Long Read Sequencing Market

Updated on : Aug 22, 2024

Long Read Sequencing Market Size, Share & Trends

The long read sequencing market is expected to generate a revenue of USD 3,129 million in 2029, with a revenue of USD 758 million in 2024 to register a CAGR of 32.8%. The primary growth drivers of the long-read sequencing market are technological advancements with third-generation sequencing, the rising prevalence of genetic & rare diseases, and the rising demand for high-throughput sequencing. The market for long-read sequencing is largely influenced by AI, due to the advancement in accuracy, efficacy, and data analysis in sequencing using artificial intelligence. AI helps in reading and analysis of large amounts of sequencing data in minimum time, to detect the genetic mutation by using the AI algorithm. This results in increased effectiveness and accessibility of long-read sequencing for complex genomic studies.

Long Read Sequencing Market Trends

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Attractive Opportunities In The Long-Read Sequencing Market

Global Long Read Sequencing Market Dynamics

DRIVER: Technological Advancement in genome sequencing

Dealing with the constraints of short-read sequencing technology, long-read sequencing has grown important. The long-read sequencing has revealed numerous underappreciated genomic characteristics including structural variations and repetition arrays. Long-read sequencing enables investigation of previously unreported genomic areas that were challenging to research, and helps investigators to grasp the whole spectrum of human genetic variation. Single-molecule real-time sequencing and nanopore-based sequencing are the two primary forms of long-read sequencing technology. Developed by PacBio (US). High-fi sequencing represents an advancement in SMRT sequencing with an accuracy approaching 99.99%, HiFi sequencing provides sequence lengths of 10–20 kilobase pairs (kbp). This development has facilitated the identification of structural variants and enabled the decoding of acrocentric short arms and centromeres, two repeating sequences of the genome.

RESTRAINT: High investment to develop long-read sequencing technologies

Long-read sequencing technologies' development and application suffer large expenses that provide major hurdles in long-read sequencing. High costs associated with equipment, operational needs, research and development, and hiring qualified professionals combine to produce strong financial constraints. Particularly for smaller research institutions and companies with tighter budgets, these expenses often restrict the availability of long-read sequencing. This price barrier can prevent the broad acceptance of these technologies, therefore slowing down the speed of scientific development and clinical application. Establishing facilities for long-read sequencing sounds for large capital outlay in specialized equipment like high-performance sequencing machines, sophisticated bioinformatics servers, and sophisticated laboratory configurations all of which add to the total high cost. For example, an Oxford Nanopore Technologies GridlON system costs roughly USD 65,000, whereas a PacBio Revio instrument runs about USD 779,000.

OPPORTUNITY: Rising demand for long-read sequencing in clinical genomics

By allowing the identification of a wide spectrum of genetic variants and fusion events, especially in illnesses like cancer, long-read sequencing technology holds great potential in clinical genomics. Long-read sequencing, unlike conventional short-read sequencing, can run in real-time, therefore removing the requirement to batch samples. In urgent clinical conditions and for employing fresh or fresh frozen samples, this capacity is especially helpful. Long-read sequencing shines in detecting important gene fusion events guiding therapy decisions in cancer diagnosis. In chronic myeloid leukemia, for instance, Long-read sequencing finds the BCR-ABL fusion protein—essential for focused treatments. More sensitive than short-read sequencing techniques, long-read sequencing can identify structural variants linked to treatment resistance, therefore enhancing the accuracy of illness diagnosis and therapy monitoring.

CHALLENGE: Challenges associated with data preservation, analysis, and validation

Long-read sequencing technology raises major difficulties but also provides amazing new insights into intricate genomic structures. In data preservation, analysis, and validation, The massive amount of data produced by long-read sequencing calls for strong, scalable storage options able to manage terabytes of information each sequencing run. Limited capacity and high prices of traditional storage solutions often make advanced systems that guarantee data integrity and access over time necessary. This is especially important since future studies or therapeutic settings often refer to genetic data and necessitate effective and safe preservation options. Furthermore, using advanced bioinformatics methods to precisely construct genomes and dent-in genetic variants analysis of long-read sequencing data. Despite technological developments, the inherent high error rates of long-read sequencing complicate data interpretation and call for computationally demanding error correction algorithms and large resources. To properly negotiate these analytical hurdles, researchers need specific knowledge and tools.

Global Long-Read Sequencing Market Ecosystem Analysis includes technology developers, consumables suppliers, product & service providers, and end-users such as research institutions, clinical labs, and biotechnology companies. Regulatory authorities and standards bodies also play pivotal roles, influencing market trends, innovation, and the ethical use of genomic data. Understanding this complex network is crucial for navigating and driving advancements in long-read sequencing technologies.

The consumables segment accounted for the largest share by offerings segment in the long read sequencing industry in 2023.

By offerings, the long read sequencing market is segmented into consumables, instruments, and services. Their importance in all the steps of workflow, makes them demanding all the time. As the market for long-read sequencing continues to grow, so does the segment. Further, the advancement in third-generation sequencing is supporting the adoption of the technology, supporting the growth of the segment. And the growth of the long-read sequencing market is mainly driven by technological advancement, and increased research collaborations.

The nanopore sequencing technology segment accounted for the largest share by technology segment in the long read sequencing industry in 2023.

By technology, the long read sequencing market is segmented into nanopore sequencing, single-molecule real-time sequencing, and synthetic long-read sequencing. The nanopore sequencing accounted for largest share in the market in 2023. The ease of handling due to small size of equipment and portability of the device makes it choice of end users, which is driving the growth of this segment. Moreover, the accuracy and precision with nanopore sequencing is upto the mark, responsible for increasing adoption of the technology into the market.

The sequencing segment accounted for the largest share by workflow segment in the long read sequencing industry in 2023.

By workflow, sample preparation, sequencing, and data analysis divide the long read sequencing market. The section with the biggest proportion of the long-read sequencing market in 2023 is the sequencing segment. This can be attributed to the increased need in many disciplines, including clinical genomics, personalized medicine, and cancer research, for exact and thorough genomic data. The increased collaborations for genome sequencing projects between the academic and pharma companies support the growth of the market. Still, the second biggest portion of the market was occupied by the segment on sample preparation.

The whole genome sequencing segment accounted for the largest share of the application segment in the long-read sequencing market in 2023.

By Application, the long read sequencing market is segmented into whole genome sequencing, targeted sequencing, metagenomics, epigenetics, whole exome sequencing, and other applications. In 2023, the whole genome sequencing segment accounted for the largest share of the long-read sequencing market. This can be attributed to the ability to provide comprehensive genomic information and detect complex structural variants, and its high-quality genome assemblies. However, the targeted sequencing segment accounted for the second-largest share of the market.

The research segment accounted for the largest share of the usage segment in the long read sequencing industry in 2023.

By Usage, the long read sequencing market is segmented into research and clinical. The research segment accounted for the largest share of the long-read sequencing market in 2023. The large share of the research segment is attributed to the significant investments from private and government bodies to support the research in genome sequencing. Also, the increasing collaboration between key technology providers and research institutions is driving market growth.

The North American region accounted for the largest share of the long-read sequencing market in 2023.

The long read sequencing market is segmented into six major regions, namely, North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa. North America is the largest regional market for long-read sequencing in 2023, while Europe is the second-largest market. The large share of North America can be attributed to the supportive government initiatives and policies, further the growing acceptance and integration of WGS in healthcare. However, the Asia Pacific is estimated to be the fastest-growing segment of the market owing to the rapid expansion of clinical diagnostics, the rising prevalence of inherited disorders, and the growing focus on precision medicine.

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Key players in the long-read sequencing market are Oxford Nanopore Technologies plc. (UK), PacBio (US), Illumina, Inc. (US), Agilent Technologies, Inc. (US), Thermo Fisher Scientific Inc. (US), 10X Genomics, Inc. (US), QIAGEN (Germany), BGI Group (China), Takara Bio Inc. (Japan), Azenta US, Inc. (US), Revvity, Inc. (US), Danaher Corporation (US), Novogene Co., Ltd. (China), New England Biolabs (US), BaseClear BV (Netherlands), Element Biosciences (US), Grandomics (China), CD Genomics (US), Sage Sciences, Inc. (US), and EdenRoc Sciences (US).

Scope of the Long Read Sequencing Industry:

This report categorizes the long read sequencing market to forecast revenue and analyze trends in each of the following submarkets:

By Offerings

• Consumables
• Instruments
• Services

By Technology

• Nanopore sequencing
• Single-molecule real-time sequencing
• Synthetic long-read sequencing

By Workflow

• Sequencing
• Sample Preparation
• Data analysis

By Application

• Whole Genome Sequencing
• Targeted Sequencing
• Metagenomics
• Epigenetics
• Whole exome sequencing
• Other applications

By Usage

• Research
• Clinical

By End Users

• Academic & Research Institutes
• Hospitals, Clinics & Diagnostic Labs
• Pharmaceutical & Biotechnology Companies
• Other End Users

By Region

• North America
  • US
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Rest of Europe (RoE)
• Asia Pacific (APAC)
  • China
  • Japan
  • India
  • South Korea
  • Rest of Asia Pacific (RoAPAC)
• Latin America
  • Brazil
  • Mexico
  • Argentina
  • Rest of Latin America (RoLATAM)
• Middle East & Africa
• Middle East
  • GCC Countries
    • Kingdom of Saudi Arabia (KSA)
    • United Arab Emirates (UAE)
    • Rest of GCC Countries
  • Rest of Middle East (RoME)
• Africa

Recent Developments of Long Read Sequencing Industry;

• In May 2024, Oxford Nanopore Technologies collaborated with Twist Bioscience to launch a new Pharmacogenomics Beta Programme. This long-read pharmacogenomics solution, available for research use, is designed to provide clear genetic results in a single end-to-end workflow from sample to pharmacogenomics star allele call.
• In September 2023, PacBio announced a partnership with Hamilton, Integra, Revvity, and Tecan to create fully automated protocols to prepare samples for sequencing on Revio and Sequel II and IIe systems.
• In March 2023, Illumina Inc. launched its first product based on its novel Illumina Complete Long Read technology. The high-performance, long-read, human whole-genome sequencing assay – Illumina Complete Long Read Prep, Human – is compatible with Illumina NovaSeq X Plus, NovaSeq X, and NovaSeq 6000 Sequencing Systems.

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