Number of pages: 100 | Report Format: PDF | Published date: March 02, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
According to the deep-dive market assessment study by Growth Plus Reports, the global long-read sequencing market was valued at US$ 1.62 billion in 2022 and is expected to register a revenue CAGR of 13.4% to reach US$ 4.75 billion by 2031.
Long-read Sequencing Market Fundamentals
Long-read sequencing, or third-generation sequencing, is a DNA sequencing method that can ascertain the nucleotide sequence of lengthy DNA sequences containing between 10,000 and 100,000 base pairs at a time. This eliminates the necessity of fragmenting and amplifying DNA, which is usually necessary for other DNA sequencing procedures. Compared to other sequencing techniques, this method produces simpler fragments to assemble into a whole DNA sequence.
Long-read Sequencing Market Dynamics
The major factor driving the long-read sequencing market is the advantages provided by this technology over other sequencing technologies. For instance, long-read sequencing offers accuracy in sequencing DNA-containing repeats. Moreover, the rise in genetic disorders and chronic diseases, such as cancer, is increasing the demand for early detection of disorders, thus propelling the revenue growth of the long-read sequencing market. Furthermore, long-read sequencing is used to create good-quality genome compositions and find therapeutically significant genomic elements that are difficult to see using other techniques. The growing adoption of advanced technologies, such as SMRT and nanopore techniques, is revolutionizing the detection of genetic disorders.
However, the high cost and the ethical issues related to long-read sequencing restrict the revenue growth of the long-read sequencing market. Moreover, the lack of skilled professionals hinders market revenue growth.
Long-read Sequencing Market Ecosystem
The global long-read sequencing market has been analyzed from six perspectives: product, technology, workflow, application, end-user, and region.
Long-read Sequencing Market by Product
Based on the product, the global long-read sequencing market is segmented into consumables, services, and instruments.
The consumables segment accounted for the largest revenue share of the long-read sequencing market in 2022. The high volumes of consumables in sequencing processes are propelling segment revenue growth. Moreover, the rise in consumables usage to prepare templates for DNA amplification is boosting segment revenue growth.
Long-read Sequencing Market by Technology
Based on the technology, the global long-read sequencing market is segmented into single-molecule real-time sequencing (SMRT), nanopore sequencing, and others.
The single-molecule real-time sequencing (SMRT) segment dominated the long-read sequencing market with a significant revenue share in 2022. SMRT sequencing is considered ideal for sequencing metagenomics, including novel genomes and sequencing of full-length bacteria. Moreover, the SMRT sequencing technology is substantially faster and more accurate than other technologies since the base calling process is in real-time. SMRT sequencing does not require DNA amplification, thus reducing chemical alteration throughout DNA sequencing, making it possible to identify various kinds of epigenetic modifications, and producing lengthy reads, increasing the demand for SMRT sequencing.
Long-read Sequencing Market by Workflow
Based on the workflow, the global long-read sequencing market is segmented into pre-sequencing, sequencing, and data analysis.
The sequencing segment accounted for the largest revenue share of the long-read sequencing market in 2022. A large share of the sequencing segment is attributed to it being an important part of the workflow. Additionally, long-read sequencing provides library creation and real-time sequencing without PCR amplification. This removes PCR-related distortion from the genome and enables scientists to study the genetic material in its original condition. Similarly, this makes it possible for long-read technologies to identify methylation or other base changes directly.
Long-read Sequencing Market by Application
Based on application, the global long-read sequencing market is segmented into identification & fine mapping of structural variation, pseudogene discrimination, resolving allele phasing, tandem repeat sequencing, reproductive genomics, cancer, viral & microbial sequencing, and others.
The cancer segment dominated the long-read sequencing market with a major revenue share in 2022. The dominating share of the cancer segment is attributed to the rise in cancer prevalence, which has increased the demand for early cancer detection. Moreover, long-read sequencing is highly efficient in cancer detection as it can precisely locate and describe structural abnormalities, including massive deletions, gene fusions, and other chromosomal rearrangements. The long-read sequencing provides access to the complete size spectrum of genetic variation, which aids in cancer research, thus increasing the demand for long-read sequencing.
Long-read Sequencing Market by End-user
Based on end-user, the global long-read sequencing market is segmented into academic research, clinical research, pharma & biotech industries, and others.
The academic research segment accounted for a significant revenue share of the long-read sequencing market in 2022. There is an increased R&D related to genomics and molecular biology, fueling the need for academic centers. Moreover, the rise in the collaboration of major companies with academic research institutes to develop novel drugs is also propelling segment revenue growth.
Long-read Sequencing Market by Region
Based on region, the global long-read sequencing market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World.
North America dominated the global long-read sequencing market in 2022. The large share of the North America market can be attributed to a well-established regulatory system for approving new technologies. Moreover, the increasing adoption of advanced technologies and rising investment in genomics also boost regional growth. The presence of a large number of research institutes with major market players is also playing a significant role in regional growth.
The Asia Pacific long-read sequencing market is expected to grow at a healthy revenue CAGR during the forecast period due to the rising demand for high-throughput sequencing technologies, the increasing prevalence of genetic diseases, and growing investments in genomics. The increasing emphasis on personalized medicine and the rising adoption of next-generation sequencing technologies are expected to fuel market growth. Due to increased investments in R&D activities and the presence of many market players, China is expected to be the largest contributor to the market. Moreover, with the rising prevalence of genetic diseases and growing awareness of the benefits of long-read sequencing, India is expected to be the second largest contributor in the Asia Pacific market.
In the Middle East and Africa (MEA), the long-read sequencing technology market is still in its early stages. However, the long-read sequencing market is expected to grow significantly in the coming years due to rising demand for advanced genomics and personalized medicine. The MEA region comprises diverse countries with varying healthcare infrastructure and economic development levels. Moreover, several countries in the region are investing in genomics and personalized medicines, which may drive demand for long-read sequencing technology. Countries in the Middle East, including Saudi Arabia, Qatar, and the United Arab Emirates (UAE), are heavily investing in genomics research. For instance, the Saudi Human Genome Program aims to sequence the entire genomes of 100,000 Saudis to study genetic variations and their impact on health. Similarly, the Qatar Genome Program is sequencing 100,000 Qataris’ genomes to identify disease-causing mutations and develop personalized treatments. In Africa, several countries are investing in genomics research to address the burden of infectious diseases and other health challenges. The Human Heredity and Health in Africa (H3Africa) initiative, for instance, is a pan-African genomics research program aimed at improving the health of African populations by studying genetic variations and their impact on disease susceptibility. Despite the growing demand for long-read sequencing technology in the MEA region, the high cost of the technology remains a barrier to its adoption. Furthermore, the lack of skilled personnel and supporting infrastructure for genomics research in some countries may restrict market revenue growth.
Long-read Sequencing Market Competitive Landscape
The prominent players operating in the long-read sequencing market are:
The estimated size of the global long-read sequencing market by 2031 is US$ 4.43 billion.
Bristol-Pacific Biosciences of California, Inc., Illumina, Inc., Oxford Nanopore Technologies Limited, Quantapore, Inc., and BaseClear B.V. are among the top market players.
The single-molecule real-time sequencing (SMRT) segment accounts for the largest revenue share of the market.
Geographically, North America accounts for the largest market revenue share, followed by Europe. Asia Pacific is the fastest-growing regional market for long-read sequencing.
The major companies are adopting strategies, such as collaboration, and incorporating advanced technologies to improve long-read sequencing technology.
*Insights on financial performance are subject to the availability of information in the public domain