by Long read sequencing allows analysis of genomic structures and variants across entire genomes or transcriptomes in a single read without the need for reassembly. It provides detailed insights into complex genomic regions such as tandem or segmental repeats and structural variants that are difficult to resolve with short reads. Advantages of long read sequencing include greater accuracy and precision for detecting variants, phasing genotypes, and resolving complex structural variations.
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 long read sequencing market are Illumina Inc., Pacific Biosciences, Oxford Nanopore Technologies, PerkinElmer, Stratos Genomics, Phase Genomics, 10x Genomics, Genapys, Bionano Genomics. These players are focusing on developing advanced long read sequencing platforms and kits for applications ranging from complex genome analysis to DNA/RNA sequencing.
The market offers significant opportunities in the area of clinical diagnostics with applications in rare disease identification, cancer research, genetic disorder screening, infectious disease monitoring, and pharmacogenomics. Advancements in single molecule real-time sequencing by companies like Pacific Biosciences is also supporting clinical applications of long read sequencing.
Technological advancements like development of ultra-long reads by Oxford Nanopore Technologies capable of sequencing entire bacterial and human genomes in one shot are further enhancing applications in de novo genome assembly. Integration of long read sequencing with other omics techniques is also emerging as a key trend.
Market Drivers
declining costs of long read sequencing due to technology advancements, increasing government funding for genomics initiatives, and growing clinical applications of long read sequencing in diagnostic testing are some of the major drivers responsible for increasing demand of long read sequencing market. Advancements in single molecule real-time sequencing technologies that offer higher throughput and read lengths are further fueling adoption in research and clinical sequencing.
Current Challenges in Global Long Read Sequencing Market
The Global Long Read Sequencing Market is facing various challenges currently due to the COVID-19 pandemic. There is disruption in supply chains and workforce availability across major countries. The production capacity at manufacturing facilities has reduced significantly. Also, sales and marketing activities have become difficult owing to lockdown and social distancing measures imposed by governments. Further, the healthcare sector budget allocation has declined, affecting research and development spending of pharmaceutical and biotech companies on long read sequencing solutions. The demand from academic institutes for research purposes has also dropped since the temporary closure of educational institutions.
SWOT Analysis
Strength: Long read sequencing offers higher accuracy and resolution due to longer read lengths. It has the ability to capture full-length transcripts and structural variants.
Weakness: The technology has higher cost compared to short read next-generation sequencing. There are challenges in achieving high throughput and read accuracy is still lower than expected.
Opportunity: Growing R&D spending on precision medicine, genetic diseases, and cancer presents an opportunity. Expanding application areas in clinical diagnostics will drive future revenues.
Threats: Short read sequencing technology continues to improve rapidly on accuracy and costs. New entrants especially from China pose pricing pressure in the long run.
In terms of geographical regions, North America region currently holds the largest share in the Global Long Read Sequencing Market in terms of value. This is attributed to growing genome research and clinical diagnostics sector in the US and Canada supported by favorable funding scenario. The Asia Pacific region is expected to witness the fastest growth during the forecast period owing to rising healthcare expenditure, increasing government initiatives in India, China, and Japan for development of precision medicine.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
