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The Global Third Generation Sequencing Market Size is valued at USD 10.07 billion in 2023 and is predicted to reach USD 27.66 billion by the year 2031 at a 13.73% CAGR during the forecast period for 2024-2031.
Third-generation sequencing (also known as long-read sequencing) is a type of DNA sequencing method currently being researched. Third-generation sequencing technology can generate much longer reads than second-generation sequencing, also known as next-generation sequencing. Such a benefit has far-reaching ramifications for genomic science and the study of biology in general.
Third-generation sequencing data, on the other hand, have substantially larger error rates than prior technologies, which can hamper downstream genome assembly and data interpretation. These technologies are actively being developed, and it is believed that the high mistake rates will be reduced. Third-generation sequencing has outperformed conventional approaches for applications more tolerant of error rates, such as structural variant calling, even at a modest depth of sequencing coverage.
TGS technologies provide much longer read lengths than typical second-generation sequencing methods. This allows researchers to collect more comprehensive and precise genetic data, such as the ability to sequence large repetitive areas, structural variants, and complicated genomes. TGS platforms support real-time sequencing, allowing researchers to view the sequencing process as it occurs. This capability allows for rapid data creation and processing, useful for applications such as infectious disease surveillance, viral outbreak monitoring, and time-sensitive clinical diagnostics.
However, TGS technologies are more expensive than typical second-generation sequencing procedures. The expensive cost of instruments, consumables, and data processing might impede wider adoption, especially for smaller research institutes and clinical laboratories with restricted resources.
Competitive Landscape:
Some of the notable Third Generation Sequencing market players include:
- Pacific Biosciences of California, Inc.
- Oxford Nanopore Technologies, Ltd.
- BGI Genomics Co., Ltd.
- 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.
Market Segmentation:
The Third Generation Sequencing market is segmented based on the type of technology, product, Application, and end user. Based on the Type of Technology, the market is segmented into single-molecule real-time (SMRT) sequencing, nanopore sequencing, and others. By product, the market is segmented into instruments, reagents and consumables, and services. By Application, the market is divided into genome sequencing, epigenetics, transcriptomics, and metagenomics. End User divides the market into academic and research institutes, pharmaceutical and biotechnology companies, hospitals and clinics, and contract research organizations (CROs).
Based On The Type Of Technology, The Single-Molecule Real-Time (SMRT) Sequencing Segment Is A Major Contributor To The Third Generation Sequencing Market
The single-molecule real-time (SMRT) sequencing category will hold a major share of the global Third Generation Sequencing market in 2022. The market domination can be attributed to several factors, including high consensus accuracy due to minimal systematic bias and longer read lengths.
The single-molecule real-time (SMRT) sequencing segment is a core technology that powers PacBio's long-read sequencing platforms. Pac Biolong-read SMRT Sequencing technique also provides other advantages, including that no PCR amplification is required during the sample preparation step, and the read length is 100 times longer than that of 2nd generation NGS methods. As a result, researchers use it to span repeated genomic regions and build genomes.
The Reagents And Consumables Segment Witnessed Growth At A Rapid Rate
The reagents and consumables segment is projected to grow rapidly in the global Third Generation Sequencing market Because sequencing is an important part of the process. Furthermore, sequencing is a capital-intensive technique that earns more than other operations. The amount of data created from sequencing programs is predicted to expand as whole genome sequencing (WGS) use grows.
The North American Third Generation Sequencing Market Holds A Significant Regional Revenue Share
The North American Third Generation Sequencing market is expected to register the highest market share in revenue shortly. This has been a key market for TGS technologies, owing to large investments in genomics research, medical developments, and the presence of big sequencing firms. Factors such as rising chronic and infectious illness prevalence, increased genomics spending, and rising advances by leading industry participants likely drive market expansion.
In addition, The adoption of long-read sequencing techniques across medical diagnostic centers, biotechnology laboratories, forensic labs, virology research labs, and academic-level research in Europe, as well as combined initiatives of the European Union for R&D projects related to genomics and many developed countries in Europe, can be attributed to Europe's market growth.
Third Generation Sequencing Market Report Scope:
|
Report Attribute |
Specifications |
|
Market Size Value In 2023 |
USD 10.07 Bn |
|
Revenue Forecast In 2031 |
USD 27.66 Bn |
|
Growth Rate CAGR |
CAGR of 13.73 % from 2024 to 2031 |
|
Quantitative Units |
Representation of revenue in US$ Bn and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
|
Forecast Year |
2024-2031 |
|
Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
|
Segments Covered |
Type Of Technology, Product, Application, And End User |
|
Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
|
Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; South East Asia; South Korea; South East Asia |
|
Competitive Landscape |
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. |
|
Customization Scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing and Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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