February 24, 2024
Third Generation Sequencing Market

The Rising Use Of Genetic Testing Is Driving The Third Generation Sequencing Market

Third-generation DNA sequencing refers to next-generation DNA sequencing technologies that seek to achieve single-molecule, real-time sequencing by monitoring the incorporation of nucleotides across DNA polymerase. Third generation sequencing allows direct sequencing of DNA without prior amplification, enabling longer read lengths and sensitive detection of epigenetic modifications and DNA-protein interactions. These sequencing platforms offer significant advantages over previous generations, including faster speed, lower cost, and ability to detect rare variants and DNA modifications. Their applications include genetic disease screenings, non-invasive prenatal testing, oncology, and many others.

The global Third Generation Sequencing Market is estimated to be valued at US$10.1 billion in 2024 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 key trends:

One of the key trends driving the growth of the third generation sequencing market is the increasing adoption of genetic testing. With declining testing costs and improving accessibility, genetic testing is witnessing widespread acceptance across various applications like prenatal testing, cancer screening, ancestry testing, and more. As third generation sequencing technologies offer further reductions in cost per genome with simple workflow and real-time analysis of single molecules without amplification, their use in genomic testing is accelerating. Various market players are launching new genetic testing services relying on third generation sequencing. For instance, in 2020, Helix introduced a new service – Helix Select – that utilizes Oxford Nanopore’s PromethION sequencing platform for genetic screening of 155 medically-actionable genes. Growing prevalence of genetic diseases and cancers along with increasing diagnostic capabilities of third generation sequencing will continue propelling the market over the coming years.

Porter’s Analysis

Threat of new entrants: The threat of new entrants into the third generation sequencing market is moderate. High capital requirements for R&D and manufacturing act as a barrier.

Bargaining power of buyers: The bargaining power of buyers is moderate. Buyers have bargaining power due to availability of alternatives.

Bargaining power of suppliers: The bargaining power of suppliers is high due to their differentiated products and technologies. Suppliers play a major role in product manufacturing.

Threat of new substitutes: The threat of substitutes is low as there are limited alternative techniques available for whole genome sequencing currently.

Competitive rivalry: The competition in the market is high among the top players to gain major market share.

Key Takeaways

The Global Third Generation Sequencing Market Size is expected to witness high growth over the forecast period. The global Third Generation Sequencing Market is estimated to be valued at US$10.1 billion in 2024 and is expected to exhibit a CAGR of 4.6% over the forecast period 2023 to 2030.

Regional analysis: North America dominates the third generation sequencing market currently due to presence of major players and advanced healthcare infrastructure. However, Asia Pacific is expected to witness fastest growth over the coming years due increased R&D activities and focus on precision medicine.

Key players: 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 major players are focusing on new product launches and strategic collaborations to strengthen their market position.

*Note:
1.      Source: Coherent Market Insights, Public sources, Desk research
2.      We have leveraged AI tools to mine information and compile it