Long Read Sequencing Market to Reach $5.2 Billion, Globally, by 2032 at 21.7% CAGR: Allied Market Research

Advertisement

Rise in demand for precision medicine, surgein number of partnership & collaboration, and increase in initiatives taken by key players for drug delivery drive the growth of the global long read sequencing market.

Wilmington, New Castle, Delaware, April 08, 2024 (GLOBE NEWSWIRE) — Allied Market Research published a report, titled, Long Read Sequencing Market by Application (Research Applications and Clinical Applications), Technique (Single-Molecule Real-Time (SMRT) Sequencing, Nanopore Sequencing, and Synthetic Long Read Sequencing), Product (Instruments, Consumables, and Services), and End User (Academic & Government Research Institutes, Pharmaceutical & Biotech Companies, Hospitals & Clinics, and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032″. According to the report, the “long read sequencing market” was valued at $0.7 billion in 2022, and is estimated to reach $5.2 billion by 2032, growing at a CAGR of 21.7% from 2023 to 2032. 

Request Sample of the Report on Long Read Sequencing Market Forecast 2032: https://www.alliedmarketresearch.com/request-sample/A14421 

Prime Determinants of Growth

Rise in demand for precision medicine, surge in number of partnership & collaboration, and increase in initiatives taken by key players for drug delivery are the factors that drive the growth of the global long read sequencing market. However, high initial investment and costs restrict market growth. Moreover, the rise in technological advancements presents new opportunities in the coming years.  

Report Coverage   Details  
Forecast Period   2023–2032  
Base Year   2022  
Market Size In 2022   $0.7 Billion  
Market Size In 2032   $5.2 Billion  
CAGR   21.7%  
No. Of Pages In Report   395  
Segments Covered   Application, Technique, Product, End User, and Region  
Regional Scope   North America, Europe, Asia Pacific, LAMEA  
Country Scope   U.S., Canada, Mexico, Germany, France, UK, Italy, Spain, Rest Of Europe, Japan, China, India, Australia, South Korea, Rest Of Asia-Pacific, Brazil, Colombia, Argentina, Rest Of LA, GCC, South Africa, North Africa, And Rest Of MEA.  
      
Drivers    Rise In Demand For Precision Medicine  
   Surge In Number Of Partnership And Collaboration  
   Increase In Initiatives Taken By Key Players For Drug Delivery  
Opportunity  Rise In Technological Advancements  
Restraint   High Initial Investment And Cost  

Want to Explore More, Connect to our Analyst – https://www.alliedmarketresearch.com/connect-to-analyst/A14421 

Recession Impact  

  • During economic downturns, research funding decreases, leading to reduced investments in genomic research and technology adoption. 
  • However, the rise in demand for healthcare solutions and advancements in precision medicine, and ongoing advancements in genomics and increasing applications in healthcare which is expected to drive the market growth.  

The clinical application segment to maintain its leadership status throughout the forecast period  

By application, the research application segment held the largest market share in 2022, accounting for nearly three-fourths of the global long read sequencing market revenue and is estimated to maintain its leadership status throughout the forecast period. This is attributed to an increase in integration of genomic information into clinical practice, particularly in areas such as oncology, rare diseases, and infectious diseases, which foster the demand for sequencing technologies for diagnostic, prognostic, and therapeutic purposes.  

However, the clinical application segment is expected to register the highest CAGR of 22.0% during the forecast period. This is attributed to an increase in integration of genomic information into clinical practice, particularly in areas such as oncology, rare diseases, and infectious diseases, which foster the demand for sequencing technologies for diagnostic, prognostic, and therapeutic purposes.  

The nanopore sequencing segment to maintain its leadership status throughout the forecast period 

By technique, the single-molecule real-time (SMRT) sequencing segment held the largest market share in 2022, accounting for more than two-thirds global long read sequencing market revenue and is estimated to maintain its leadership status throughout the forecast period. This is attributed to its high accuracy, reduced sequencing biases, enhanced detection of structural variants, and applications in diverse fields such as genomics, clinical diagnostics, and research. However, the nanopore sequencing segment is expected to register the highest CAGR of 22.4% during the forecast period. This is attributed to continuous advancements in nanopore technology, enabling longer reads, improved accuracy, and enhanced portability.   

The intruments segment to maintain its lead position during the forecast period  

By product, the consumables segment accounted for the largest share in 2022, contributing to more than half of the global long read sequencing market revenue, and is projected to maintain its lead position during the forecast period. This is attributed to the recurring nature of consumable purchases, such as reagents, and other materials necessary for sequencing experiments, ensures a steady revenue stream for sequencing companies.   

However, the instruments segment is expected to register the highest CAGR of 22.4% during the forecast period. This is attributed to the continuous technological advancements in sequencing instruments, such as improvements in speed, accuracy, and throughput, are driving demand for upgraded systems.  

The academic and government research institutes segment to maintain its lead position during the forecast period 

By end user, the pharmaceutical and biotech companies segment accounted for the largest share in 2022, contributing to nearly half of the global long read sequencing market revenue, and is projected to maintain its lead position during the forecast period. This is attributed to the pharmaceutical and biotechnology companies heavily investing in sequencing technologies to support drug discovery and development efforts, including target identification, biomarker discovery, and personalized medicine initiatives.  

However, the academic and government research institutes segment is expected to register the highest CAGR of 22.8% during the forecast period. This is attributed to the increase in availability of research funding, grants, and collaborative initiatives supporting the adoption of sequencing technologies in academic and government research settings.  

North America to maintain its dominance by 2032  

By region, North America held the largest market share in terms of revenue in 2022, accounting for more than two-fifths of the global long read sequencing market revenue and is likely to dominate the market during the forecast period. This is attributed to its substantial investment in genomics R&D, supported by government funding, private investments, and academic collaborations.  

However, Asia-Pacific is expected to witness the fastest CAGR of 22.6% from 2023 to 2032. This is attributed to rapid economic growth in countries such as China and India, which has led to increased investment in healthcare infrastructure, R&D, and biotechnology sectors, fostering a conducive environment for the adoption of advanced genomic technologies such as long read sequencing.  

For Procurement Information – https://www.alliedmarketresearch.com/purchase-enquiry/A14421 

Leading Market Players: 

  • Agilent Technologies, Inc.  
  • BaseClear B.V.  
  • Cantata Bio  
  • Element Biosciences  
  • FG Technologies,  
  • GrandOmics,  
  • Illumina, Inc.  
  • MicrobesNG  
  • Novogene co., ltd.  
  • Oxford Nanopore Technologies plc.  
  • PacBio  
  • St Vincents Hospital Melbourne  
  • TAKARA HOLDINGS INC.  
  • Thermo Fisher Scientific Inc.  
  • Danaher Corporation  
  • BGI Genomics  
  • CD Genomics    

The report provides a detailed analysis of these key players in the global long read sequencing market. These players have adopted strategies such as product launch, acquisition, partnership and collaboration to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.  

AVENUE- A Subscription-Based Library (Premium on-demand, subscription-based pricing model) Offered by Allied Market Research: 

AMR introduces its online premium subscription-based library Avenue, designed specifically to offer cost-effective, one-stop solution for enterprises, investors, and universities. With Avenue, subscribers can avail an entire repository of reports on more than 2,000 niche industries and more than 12,000 company profiles. Moreover, users can get an online access to quantitative and qualitative data in PDF and Excel formats along with analyst support, customization, and updated versions of reports. 

Get an access to the library of reports at any time from any device and anywhere. For more details, follow the link: https://www.alliedmarketresearch.com/library-access 

About Allied Market Research: 

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI. 

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.  

Contact 
David Correa 

1209 Orange Street, 

Corporation Trust Center, 

Wilmington, New Castle, 

Delaware 19801 USA. 

Toll Free: +1-800-792-5285 

Int’l: +1-503-894-6022 

UK: +44-845-528-1300 

Hong Kong: +852-301-84916 

India (Pune): +91-20-66346060 

Fax: +1-855-550-5975 

[email protected]   

Web: https://www.alliedmarketresearch.com    

Follow Us on: LinkedIn Twitter 

Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. AfternoonHeadlines.com takes no editorial responsibility for the same.