Third generation sequencing or single molecule real-time (SMRT) sequencing is the latest innovation in DNA sequencing technology. Third generation sequencing offers long read lengths to sequence DNA and RNA molecules without amplification, enabling applications like whole-genome sequencing, targeted long-read sequencing for complex pathogen detection, and epigenetic analyses. It allows sequencing of DNA and RNA strands of all sizes and detecting epigenetic modifications like modifications without disrupting molecular structure. The applications of third generation sequencing range from human genomics to environmental monitoring and infectious disease research.
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 Dynamics:
The increased adoption of single molecule real-time (SMRT) sequencing by research laboratories and pharmaceutical & biotechnology companies is expected to drive the growth of the third generation sequencing market over the forecast period. SMRT sequencing offers various advantages over previous sequencing technologies like long read lengths, ability to sequence native DNA or RNA without amplification, and sensitivity to detect epigenetic modifications and rare variants. These advantages allow SMRT sequencing to perform applications like whole genome sequencing and targeted sequencing of complex pathogens with greater accuracy. Furthermore, growing adoption of sequencing in clinical diagnostics will also propel the third generation sequencing market growth. Rapidly decreasing costs of sequencing is positively impacting the adoption of sequencing technologies in clinical settings. Infectious disease diagnosis and non-invasive prenatal testing using sequencing are emerging applications driving the demand for third generation sequencing.
Segment Analysis
The third generation sequencing market is segmented into single molecular real-time sequencing, nanopore sequencing and synthetic DNA sequencing. Nanopore sequencing dominates the market currently, accounting for over 50% share. This is because nanopore sequencing does not require DNA amplification and is capable of reading very long DNA strands and RNA molecules.
PEST Analysis
Political: Governments across countries are investing heavily in genomic research which is driving the third generation sequencing market. Some countries have also established national genomic initiatives.
Economic: The falling costs of DNA sequencing is making precision medicine more affordable. This is positively impacting the market growth. However, high capital requirement for setting up sequencing infrastructure remains a challenge.
Social: Increased acceptance of personalized medicine is creating demand for genetic and genomic tests. Consumers are aware of importance of genetic screening for diseases.
Technological: Continuous technological advancements are improving sequencing speed and read lengths. Real-time, long read sequencing abilities of third generation technologies are revolutionizing various fields like metagenomics.
Key Takeaways
Global Third Generation Sequencing Market Demand is expected to witness high growth at a CAGR of 13% during the forecast period of 2023 to 2030. The market size for 2023 is estimated at US$ 10.1 Bn.
North America dominates currently due to presence of large global players and growing genomics research in the US. However, Asia Pacific is emerging as the fastest growing regional market with countries like China and India significantly increasing investments in genomics.
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. These players are focusing on product launches and partnerships to strengthen their market presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it