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Recession Impact
- During economic downturns, research funding decreases, leading to reduced investments in genomic research and technology adoption.
- However, the rise in demand for healthcare solutions and advancements in precision medicine, and ongoing advancements in genomics and increasing applications in healthcare which is expected to drive the market growth.
The clinical application segment to maintain its leadership status throughout the forecast period
By application, the research application segment held the largest market share in 2022, accounting for nearly three-fourths of the global long read sequencing market revenue and is estimated to maintain its leadership status throughout the forecast period. This is attributed to an increase in integration of genomic information into clinical practice, particularly in areas such as oncology, rare diseases, and infectious diseases, which foster the demand for sequencing technologies for diagnostic, prognostic, and therapeutic purposes.
However, the clinical application segment is expected to register the highest CAGR of 22.0% during the forecast period. This is attributed to an increase in integration of genomic information into clinical practice, particularly in areas such as oncology, rare diseases, and infectious diseases, which foster the demand for sequencing technologies for diagnostic, prognostic, and therapeutic purposes.
The nanopore sequencing segment to maintain its leadership status throughout the forecast period
By technique, the single-molecule real-time (SMRT) sequencing segment held the largest market share in 2022, accounting for more than two-thirds global long read sequencing market revenue and is estimated to maintain its leadership status throughout the forecast period. This is attributed to its high accuracy, reduced sequencing biases, enhanced detection of structural variants, and applications in diverse fields such as genomics, clinical diagnostics, and research. However, the nanopore sequencing segment is expected to register the highest CAGR of 22.4% during the forecast period. This is attributed to continuous advancements in nanopore technology, enabling longer reads, improved accuracy, and enhanced portability.
The intruments segment to maintain its lead position during the forecast period
By product, the consumables segment accounted for the largest share in 2022, contributing to more than half of the global long read sequencing market revenue, and is projected to maintain its lead position during the forecast period. This is attributed to the recurring nature of consumable purchases, such as reagents, and other materials necessary for sequencing experiments, ensures a steady revenue stream for sequencing companies.
However, the instruments segment is expected to register the highest CAGR of 22.4% during the forecast period. This is attributed to the continuous technological advancements in sequencing instruments, such as improvements in speed, accuracy, and throughput, are driving demand for upgraded systems.
The academic and government research institutes segment to maintain its lead position during the forecast period
By end user, the pharmaceutical and biotech companies segment accounted for the largest share in 2022, contributing to nearly half of the global long read sequencing market revenue, and is projected to maintain its lead position during the forecast period. This is attributed to the pharmaceutical and biotechnology companies heavily investing in sequencing technologies to support drug discovery and development efforts, including target identification, biomarker discovery, and personalized medicine initiatives.
However, the academic and government research institutes segment is expected to register the highest CAGR of 22.8% during the forecast period. This is attributed to the increase in availability of research funding, grants, and collaborative initiatives supporting the adoption of sequencing technologies in academic and government research settings.
North America to maintain its dominance by 2032
By region, North America held the largest market share in terms of revenue in 2022, accounting for more than two-fifths of the global long read sequencing market revenue and is likely to dominate the market during the forecast period. This is attributed to its substantial investment in genomics R&D, supported by government funding, private investments, and academic collaborations.
However, Asia-Pacific is expected to witness the fastest CAGR of 22.6% from 2023 to 2032. This is attributed to rapid economic growth in countries such as China and India, which has led to increased investment in healthcare infrastructure, R&D, and biotechnology sectors, fostering a conducive environment for the adoption of advanced genomic technologies such as long read sequencing.
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Leading Market Players:
- Agilent Technologies, Inc.
- BaseClear B.V.
- Cantata Bio
- Element Biosciences
- FG Technologies,
- GrandOmics,
- Illumina, Inc.
- MicrobesNG
- Novogene co., ltd.
- Oxford Nanopore Technologies plc.
- PacBio
- St Vincents Hospital Melbourne
- TAKARA HOLDINGS INC.
- Thermo Fisher Scientific Inc.
- Danaher Corporation
- BGI Genomics
- CD Genomics
The report provides a detailed analysis of these key players in the global long read sequencing market. These players have adopted strategies such as product launch, acquisition, partnership and collaboration to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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