Burlingame, Feb. 20, 2024 (GLOBE NEWSWIRE) -- Coherent Market Insights published a report, titled, Global Long Read Sequencing Market, By Technology (Single Molecule Real-Time (SMRT) Sequencing, Nanopore Sequencing), By Product (Systems, Consumables), By Application (DNA Sequencing, RNA Sequencing, Epigenetics), By End User (Pharmaceutical & Biotechnology Companies, CDMO, Academic & Research Institutes) and By Geography: Size, Share, Outlook, and Opportunity Analysis, 2024-2031. According to the report, the global long read sequencing market was valued at US$ 780 Mn in 2024 and is expected to reach US$ 5,142.3 Mn by 2031, exhibiting a compound annual growth rate (CAGR) of 30.9% from 2024 to 2031. Long read sequencing technology allows for sequencing of DNA or RNA fragments of more than 10,000 base pairs. This sequencing technique is useful for genomic analysis, structural variation detection, and isoform detection.
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Market Dynamics:
The Long Read Sequencing Market is witnessing high growth due to the increasing demand for personalized medicine. Personalized medicine focuses on providing tailored medical treatment to individual patients based on their genetic information. Long read sequencing plays a crucial role in this field as it enables the identification of genetic variations and mutations that contribute to various diseases. By analyzing an individual's genetic makeup, healthcare providers can develop targeted therapies, predict disease risk, and adjust medication dosage accordingly. This personalized approach to healthcare is expected to drive the demand for long read sequencing technologies, thus fueling market growth.
Global Long Read Sequencing Market Report Coverage
| Report Coverage | Details |
| Market Revenue in 2024 | $780 million |
| Estimated Value by 2031 | $5,142.3 million |
| Growth Rate | Poised to grow at a CAGR of 30.9% |
| Historical Data | 2019–2023 |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Million/Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Technology, By Product, By Application, By End User |
| Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
| Restraints & Challenges | • Complex data analysis of long reads |
| Growth Drivers | • Increasing applications in DNA sequencing • Increasing funding and investments |
Furthermore, advancements in long read sequencing technologies, such as the development of high-throughput, cost-effective platforms, are also contributing to market growth. These technological advancements have increased the accessibility and affordability of long read sequencing, making it more widely adoptable across research and clinical settings. Additionally, the integration of long read sequencing with other omics technologies, such as transcriptomics and epigenomics, is further propelling market growth by enabling comprehensive multiomics analysis.
Market Trends:
Increasing applications in cancer genomics: Long read sequencing is finding extensive applications in cancer genomics research. The technology allows for a more comprehensive view of cancer genomes, enabling the detection of structural and complex genetic variations. It helps researchers identify novel cancer-associated mutations, analyze tumor heterogeneity, and uncover potential therapeutic targets. The increasing adoption of long read sequencing in cancer genomics research is expected to drive market growth in this segment.
Growing demand for non-invasive prenatal testing: Non-invasive prenatal testing (NIPT) refers to the analysis of fetal DNA in maternal blood to detect chromosomal abnormalities. Long read sequencing is emerging as a promising tool for NIPT due to its ability to accurately analyze fetal DNA fragments.
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Market Opportunities:
The Long Read Sequencing Market is anticipated to witness substantial growth during the forecast period, owing to the growing demand for accurate and comprehensive genomic information. Long read sequencing technologies, such as Single Molecule Real-Time (SMRT) Sequencing and Nanopore Sequencing, enable researchers to obtain longer reads of DNA and RNA, providing a more detailed understanding of genetic variations, structural variants, and epigenetic modifications.
SMRT sequencing, which dominates the market in terms of technology, offers high accuracy and long read lengths, making it an ideal choice for applications such as de novo genome assembly and transcriptome analysis. On the other hand, nanopore sequencing has gained popularity due to its real-time sequencing capabilities and portable device options.
The adoption of long read sequencing in drug discovery and development is another significant market opportunity. Pharmaceutical and biotechnology companies are increasingly utilizing long read sequencing technologies to identify novel drug targets, understand complex diseases, and develop personalized medicine.
Long read sequencing allows for the detection of structural variations, which play a crucial role in genetic diseases and cancer. It also enables the analysis of RNA transcripts, providing insights into alternative splicing events and gene expression levels.
The dominance of systems in the product segment reflects the high demand for long read sequencing platforms that offer comprehensive solutions for genomic analysis. Consumables, such as reagents and sequencing kits, are also essential for continuous use of these systems.
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Recent Developments:
In October 2022, PacBio unveiled the Revio long-read sequencing machine, allowing users to significantly increase the amount of time they spend using the company’s renowned HiFi sequencing technology.
In August 2023, in order to investigate the potential of HiFi long-read whole genome sequencing to boost diagnosis rate on paediatric patients with generic disorders, PacBio and University of Washington have launched a research partnership.
Key Takeaways:
The Long Read Sequencing Market is anticipated to witness a CAGR of 30.9% during the forecast period 2023-2030, owing to the increasing demand for accurate and comprehensive genomic information. SMRT sequencing is expected to hold a dominant position in the market, primarily due to its high accuracy and long read lengths.
In terms of regions, North America is expected to hold a dominant position over the forecast period. The presence of major market players, well-established healthcare infrastructure, and a strong emphasis on genomics research contribute to the region's dominance.
Key players operating in the Long Read Sequencing Market include Illumina Inc., Pacific Biosciences, Oxford Nanopore Technologies, PerkinElmer, Stratos Genomics, Phase Genomics, 10x Genomics, Genapys, Bionano Genomics, and other prominent players. These players focus on technological advancements, collaborations, and strategic partnerships to enhance their market presence and cater to the increasing demand for long read sequencing technologies.
Overall, the Long Read Sequencing Market presents significant opportunities for researchers, pharmaceutical companies, and biotechnology companies to further understand genetic variations and develop effective therapeutic interventions. The market is poised for substantial growth, driven by advancements in sequencing technologies, increasing adoption of long read sequencing in drug discovery, and the need for accurate genomic information.
Read complete market research report, "Global Long Read Sequencing Market, By Technology, By Product, By Application, By End User, By Geography, Market Size And Share Analysis - Growth Trends And Forecasts 2024-2031", Published by Coherent Market Insights.
Detailed Segmentation:
By Technology:
- Single Molecule Real-Time (SMRT) Sequencing
- Nanopore Sequencing
By Product:
- Systems
- Consumables
By Application:
- DNA Sequencing
- RNA Sequencing
- Epigenetics
By End User:
- Pharmaceutical & Biotechnology Companies
- CDMO
- Academic & Research Institutes
By Region:
- North America
- U.S.
- Canada
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Europe
- Germany
- U.K.
- Spain
- France
- Italy
- Russia
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- GCC Countries
- Rest of Middle East & Africa
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