The 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 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Third generation sequencing refers to a next-generation sequencing technology that enables long read and single molecule real-time sequencing. It can sequence DNA and RNA with very high accuracy. Third generation sequencing is primarily used in clinical diagnostics, drug discovery, agriculture & animal research and other areas due to its advantages such as long read length, ability to sequence whole genomes, and sequencing accuracy.

Market key trends:
Rapid advancement and adoption of third generation sequencing technologies is a major trend driving the market growth. Compared to second generation sequencing technologies, third generation sequencing provides longer read lengths, higher throughput, and greater accuracy. Technologies like Nanopore sequencing by Oxford Nanopore and PacBio Sequel system offer simple workflow and real-time data analysis. Their utility in clinical diagnosis of genetic conditions, cancer, and infectious diseases is enhancing their demand. Additionally, reduction in cost of sequencing and numerous funding from private and government bodies for third generation sequencing research is also fueling the market growth.

Porter’s Analysis

Threat of new entrants: The threat of new entrants is moderate as the Third Generation Sequencing Market requires huge R&D investments and advance technologies which pose barriers for new players. However, open-source platforms provide opportunities for new entrants.

Bargaining power of buyers: The bargaining power of buyers is high owing to the presence of multiple players providing third generation sequencing products and services at competitive prices. Buyers can easily switch between suppliers based on price and quality.

Bargaining power of suppliers: The bargaining power of suppliers is moderate due to the availability of substitute components. Suppliers of instruments, reagents and consumables do not have pricing leverage over the buyers.

Threat of new substitutes: The threat of substitutes is moderate as targeted protein analysis and flow cytometry provide alternatives for third generation sequencing. However, sequencing enables higher throughput at lower costs.

Competitive rivalry: High owing to presence of global players offering diversified products.

SWOT Analysis

Strengths: High accuracy, fast and long reads without amplification, ability to sequence single molecules in real-time.

Weaknesses: High capital investments, limited read lengths, complex workflows.

Opportunities: Emerging applications in healthcare, pharmacogenomics, food safety testing, rising R&D investments.

Threats: Technological challenges, IP issues, stringent regulations.

Key Takeaways

The global third generation sequencing market size was valued at US$ 8.93 Billion In 2022 and is expected to reach US$ 31.72 Billion By 2030, expanding at a formidable CAGR of 13.1% during the forecast period. Increased funding for genomic research and growing application of sequencing in oncology are driving the market.

North America dominated the market in 2022 and is projected to maintain its lead over 2030. This can be attributed to well-established healthcare infrastructure, ongoing technological advancements and increasing neurological disorders in the US and Canada.

Asia Pacific is poised to witness the fastest CAGR of 15.1% during the analysis period. Rising geriatric population, improving healthcare infrastructure and surging investments by market players are fueling the regional market.

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. The players are focusing on new product launches and strategic collaborations for consolidation of their market positions.

Read More : https://www.rapidwebwire.com/third-generation-sequencing-market-analysis-forecast-trends-demand/