Long Read Sequencing Market

Global Long Read Sequencing Market Size (2023 to 2028)

The global market size for long-read sequencing is estimated to be growing at a CAGR of 26.25% from 2023 to 2028 and will be worth USD 5.22 billion by 2028 from USD 1.62 billion in 2023.

Global Long Read Sequencing Market Share Insights:

• Based on technology, the SMRT sequencing segment had the major share of the global market in 2022.
• Based on product, the consumables segment accounted for almost a share of 51% of the global market in 2022.
• The North American long-read sequencing market held 50.8% of the worldwide market share in 2022.
• The European region accounted for a notable share of the worldwide market in 2022.

Impact of COVID-19 on the global long-read sequencing market:

The COVID-19 pandemic has shown a mixed impact on the long-read sequencing market. The demand for sequencing technologies and services has grown significantly during the COVID-19 pandemic due to the rising need to understand the genomic structure and evolution of the virus and to track its spread among people. The usage of long-read sequencing has increased dramatically for the identification and characterization of viral mutations. Long-read sequencing technologies, such as Oxford Nanopore and PacBio have played a notable role in the COVID-19 pandemic in sequencing the entire genome of the virus and identifying mutations that may affect its transmission, virulence, or response to therapies and vaccines. In addition, long-read sequencing has been helpful during the COVID-19 pandemic in tracking the transmission chains of the virus and studying the genomic diversity of the virus among people. Likewise, the COVID-19 pandemic has boosted the demand for long-read sequencing and favored market growth. On the other side, several R&D activities and research projects that require long-read sequencing have been postponed and canceled during the COVID-19 pandemic as the resources were allotted to the development of a vaccine for COVID-19 and have shown an unfavorable impact on the market growth.

MARKET DRIVERS:

The rising demand for accurate and comprehensive genomic information is one of the key factors propelling market growth. The benefits associated with long-read sequencing compared to short-read sequencings such as a completer and more accurate picture of the genome are driving the adoption of long-read sequencing in several applications including medical research, personalized medicine, and agriculture. This trend is likely to accelerate during the forecast period and contribute to market growth. The growing number of advancements in long-read sequencing is further fuelling the growth rate of the market. The recent developments in long-read sequencing have significantly increased the accessibility and affordability of these technologies and led to increased adoption.

Increasing demand for long-read sequencing services and instruments in clinical and diagnostic applications such as cancer genomics, genetic disease diagnosis, and infectious disease detection contribute to market growth. The growing usage of long-read sequencing in the agriculture industry supports market growth. Long-read sequencing is being used in the agriculture industry to study crop genomes, develop new plant varieties, and improve crop yields. The growing number of investments by several governments, academic institutions and biotechnology companies in genomics research is promoting the growth rate of the market.

In addition, factors such as the increasing adoption of personalized medicine and the growing number of partnership activities between market participants and academic institutions and the development of new bioinformatics tools and data analysis pipelines for long-read sequencing data favor the market's growth rate. The growing usage of long-read sequencing in microbiome research, rising demand for epigenetic studies and increasing emphasis on rare disease research drive the market growth.

MARKET RESTRAINTS:

High costs and complexity associated with long-read sequencing compared to short-read sequencing are one of the major factors hampering the market growth. In addition, the scarcity of skilled professionals that is required for data analysis and interpretation, limited read length and accuracy compared to short-read sequencing, increasing usage of short-read sequencing compared to long-read sequencing for DNA research and lack of standardization further hinder the market growth.

REPORT COVERAGE:

This research report on the global long-read sequencing market has been segmented and sub-segmented based on technology, product, application, end-user, and region.

Long Read Sequencing Market – By Technology:

• Single-molecule Real-Time Sequencing
• Nanopore Sequencing

Based on technology, the single-molecule real-time sequencing or SMRT sequencing segment held the leading share of the global market in 2022 and is expected to register a healthy CAGR during the forecast period.

The nanopore sequencing segment accounted for a considerable share of the worldwide market in 2022 and is predicted to showcase a notable CAGR during the forecast period. The growth of the segment is majorly driven by the benefits associated with the nanopore technology such as delivering high-quality whole genome sequencing, portability, and cost-effectiveness.

Long Read Sequencing Market – By Product:

• Instruments
• Consumables
• Services

Based on the product, the consumables segment is anticipated to account for the leading share of the global market during the forecast period owing to the growing adoption of long-read sequencing technologies in a wide range of applications, including disease diagnosis, drug discovery, and personalized medicine. In addition, segmental growth is driven by the development of cost-effective and user-friendly consumables. Consumables are experiencing continuous demand as they are required in high volumes for every sequencing run and therefore, have a recurring demand.

The instruments segment is another lucrative segment among all and is expected to project the fastest CAGR during the forecast period. Factors such as the growing demand for long-read sequencing technologies in various applications, the development of advanced sequencing platforms and growing investments to conduct R&D activities by key players in the long-read sequencing market to develop novel sequencing instruments with improved accuracy, speed, and throughput majorly drive the segmental growth.

Long Read Sequencing Market – By Application:

• Identification & Fine Mapping of Structural Variation
• Pseudogene Discrimination
• Resolving Allele Phasing
• Reproductive Genomics
• Cancer
• Viral & Microbial Sequencing

Based on the application, the identification and fine mapping of the structural variation segment is expected to hold the leading share of the market during the forecast period due to factors such as the growing demand for high-resolution analysis of structural variation in various applications, including genetic disease diagnosis, drug discovery, and population genetics. In addition, the development of long-read sequencing technologies, which offer improved accuracy and resolution compared to short-read sequencing contributes to segmental growth. Furthermore, the rising adoption of long-read sequencing technologies by academic and research institutions accelerates the growth rate of the segment.

The cancer segment is another segment that is anticipated to register a healthy CAGR during the forecast period. The growth of the segment is attributed to the growing use of long-read sequencing technologies in cancer genomics research and the development of long-read sequencing technologies and the rising demand for personalized cancer treatments that require accurate identification of genetic variations.

Long Read Sequencing Market – By End-User:

• Academic Research
• Clinical Research
• Hospitals & Clinics
• Pharma & Biotech Entities

Based on the end-user, the academic research segment held a significant share of the long-read sequencing market in 2022 and the same trend is predicted to continue throughout the forecast period. The growth of the segment is majorly attributed to the growing adoption of long-read sequencing technologies by academic and research institutions and the availability of government funding and grants for genomics research. The growing number of collaborations between academic research institutions and sequencing service providers further fuels the growth rate of the segment.

On the other hand, the clinical research segment is anticipated to have a promising CAGR during the forecast period. Factors such as the growing use of long-read sequencing technologies in clinical research and the development of long-read sequencing technologies that offer improved accuracy and resolution compared to short-read sequencing majorly drive segmental growth. In addition, the growing demand for accurate and reliable genomic data for clinical trials and drug development promotes the segment’s growth rate.

Long Read Sequencing Market – By Region:

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa

Geographically, the North American region led the long-read sequencing market in 2022 and the regional domination is likely to continue throughout the forecast period. The growth of the North American market is primarily driven by the rising adoption of long-read sequencing technologies by academic and research institutions and the availability of government funding for genomics research. The presence of key players in the North American market including Illumina, Pacific Biosciences, and BGI Group and the growing demand for personalized medicine further drive the North American market growth. The majority of the North American market share was captured by the U.S. in 2022. The U.S. market is expected to grow at a significant CAGR during the forecast period.

Europe is anticipated to hold a substantial market share during the forecast period. The presence of leading academic and research institutions in Europe is one of the major factors driving the European long-read sequencing market. Europe is home to several notable academic and research institutions such as the University of Cambridge and the University of Oxford that conducts R&D in the field of genomics. In addition, factors such as rising emphasis on precision medicine and personalized healthcare, the growing number of initiatives by the governments of European countries to promote genomics research and the availability of funding and grants and an increasing number of advancements in the long-read sequencing technologies fuel the growth rate of the European market. Furthermore, the presence of key market participants in Europe such as Oxford Nanopore Technologies and Illumina, increasing demand for genetic testing and the rising prevalence of genetic diseases across Europe contribute to the regional market growth.

APAC is the most lucrative regional market for long-read sequencing worldwide and is anticipated to register the highest CAGR during the forecast period. The growth of the APAC market is majorly driven by the increasing population, rising healthcare needs, growing use of long-read sequencing in agriculture and environmental applications and rising emphasis on rare disease research. China led the APAC market in 2022 and is anticipated to showcase a notable CAGR during the forecast period.

Furthermore, regions such as Latin America, the Middle East and Africa are predicted to showcase a steady CAGR during the forecast period owing to the growing awareness among healthcare professionals in these regions regarding the benefits of personalized medicine and increasing investments for the R&D of genomics primarily.

KEY MARKET PARTICIPANTS:

Oxford Nanopore Technologies, Tataa Biocenter, Illumina, Inc., Perkinelmer Inc., F. Hoffmann-La Roche Ltd., Baseclear B.V., Bionano Genomics, Longas Technologies, Pacific Biosciences of California, Inc., and Quantapore, Inc. are some of the notable companies operating in the global long-read sequencing market profiled in this report.

RECENT HAPPENINGS IN THIS MARKET:

• In September 2022, a global leader in DNA sequencing and array-based technologies, Illumina, Inc., launched multiple sequencing innovations, including Illumina Complete Long-Reads, NextSeq 1000/2000 Roadmap, NovaSeq 6000 Dx, NovaSeq X Series (NovaSeq X and NovaSeq X Plus) and XLEAP-SBS™ Chemistry.