July 25, 2024
Third Generation Sequencing Market

Third Generation Sequencing Market is driven by Continuous Technological Advancements

Third generation sequencing, also known as single molecule sequencing, enables analysis of DNA at the single molecule level without requiring amplification. This allows DNA sequencing to be done more accurately and rapidly. Third generation sequencing technologies offer advantages over second generation ones like longer reads, faster speed, lower costs and portability. These have led to third generation sequencers finding numerous applications across various industries. With whole genome sequencing becoming more affordable and accessible, it is enabling deeper understanding of genetic variations associated with disease phenotypes and population history. This information is invaluable for biomarker discovery, drug development and precision medicine.

The global Third Generation Sequencing Market is estimated to be valued at US$ 10.1 Bn in 2023 and is expected to exhibit a CAGR of 13.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

One of the major trends driving the third generation sequencing market is the increasing adoption of single-cell sequencing techniques. Single-cell sequencing helps provide insights into cell-to-cell genetic and transcriptomic variability within tissues and tumors. It is gaining prominence as it allows researchers to analyze cellular heterogeneity at an unprecedented resolution. This has broad applications in developmental biology, immunology, cancer research and more. Promising single-molecule, single-cell sequencing platforms by companies such as 10x Genomics, Mission Bio and Fluidigm are expanding the potential of single-cell omics. Consequently, single-cell sequencing is expected to revolutionize our understanding of cell biology and disease etiology over the coming years.

Porter’s Analysis
Threat of new entrants: New entrants face high capital investments requirement in setting up advanced R&D infrastructure required for third generation sequencing. Additionally, established brands have strong distribution networks and customer loyalty.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of alternative sequencing techniques. However, technological advancements are constantly enhancing capabilities of third generation sequencing.
Bargaining power of suppliers: Few global players dominate supply, giving them significant influence over pricing. However, rapidly growing demand stabilizes effects of power.
Threat of new substitutes: Though new sequencing techniques evolve, each addresses different applications. Third generation sequencing remains crucial for large-scale, long-read analysis tasks.
Competitive rivalry: Intense competition exists among global players to launch newer and improved platforms. Emphasis is on producing affordable instruments with high throughput.

Key Takeaways
Global Third Generation Sequencing Market Demand is expected to witness high growth. The global Third Generation Sequencing Market is estimated to be valued at US$ 10.1 Bn in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2023 to 2030.

North America dominated the market in 2023 and is expected to maintain its lead over the forecast period, backed by presence of global market leaders and vibrant research ecosystem in the region. Asia Pacific is expected to be the fastest growing regional market due to increasing R&D spending by governments and expanding healthcare infrastructure in countries such as China and India.
Key players operating in the Third Generation Sequencing Market are 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.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it

About Author - Money Singh

Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.  LinkedIn Profile