(PharmaNewsWire.Com, August 30, 2024 ) The report "Long Read Sequencing Market by Offerings (Consumables, Instruments, Services), Workflow (Sample Prep, Sequencing, Data Analysis), Technology (Nanopore, SMRT), Application (WGS, WES, Epigenetics), Usage (Clinical, Research) - Global Forecast to 2029 ", is expected to reach USD 3,129 million in 2029 from USD 758 million in 2024, at a CAGR of 32.8% during the forecast period. Growth in the long-read sequencing market is mainly driven by the increased demand for whole genome sequencing backed by human genome projects. The rising awareness of genome sequencing in disease diagnosis and treatment is also supporting the market growth. Further, the technological advancements in genome sequencing like increased accuracy and read lengths are driving the growth. However, the high-cost investments to develop long-read sequencing technologies are the major factors expected to restrain the growth of this market to a certain extent.
The consumables segment accounted for the largest share by offerings segment in the long-read sequencing market in 2023.
By offerings, the long-read sequencing market is segmented into consumables, instruments, and services. The consumables segment accounted for the largest share of the long-read sequencing market in 2023. The large share of the consumables segment can be attributed to the rising demand for genome sequencing, which is driving the consumption of consumables for sequencing. Further, the consumables are used repetitively in a single sequencing project which increases their consumption, contributing to their large share. However, the instruments segment accounted for the second largest share in the segment.
The nanopore sequencing technology segment accounted for the largest share by technology segment in the long-read sequencing market in 2023.
By technology, the long-read sequencing market is segmented into nanopore sequencing, single-molecule real-time sequencing, and synthetic long-read sequencing. The nanopore sequencing segment accounted for the largest share of the long-read sequencing market in 2023. The portability of the nanopore sequencing instrument is one of the factors contributing to its extensive user base, which is supporting the growth of the segment. The single-molecule real-time sequencing accounted for the second largest share in the segment.
The sequencing segment accounted for the largest share by workflow segment in the long-read sequencing market in 2023.
By workflow, the long-read sequencing market is segmented into sequencing, sample preparation, and data analysis. The sequencing segment accounted for the largest share in 2023. The sequencing segment accounted for the largest share, as sequencing forms the largest part of the workflow of the long-read sequencing market. The demand for precision in sequencing is increased due to the rising prevalence of inherited disorders, contributing towards a large share of the segment.
The whole genome sequencing segment accounted for the largest share of the application segment in the long-read sequencing market in 2023.
By Application, the long-read sequencing market is segmented into whole genome sequencing, targeted sequencing, metagenomics, epigenetics, whole exome sequencing, and other applications. In 2023, the whole genome sequencing segment accounted for the largest share of the long-read sequencing market. This can be attributed to initiatives like the Human Genome Project, the 1000 Genomes Project, and national precision medicine programs. Also, the long-read lengths provide rapid whole genome sequencing, with less number of errors, supporting the adoption of long-read sequencing.
The research segment accounted for the largest share of the usage segment in the long-read sequencing market in 2023.
By usage, the long-read sequencing market is segmented into research and clinical. The research segment accounted for the largest share of the long-read sequencing market in 2023. This can be attributed to the ability of long-read sequencing to enable the identification of genetic mutation that helps in tailoring personalized medicines, driving the research in the market. Also, the increased collaborations between the industry players and pharma giants to support the research studies on genetic diseases, support the market growth.
The North American region accounted for the largest share of the long-read sequencing market in 2023.
The long-read sequencing market is segmented into six major regions, namely, North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa. North America is the largest regional market for long-read sequencing in 2023, while Europe is the second-largest market. The large share of North America can be attributed to the presence of key players in the market, strong academic & research institutions, and high awareness of genomic testing across healthcare providers. However, The Asia Pacific is estimated to be the fastest-growing segment of the market owing to the rapid development of healthcare infrastructure, expanding pharma & biotech companies, and large-scale population genomics projects.
Key players in the long-read sequencing market are Oxford Nanopore Technologies plc. (UK), PacBio (US), Illumina, Inc. (US), Agilent Technologies, Inc. (US), Thermo Fisher Scientific Inc. (US), 10X Genomics, Inc. (US), QIAGEN (Germany), BGI Group (China), Takara Bio Inc. (Japan), Azenta US, Inc. (US), Revvity, Inc. (US), Danaher Corporation (US), Novogene Co., Ltd. (China), New England Biolabs (US), BaseClear BV (Netherlands), Element Biosciences (US), Grandomics (China), CD Genomics (US), Sage Sciences, Inc. (US), and EdenRoc Sciences (US).
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