Long Read Sequencing Market Growth – at a CAGR of 21.1% During Forecast Period 2020-2028
Increasing prevalence of infectious diseases and genetic disorders across the globe, rapid advancements in genomic sequencing techniques, and rising number of genomic research based activities are some key factors expected to drive global market growth
According to Emergen Research, the global long read sequencing market size was USD 504.5 million in 2020 and is expected to reach USD 2,313.8 million in 2028 and register a robust revenue CAGR of 21.1% during the forecast period, 2021-2028.
Long read sequencing, also called third-generation sequencing, is a DNA sequencing technology that aids in determining nucleotide sequences of long DNA between 10,000 and 1,00,000 base pairs at a time. It is a highly accurate approach that can be used for sequencing traditionally challenging genomes. Long read sequencing offers various advantages over short read sequencing and also eliminates the need to cut DNA and then amplify it. Single-Molecule Real-Time (SMRT) sequencing, nanopore sequencing, and synthetic long-read sequencing are some of the widely used techniques in third-generation sequencing.
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Factors such as high demand for long read sequencing due to accurate analysis, real-time speed, and portability, rising number of rare genetic disorders, rapid advancements in medical research, and rising investments in R&D activities are some key factors expected to drive global market revenue growth during the forecast period. In addition, increasing investments by various biotechnology companies to develop innovative technologies and genomic analysis tools is another key factor expected to boost global market growth in the coming years. However, high cost required for deploying advanced genomic sequencing systems, lack of skilled professionals to operate advanced systems, and shortage of funds to install advanced systems in many genome testing centers are some key factors that can hamper market growth to a certain extent during the forecast period.
COVID-19 Impact Analysis
- Social distancing and restrictions severely disrupted businesses and operations
- Lockdowns caused disruptions in transportation and logistics
- Impacted manufacturing activities and mining operations globally
- Took a toll on economy of various countries
- Caused sudden and drastic downturn in economic activity
- Disrupted agriculture, fisheries, dairy, and other sectors
- Caused loss of employment and financial crisis
- Supply impacts were further compounded owing to reduced disposable income
- Emergence of variants continue to cause concerns and impact normal routines
Product Segment To Register Robust Revenue CAGR:
The product segment is expected to register a robust revenue CAGR between 2021 and 2028. Revenue growth can be attributed to high usage of various long read sequencing software, assays, and kits across various healthcare and research centers, large patient pool, growing demand for advanced third-generation sequencing products for research-based activities, and increasing investments in developing advanced and effective products.
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Clinical Laboratories Segment to Account for Significant Revenue Share:
The clinical laboratories segment is expected to account for significant revenue share during the forecast period owing to high usage of long read sequencing techniques in clinical laboratories for cancer and genetic diseases research and rising availability of funds for research purposes by public and private organizations.
North America to Lead In Terms of Revenue Share:
North America is expected to lead in terms of revenue share over the forecast period owing to presence of well-established healthcare infrastructure and research facilities, rising prevalence of genetic diseases, and rapid advancements in sequencing technology. In addition, increasing adoption of third-generation sequencing techniques in academic centers, research institutes, and diagnostic centers and rising investments in developing advanced diagnostic methods are other key factors expected to drive North America market growth going ahead.
Major Companies in the Market Include:
- Agilent Technologies, Inc.
- Beijing Genomics Institute (BGI) Genomics Co., Ltd.
- Bionano Genomics, Inc.
- Illumina, Inc.
- Longas Technologies Pty. Ltd.
- Novogene Co., Ltd.
- Oxford Nanopore Technologies, Inc.
- Pacific Biosciences of California, Inc.
- Quantapore, Inc.
- PerkinElmer, Inc.
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For the purpose of this report, Emergen Research has segmented global long read sequencing market on the basis of technology, products and services, application, end use, and region:
Technology Outlook (Revenue, USD Million, 2018–2028)
- Single-Molecule Real-Time (SMRT) Sequencing
- Nanopore Sequencing
- Synthetic Long-Read Sequencing
- Other Sequencing Technologies
Products and Services Outlook (Revenue, USD Million, 2018–2028)
- Kits and Assays
Application Outlook (Revenue, USD Million, 2018–2028)
- Infectious Diseases
- Rare Diseases
- Genetic Disorders
- Metabolic Disorders
- Translational Research
End Use Outlook (Revenue, USD Million, 2018–2028)
- Academic and Research Institutions
- Pharma and Biotech Companies
- Clinical Laboratories
- Hospitals and Clinics
Regional Outlook (Revenue, USD Million; 2018–2028)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
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