The Global Third Generation Sequencing Market Growth Accelerated By Adoption Of Artificial Intelligence

     

Third Generation Sequencing Market

Third generation sequencing also known as single-molecule real-time (SMRT) sequencing enables scientists to obtain near-complete visualizations of genomes, transcriptomes and epigenomes. SMRT sequencing provides long reads that help resolve complex regions of genomes that are difficult to characterize with short-read technologies. It is being widely used in personalized medicine and precision medicine. The technology helps determine all gene variants in an individual which helps provide tailored treatment and therapies based on the patient's genetic makeup.

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 Dynamics:

The global third generation sequencing market is witnessing high growth owing to rising demand for personalized medicine and whole genome sequencing. Personalized treatment approaches need third generation sequencing technology to understand complete genomic profile of individuals. Long reads generated help understand complex regions and structural variants better than short read technologies. Another key driver fueling market growth is increasing R&D investments by pharmaceutical and biotech companies. Major players are spending on developing new platforms and applications of third generation sequencing. However, high installation and maintenance costs of third generation sequencing instruments remains a challenge.

 

SWOT Analysis

 

Strength: Third generation sequencing allows faster and more accurate sequencing compared to previous techniques. It can sequence whole genomes in a single run in hours at relatively low cost. Laboratories are adopting third generation sequencing techniques for accurate detection of genetic disorders.

 

Weakness: Third generation sequencing techniques have relatively high error rates compared to second generation sequencing. Long reads from third generation sequencing continue to have lower consensus quality and higher error rates than short reads. Data analysis and interpretation from long reads is complex and requires specialized expertise.

 

Opportunity: The technology is finding increasing applications in clinical settings for non-invasive prenatal testing, cancer monitoring and outbreak detection. There is potential for use of third generation sequencing in studying structural variation, epigenetics and transcriptomics. Low cost and portable devices can increase access to genomic technologies in developing countries.

 

Threats: Established market leaders have significant install base of second generation sequencing systems limiting swift adoption. Intellectual property disputes around sequencing technologies can delay commercialization of innovations.

 

Key Takeaways

 

The Global Third Generation Sequencing Market Size is expected to witness high growth. The market size is estimated to reach US$ 10.1 Bn by 2024 growing at a CAGR of 4.6% during the forecast period of 2023 to 2030.

North America currently dominates the market due to focus on genetic research and largenumber of sequencing centers. However, The Asia Pacific region is projected to grow at the fastest pace during the forecast period. This is attributed to greater funding for genetic and genomic research from government bodies, increasing awareness, expanding diagnostics industry and large patient pools in countries such as China, India and Japan. Multiple start-ups are commercializing portable sequencing devices for point-of-care applications which is further boosting regional market.

 

Key players:

Key players operating in the third generation sequencing market include Pfizer, Inc., F. Hoffmann-La Roche Ltd, Takeda Pharmaceutical Company Limited, Regeneron Pharmaceuticals Inc., Sanofi, and Amgen Inc. These companies focus on development of sequencing technologies as well as bioinformatics solutions for clinical applications. Strategic collaborations are prevalent to facilitate adoption of third generation sequencing systems across healthcare settings.


Get More Insights Here

https://www.newsstatix.com/third-generation-sequencing-market-size-share-growth-outlook-2023/

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