Third generation sequencing, also known as nanopore sequencing, is an advanced DNA sequencing technique that can sequence entire genomes in a single run at a very high speed. Third generation sequencing does not require amplification or labeling of DNA and is capable of reading very long reads of DNA or RNA in a cost-effective manner. It allows scientists to analyze DNA and RNA molecules in their native, intact form, detecting modifications, variants, and isoforms that other technologies can miss.
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 4.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
One of the major market opportunities for third generation sequencing is its potential application in early disease detection and diagnostics. Third generation sequencing with its ability to read very long strands of DNA and RNA in a native form can aid in detecting genetic variations, epigenetic modifications as well as isoforms associated with various diseases like cancer at an early stage. Early detection allows for timely therapeutic intervention and better clinical outcomes. Third generation sequencing can be utilized to develop non-invasive, liquid biopsy-based diagnostic tests allowing early cancer screening. It also holds promise for developing accurate diagnosis for complex genetic disorders with high heterogeneity. Widespread adoption of third generation sequencing-based diagnostic tests can drive significant growth in the market over the forecast period.
Porter's Analysis
Threat of new entrants: The threat of new entrants is moderate as significant capital investments are required for research and development in third generation sequencing. However, presence of major industry players may act as barrier for new players.
Bargaining power of buyers: The bargaining power of buyers is moderate as the industry is dominated by few large players. However, customization as per buyer requirements increases their bargaining power.
Bargaining power of suppliers: The bargaining power of suppliers is low as raw materials used in third generation sequencing are commodity products and there exist many suppliers.
Threat of new substitutes: The threat of substitutes is low as newer advanced technologies provide more accurate diagnosis and analysis with higher throughput.
Competitive rivalry: Intense competition exists among established players to gain market share through technology innovations.
SWOT Analysis
Strength: Growing adoption of precision medicine, reduced cost of sequencing. Ability to sequence entire human genomes within a day.
Weakness: High setup and instrument costs. Require well-trained personnel to handle complex technologies.
Opportunity: Scope for non-invasive prenatal diagnosis, pharmacogenomics and oncology. Growing genomics research activities worldwide.
Threats: Stringent regulations for clinical use of sequencing data. Ethical issues related to storing and sharing of genomic information.
Key Takeaways
The Global Third Generation Sequencing Market Size is expected to witness high growth during the forecast period supported by increasing R&D investments in genomics and precision medicine. 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 4.6% over the forecast period 2023 to 2030.
North America is expected to dominate the market attributed to presence of leading industry players and growing genomics research in the region. Europe is also contributing significantly to market growth due to supportive government policies. Asia Pacific is poised to be the fastest growing regional market for third generation sequencing driven by growing healthcare expenditure, increasing genomics research and government initiatives in countries such as China and India. Establishment of genomics research centers and partnerships between industry players and academic institutions will aid regional market development.
Key player: Key players operating in the third generation sequencing market are Pfizer, Inc., F. Hoffmann-La Roche Ltd, Takeda Pharmaceutical Company Limited, Regeneron Pharmaceuticals Inc., Sanofi, Amgen Inc. These players are focusing on partnerships, acquisitions and geographical expansions for strengthening their market presence.
Get More Insights Here
https://www.trendingwebwire.com/third-generation-sequencing-market-size-share-growth-outlook-2023/
