Long-Read Sequencing Market Size to Reach USD 2,313.8 Million in 2028
Special Instructions [verticals to Target] – Healthcare, Pharmaceutical, Medical,Oncology, Infectious Diseases, Diseases, Translational Research, Academic and Research Institutions, Pharma and Biotech Companies, Clinical Laboratories, Hospitals and Clinics
VANCOUVER, B.C., Mar. 30, 2022 /PRNewswire/ --The global long-read sequencing market size was USD 504.5 Million in 2020. Rapid adoption of genomic data analysis software is expected to boost market revenue growth during the forecast period.
Drivers: Growing number of genetic disorders
Long-read sequencing is one of the most intensive method, which is rapidly being used in whole genomic examination. Genomic data has proven to be instrumental in recognizing inherited disorders by characterizing mutations, which helps in cancer progression and tracking outbreak of infectious diseases. Moreover, this technique is also used in sequencing protein-coding genes in genome. These attributes are responsible for boosting adoption of long-read sequencing in treatment of genetic disorders.
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Restraints: High cost of long-read sequencing procedure
Implication of long-read sequencing requires highly advanced genomic testing centers. Installation of such infrastructure requires huge capital investment. Moreover, change in climate and global atmosphere is causing rapid change in symptoms and treatment procedure of critical genomic diseases. Therefore, research and development procedures are adding to additional cost.
The global long-read sequencing market size are expected to reach USD 2,313.8 Million at a revenue CAGR of 21.1% in 2028, according to latest report by Emergen. Increasing number of cancer patients and genomic diseases, which requires advanced treatment procedures, is boosting demand for long-read sequencing techniques all over the world.
COVID-19 Direct Impact
COVID-19 pandemic has severely affected human health across the world, and has caused several deaths. Health emergency was declared all over the globe which created long-term impact on this market. Frequent lockdowns and safety mandates implied by government of various countries created several obstacles such as slow research and development process, and shifting of focus from existing and new projects due to chaos. However, long-read sequencing market witnessed notable growth during this period. High demand for third generation sequencing to formulate COVID-19 vaccine has driven market revenue growth to its peak.
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Current Trends and Innovations
Continuous research and developments and upgradation of new technologies are creating new opportunities for the market. Rapid adoption of genomic data analysis software has enhanced power of third generation sequencing techniques by helping in analyzing genome-wide association studies. Various software such as expression networks, gene expression microarray software, BioPERL, and others assists researchers in exploring genetic variability and genetic structure with help of advanced statistical association models. This software is expected to build complicated genetic risk models, which is expected to help in understanding biological underpinning of diseases and health outcomes.
European market is expected to register a significantly rapid revenue growth rate during the forecast period due to advancement in healthcare technologies and increasing adoption of third generation sequencing techniques across biotechnology laboratories, diagnostic centers, and forensic labs. Furthermore, combined initiatives by the European Government and state government authorities in developing countries are promoting adoption of long-read sequencing in virology research labs and academic research labs, which is expected to drive market revenue growth in this region.
In September 2020, Roche launched SARS-CoV-2 rapid antigen test, which is able to generate results within 15 minutes. It helps in taking fast triage decisions at point of care and provides infection status in a short period of time.
Some Key Highlights from the Report
- Nanopore sequencing segment is expected to register a significantly robust revenue growth rate during the forecast period, owing to increasing use of this technique in long-read sequencing
- Infectious disease segment is expected to register a significant growth rate during the forecast period, owing to long-term effect of COVID-19 pandemic. During the pandemic, long-read sequencing techniques are widely used in identification of origin of disease and in making of an antidote to stabilize the virus’ effect.
- Clinical laboratories segment accounted for a significantly large revenue share in 2020. Huge causality caused by COVID-19 pandemic and increasing number of genetic diseases and cancer patients all over the world has triggered adoption for long-read sequencing techniques in clinical laboratories.
- Major companies in the global market report 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., and PerkinElmer, Inc.
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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
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- 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
- Rest of MEA
- North America
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