by Market Overview:
The global Third Generation Sequencing Market is estimated to be valued at US$ 8.93 billion in 2022 and is expected to exhibit a CAGR of 13.1% over the forecast period of 2022-2030, as highlighted in a new report published by Coherent Market Insights. Third Generation Sequencing (TGS) refers to a DNA sequencing technology that offers advantages over traditional methods, such as faster sequencing, longer read lengths, and the ability to directly sequence single molecules. TGS has emerged as a powerful tool in genomics research, enabling scientists to study complex genetic variations, gene expression, and epigenetics. The need for advanced sequencing techniques for applications in personalized medicine, agriculture, and environmental research is driving the demand for third generation sequencing products.
Market Key Trends:
The market is witnessing several key trends that are shaping the future of third generation sequencing:
1. Adoption of Single-Molecule Sequencing: Single-molecule sequencing techniques, such as nanopore sequencing, have gained significant traction in the market. These techniques allow direct detection of nucleotide incorporation in real-time, enabling faster and more accurate sequencing. For example, Oxford Nanopore Technologies has developed portable devices that enable real-time DNA sequencing in various environments, making it suitable for field applications, point-of-care diagnostics, and surveillance.
Porter’s Analysis:
The Porter’s analysis for the Third Generation Sequencing Market is as follows:
1. Threat of New Entrants: The high capital requirements and complex technological know-how pose significant barriers to entry for new players in the market, reducing the threat of new entrants.
2. Bargaining Power of Buyers: With the increasing adoption of third generation sequencing technologies, buyers have greater bargaining power due to the availability of multiple options in the market.
3. Bargaining Power of Suppliers: The market is characterized by the presence of established players who have strong relationships with suppliers. Suppliers may have limited bargaining power due to the competition among key players.
4. Threat of New Substitutes: While third generation sequencing offers several advantages over traditional methods, the threat of substitutes from emerging technologies, such as synthetic biology and gene editing techniques, remains a concern for the market.
5. Competitive Rivalry: The market is highly competitive, with key players focusing on product advancements, strategic collaborations, and mergers and acquisitions to gain a competitive edge.
Key Takeaways:
1. The Global Third Generation Sequencing Market Growth is expected to witness high, exhibiting a CAGR of 13.1% over the forecast period. This growth is driven by the increasing demand for advanced sequencing techniques in personalized medicine, agriculture, and environmental research.
2. North America is the fastest-growing and dominating region in the market, owing to the presence of major market players, robust research infrastructure, and increasing investment in genomics research.
3. Key players operating in the global Third Generation Sequencing Market include 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.
In conclusion, the Third Generation Sequencing Market is growing rapidly, driven by advancements in DNA sequencing technology. The adoption of single-molecule sequencing techniques and the increasing demand for personalized medicine and genomics research are key trends shaping the market. With the presence of dominant players and ongoing technological advancements, the market is expected to witness further growth in the coming years.
Ravina Pandya, a content writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemicals and materials, etc. With an MBA in E-commerce, she has expertise in SEO-optimized content that resonates with industry professionals.
