Third Generation Sequencing Market: Emerging Technologies and Growth Prospects

"Third Generation Sequencing Market" in terms of revenue was estimated to be worth $10.07 Bn in 2023 and is poised to reach $27.66 Bn by 2031, growing at a CAGR of 13.73% from 2024 to 2031 according to a new report by InsightAce Analytic.

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Third-generation sequencing, also known as long-read sequencing, is a type of DNA sequencing technology currently in active development. Existing second-generation sequencing methods, or next-generation sequencing (NGS), rely on breaking lengthy DNA strands into small components and then inferring nucleotide sequences by amplification and synthesis. The next wave of DNA sequencing technology, named third-generation sequencing (TGS), has gained traction in biology to study genomes, transcriptomes, and metagenomes with unprecedented resolution.

Latest Drivers Restraint and Opportunities Market Snapshot:

Key Factors Influencing The Global Third Generation Sequencing Market Are:
• Increasing Demand For Real-Time Sequencing And Rapid Analysis
• Advancements In Sample Preparation And Workflow Optimization
• Collaboration Among Industry Stakeholders, Academic Researchers, And Regulatory Agencies.

The Following Are The Primary Obstacles To The Third Generation Sequencing Market's Expansion:
• High Cost of Adoption
• Complex Data Analysis Challenges
• Competition from Established Technologies

Future Expansion Opportunities For The Global Third Generation Sequencing Market Include:
• Advancements In Precision Medicine Initiatives
• Agricultural Genomics Innovation
• Emerging Markets Penetration

Key Industry Insights & Findings from the Report:

• Technological advancements and biomedical research were formerly considered fringe practices but are today thriving with high-tech companies and scientists alike. With such a diverse set of third-generation sequencing applications, the market for this service is expected to grow in recent years.
• Advancements in sequencing technology, greater application in clinical diagnostics and drug discovery, and higher R&D investments are some of the reasons driving market expansion.
• North America dominated the market and accounted for a revenue share of global revenue in 2023.
• One of the significant concerns restraining industry growth are the need for high capital expenditure, consumable costs, and data analysis expenses.

Market Analysis:

Third-generation sequencing refers to the most recent advancement of DNA sequencing technologies after the first and second generations. These approaches try to address some of earlier generations' drawbacks, such as short read lengths and PCR amplification biases. The growing need for DNA or RNA in real time is projected to drive market expansion.

List of Prominent Players in the Third Generation Sequencing Market:
• Pacific Biosciences of California, Inc.
• Oxford Nanopore Technologies, Ltd.
• BGI Genomics Co., Ltd.
• 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.

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Recent Developments:
• In March 2023, Sophia Genetics, a cloud-native software firm in the healthcare arena, announced a new cooperation with Qiagen N.V. to pair QIAseq reagent technology with the SOPHiA DDM™ platform to accelerate tumor analysis through next-generation sequencing.
• In December 2020, OHMX.bio, a provider of cutting-edge "omics" solutions, and Fujirebio Europe announced that they have received a 720K EURO research grant from Flanders Innovation & Entrepreneurship (VLAIO) to create a clinical in vitro diagnostics (IVD) platform that incorporates third generation sequencing (TGS) technologies.

Third-Generation Sequencing Market Dynamics:
Market Drivers: Increasing Demand for Real-Time Sequencing and Rapid Analysis
TGS platforms, like Pacific Biosciences (PacBio) and Oxford Nanopore, provide much longer reading lengths than second-generation sequencing technologies such as Illumina. This feature enables more precise resolution of complicated genomic areas, including repetitive sequences and structural changes. Researchers are increasingly relying on TGS for de novo genome assembly, haplotype phasing, and detecting large-scale genomic rearrangements. Third-generation sequencing technology can provide significantly longer reads than second-generation sequencing technologies. These benefits have substantial significance for both genomic science and general biology research. These technologies are actively being developed, and the high mistake rates are projected to decrease. All of these factors contribute to the market's growth.

Challenges: High Cost of Adoption
TGS solutions frequently demand a significant initial investment in instruments, consumables, and data analytic infrastructure. Smaller research laboratories, academic institutions, and healthcare facilities with restricted budgets may find the initial expense of procuring and maintaining TGS systems prohibitively expensive. The high cost of implementation may hamper market penetration and limit access to TGS technology, especially in resource-constrained environments.

North America Is Expected To Grow With The Highest CAGR During The Forecast Period
The North American Third Generation Sequencing Market is likely to register a significant revenue share and develop at a rapid CAGR in the near future. The market is driven by the region's high breast cancer patient population. Advanced sequencing technologies are widely employed in genetic profiling and personalized medicine, contributing to the region's market supremacy. Furthermore, the adoption of long-read sequencing techniques in medical diagnostic centers, biotechnology laboratories, forensic labs, virology research labs, and academic-level research in Europe, as well as the European Union's combined initiatives for genomics R&D projects and many developed countries in Europe, can be attributed to Europe's market growth.

Segmentation of Third Generation Sequencing Market-
By Type of Technology -
• Single-molecule real-time (SMRT) sequencing
• Nanopore sequencing
• Others

By Product -
• Instruments
• Reagents and consumables
• Services

By Application -
• Genome sequencing
• Epigenetics
• Transcriptomics
• Metagenomics
• Others

By End User -
• Academic and research institutes
• Pharmaceutical and biotechnology companies
• Hospitals and clinics
• Contract research organizations (CROs)
• Others

By Region-
North America-
• The US
• Canada
• Mexico

Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe

Asia-Pacific-
• China
• Japan
• India
• South Korea
• Southeast Asia
• Rest of Asia Pacific

Latin America-
• Brazil
• Argentina
• Rest of Latin America

Middle East & Africa-
• GCC Countries
• South Africa
• Rest of Middle East and Africa

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This release was published on openPR.