PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1534555
PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1534555
The long-read sequencing market 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.
Scope of the Report | |
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Years Considered for the Study | 2022-2029 |
Base Year | 2023 |
Forecast Period | 2024-2029 |
Units Considered | Value (USD Million) |
Segments | Offerings, Technology, Workflow, Applications, Usage and End Users |
Regions covered | North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa |
Growth in the long-read sequencing market is mainly driven by factors like increasing collaborations between academic institutions and industry players, decreased cost of sequencing, and continuous technological advancements in long-read sequencing. Moreover, the application of LRS like de novo genome assembly, structural variant detection, transcriptomics, and epigenetics is supporting the market growth. However, the initial cost concern to set up the equipment is impacting the growth of the long-read sequencing market.
"The consumables segment accounted for the largest share by offerings segment in the long-read sequencing market in 2023"
The long-read sequencing market is segmented into consumables, instruments, and services in 2023. The consumables is the segment with the largest share in offerings. The large share of consumables is due to their role in sample preparation, sequencing, and data analysis part of long-read sequencing. As the demand for sequencing increases, it supports the demand for the consumables segment, driving its growth in the market. Still, the instrument segment held the second-largest market share.
"The academic & research institutes segment accounted for the largest share by end-user segment in the long-read sequencing market in 2023"
The long-read sequencing market is segmented into academic & research institutes, pharmaceutical & biotechnologies companies, hospitals, clinics & diagnostics laboratories, and other end users. The academic & research institutes are the segment with the largest share in the end-user segment in 2023. The large share of academic & research institutes is due to the increased demand for whole genome sequencing products, and increased genomics research. However, the pharmaceutical & biotechnological companies accounted for the second largest share in the segment.
"The Asia Pacific region is growing at the highest CAGR in the long-read sequencing market from 2024 to 2029."
The Asia Pacific is estimated to be the fastest-growing segment of the market owing to the large scale of population genomics projects, and the demand for precision medicines is supporting the growth. Further, the rising prevalence of chronic diseases is attributed to the aging population of countries such as Japan, and China. These is supporting the adoption of sequencing technologies in healthcare prognosis and treatment driving the market growth.
This research report categorizes the long-read sequencing market by offerings (instruments, consumables, and services), technology (single-molecule real-time sequencing, nanopore sequencing, and synthetic long-read sequencing), workflow (sample preparation, sequencing, and data analysis), application (whole genome sequencing, metagenomics, epigenetics, targeted sequencing, whole exome sequencing, and other applications), usage (research and clinical), end user (academic & research institutes, pharmaceutical & biotechnology companies, hospitals, clinics & diagnostic Labs, and other end users), and by region (North America, Europe, Asia Pacific, Latin America, Middle East, and Africa). The scope of the report covers detailed information regarding the major factors, such as drivers, challenges, opportunities, and restraints influencing the growth of the long-read sequencing market. A detailed analysis of the key industry players has been done to provide insights into their business overview, product & service portfolio, key strategies such as collaborations, expansions, agreements, and recent developments associated with the long-read sequencing market. Competitive analysis of top players and upcoming startups in the long-read sequencing market ecosystem is covered in this report.
The report will help market leaders/new entrants by providing them with the closest approximations of the revenue numbers for the overall long-read sequencing market and its subsegments. It will also help stakeholders better understand the competitive landscape and gain more insights to better position their business and make suitable go-to-market strategies. This report will enable stakeholders to understand the market's pulse and provide them with information on the key market drivers, restraints, opportunities, and challenges.
Analysis of key drivers (Technological advancements in genome sequencing, Increased prevalence of complex and rare genetic disorders, and growing demand for high-quality throughput screening), restraints (High investments to develop long read sequencing technologies, Technical Limitations of existing technology), opportunities (Rising demand for long-read sequencing in clinical genomics, and expanding applications of long-read sequencing), and challenges (challenges associated with data preservation, analysis, and validation) influencing the growth of the market.