Third Generation Sequencing Market is Estimated to Witness High Growth Owing to Growing Adoption of Precision Medicine

Third Generation Sequencing Market


Third generation sequencing, also known as single-molecule real-time (SMRT) sequencing, enables scientists to directly observe DNA synthesis as it happens. Third generation sequencers have the ability to read long strands of DNA or RNA without having to piece them back together, providing researchers with important structural and genetic insights. The technology is enabling advances in precision medicine like disease diagnosis, monitoring disease progression, and development of targeted therapies. The global third generation sequencing market provides products like instruments, consumables, services, software for applications like DNA/RNA sequencing, epigenetics, detection of unknown/novel pathogens and others.

The global third generation sequencing Market is estimated to be valued at US$ 10.1 Bn in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity

The growing adoption of precision medicine is estimated to create lucrative opportunities for third generation sequencing market players over the forecast period. Precision medicine leverages an individual’s genetic profile to predict disease risk, customize prevention and treatment regimens. Third generation sequencing helps provide a more complete picture of a patient's genetic makeup, including structural variants, epigenetic signatures and detect unknown variants easily. This comprehensive genetic profiling helps physicians tailor disease treatment and management according to an individual's genetic characteristics. With rising focus on using genetic insights to develop personalized healthcare solutions, demand for third generation sequencing tools supporting precision medicine is expected to increase significantly in the coming years.

Porter's Analysis
Threat of new entrants: The third generation sequencing market requires sizable investments in R&D for development of advanced sequencing platforms and techniques. This poses a barrier for new companies to enter the market.
Bargaining power of buyers: The bargaining power of buyers is moderate as sequencing services are offered by multiple providers. However, switching costs may exist for buyers already using services of an existing player.
Bargaining power of suppliers: A few global players dominate the supply of key instruments and reagents for third generation sequencing. This gives them significant bargaining power over buyers.
Threat of new substitutes: No close substitutes exist for third generation sequencing technology considering its ability to read long reads at single molecule level. However, continuous improvements in second generation sequencing pose a threat.
Competitive rivalry: The market sees intense competition among global players competing on parameters of instrument throughput, read lengths, accuracy and cost. Strategic collaborations and new product launches also impact competitive dynamics.

SWOT Analysis
Strengths: Ability to generate long reads more than 10,000 bases, detect structural and long range genomic variations. Real time analysis without requiring amplification.
Weaknesses: Throughput still lower than SGS, complex workflows, high capital costs. Error rates marginally higher compared to other techniques.
Opportunities:Scope in clinical genomics for cancer and genetic disorder screening. Potential in other areas like metagenomics, gene regulation studies.
Threats: Technological advancements lowering error rates and improving throughput of competing SGS technologies. Intense competition from dominant SGS players.

Key Takeaways
Global Third Generation Sequencing Market Demand is expected to witness high growth over the forecast period backed by advantages over short read sequencing and wider scope in clinical and research applications. The global third generation sequencing Market is estimated to be valued at US$ 10.1 Bn in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2023 to 2030.

The North American region currently dominates the market owing to presence of global players and availability of research funding. Europe and Asia Pacific are also lucrative markets driven by improving healthcare infrastructure and genomic initiatives.

Key players operating in the third generation sequencing market are Pacific Biosciences of California, Inc., Oxford Nanopore Technologies, Ltd., BGI Genomics Co., Ltd., F. 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. Strategic acquisitions and collaborations remain common as players look to strengthen their product portfolios. 

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