by Third generation sequencing refers to next-generation DNA sequencing technologies characterized by long reads, ability to sequence single molecules of DNA in real-time without amplification, and ability to sequence modified DNA bases like methylation status. Third generation sequencing finds major application in personalized medicine as it can capture individual genetic variants as well as epigenetic signatures. Personalized medicine aims to tailor medical treatment to an individual’s characteristics, including their predicted response or risk of disease. With third generation sequencing techniques, personalized medicine has the potential to revolutionize healthcare by enabling earlier disease detection and targeted treatment based on a person’s unique genetic profile.
The global third generation sequencing Market is estimated to be valued at US$ 11.64 Mn in 2024 and is expected to exhibit a CAGR of 4.6% over the forecast period 2024 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The growth in personalized medicine is expected to drive the third generation sequencing market during the forecast period. As mentioned in the heading, third generation sequencing techniques have the potential to significantly advance the field of personalized medicine by providing long reads and native single-molecule sequencing without amplification. This helps capture individual genetic variations as well as epigenetic signatures which are important for tailored medical diagnosis and treatment. In addition, the ability of third generation sequencing to sequence modified DNA bases like methylation status further aids in personalized medicine by providing functional information about gene regulation. These advantages of third generation sequencing techniques establish them as powerful tools for implementing personalized medicine approaches in clinical settings.
Segment Analysis
The global third generation sequencing market is dominated by clinical diagnostics sub-segment. The clinical diagnostics sub-segment accounted for over 60% share of the total third generation sequencing market in 2024. Factors such as high accuracy of third generation sequencing technologies to detect genetic variances, growing application areas in oncology and increasing clinical trials are propelling the growth of clinical diagnostics sub-segment.
PEST Analysis
Political: Governments across the globe are supporting initiatives to promote genomic research. Support in the form of funding and favorable regulations are encouraging market players to develop advanced third generation sequencing technologies.
Economic: Rising healthcare expenditure along with increasing investment by pharmaceutical and biotechnology companies in R&D is fueling the demand for third generation sequencing instruments and consumables.
Social: Growth in awareness about importance of precision medicine and significance of third generation sequencing assays in disease diagnosis and treatment areaugmenting the market growth.
Technological: Organizations are focusing on development of portable, affordable and high-throughput sequencing platforms to sequence long reads in real time within a short period. Introduction of novel technologies is expanding application areas of third generation sequencing.
Key Takeaways
Global Third Generation Sequencing Market Size is expected to witness high growth at a CAGR of 4.6% during the forecast period of 2024 to 2030.
Regional analysis: The third generation sequencing market in Asia Pacific region is anticipated to grow at the fastest rate during the forecast period. Increasing healthcare expenditure, strong government support for genomics research and advancing healthcare infrastructure are fueling the demand for third generation sequencing in emerging countries of Asia Pacific including India and China.
Key players operating in the third generation sequencing market are Pfizer, Inc., F. Hoffmann-La Roche Ltd, Takeda Pharmaceutical Company Limited, Regeneron Pharmaceuticals Inc. and Sanofi. Pfizer, Inc. offers most updated sequencing kits for human genome analysis at affordable prices compared to other market players.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
