by Long read sequencing enables accurate sequence reconstruction, detection of structural variants, and analysis of RNA isoforms. The market consists of instruments, consumables and reagents that help in real-time sequencing of DNA and RNA molecules without amplification. Long read sequencing eliminates the need for aligning short reads and offers advantages like better and accurate structural and isoform identification as compared to short read sequencing.
The Global Long Read Sequencing Market Size is estimated to be valued at US$ 780 MN in 2024 and is expected to exhibit a CAGR of 30% over the forecast period from 2024 to 2031.
Key Takeaways
Key players operating in the global long read sequencing market are Illumina Inc., Pacific Biosciences, Oxford Nanopore Technologies, PerkinElmer, Stratos Genomics, Phase Genomics, 10x Genomics, Genapys, Bionano Genomics. Illumina remains the market leader with a wide range of sequencing products and platforms. However, Oxford Nanopore and Pacific Biosciences are leveraging their technologies to gain significant market share.
The demand for long read sequencing is increasing in clinical research for applications like pathogen sequencing, cancer research and genetics. Long reads provide more accurate sequencing data needed to detect structural variants and analyze complex genomes. Hospitals and clinical institutions are adopting long read sequencers to gain insights for personalized medicine approaches.
Global expansion of long read sequencing market is driven by rising R&D investments, increasing global genome initiatives and technology adoption in clinical settings beyond developed markets. Companies are expanding their geographical footprint through partnerships and distribution agreements especially in emerging Asian and Latin American countries.
Market key trends
One of the key trends in the global long read sequencing market is the integration of long read and short read sequencing technologies. Short read technologies provide high throughput but have limitations in assembling repetitive regions and detecting structural variants. Hybrid approaches that combine short and long read data help address these limitations effectively. Technologies like nanopore sequencing and single-molecule real-time sequencing from Oxford Nanopore and Pacific Biosciences respectively are gaining adoption due to their ability to sequence very long reads in real time without any amplification. These third generation sequencing platforms offer scalability, flexibility and portability benefits driving their usage in clinical research applications.
Porter’s Analysis
Threat of new entrants: High costs act as barrier for new companies to enter the market. Bargaining power of buyers: Large buyers can negotiate for lower prices due to their large purchase volumes. Bargaining power of suppliers: Suppliers hold some bargaining power due to differentiated products and technologies involved. Threat of new substitutes: New sequencing technologies pose threat of substitution. Competitive rivalry: Intense competition exists among existing players to gain more market share.
Geographical Regions
North America currently holds the largest share of the global long read sequencing market in terms of value, owing to presence of major players, heavy investment in R&D by both private and public organizations, and advancement in nanotechnology. Asia Pacific is projected to be the fastest growing regional market during the forecast period, due to rising investments by government bodies to support genomics research, increasing research on rare diseases, and rising focus on personalized medicines.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
