Long Read Sequencing Market Size, Share, Analysis, Trends, Growth, Forecasts, 2032

Long Read Sequencing Industry Prospective:

The global long read sequencing market size was evaluated at $460 million in 2023 and is slated to hit $2,530 million by the end of 2032 with a CAGR of nearly 21% between 2024 and 2032.

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Long Read Sequencing Market: Overview

Long-read sequencing also referred to as the DNA sequencing method helps the sequencing of larger fragments of DNA in comparison to the conventional short-read sequencing procedure. Reportedly, long-read sequencing makes use of DNA fragments that range from the size of about 1,000 bases to 20,000 bases. Moreover, it helps in identification of complex structure variants that are difficult to detect by short-read sequencing.

Key Insights

• As per the analysis shared by our research analyst, the global long read sequencing market is projected to expand annually at the annual growth rate of around 21% over the forecast timespan (2024-2032)
• In terms of revenue, the global long read sequencing market size was evaluated at nearly $460 million in 2023 and is expected to reach $2,530 million by 2032.
• The global long read sequencing market is anticipated to grow rapidly over the forecast timeline owing to the large-scale use of long-read sequencing in single-gene testing, whole-genome sequencing, and gene panel testing.
• In terms of product, the consumables segment is slated to register the highest CAGR over the forecast period.
• Based on technology, the nanopore sequencing segment is predicted to contribute majorly towards the global industry size in the upcoming years.
• On the basis of application, the whole genome sequencing segment is projected to dominate the segmental landscape over 2024-2032.
• Region-wise, the Asia-Pacific long read sequencing industry is projected to register the fastest CAGR during the projected timespan.

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Long Read Sequencing Market: Growth Factors

Escalating need for identifying genomic mutations can prop up the growth of the global market by 2032

Need for accurately determining genetic variations and resolving complex genome sequencing has helped in exploring the true growth potential of the global long read sequencing market. For the record, long-read sequencing offers transcript isoform detection, improving de novo assembly, identification of structural variants, and mapping certainty. Large-scale use of long-read sequencing in single-gene testing, whole-genome sequencing, and gene panel testing is predicted to drive global market trends. Immense use of long-read sequencing in reading whole genomes will expand the scope of the market growth in the near future. A rise in the GDP of countries such as China and India as well as a few emerging economies will contribute noticeably towards the global market profitability in the coming decade.

Long Read Sequencing Market: Restraints

Huge cost of determining DNA bases can restrict the global industry expansion over 2024-2032

Growing probability of occurrence of error, along with lesser accuracy per read in comparison to short-read sequencing, can hinder the growth of the global long read sequencing industry. High-cost per base and lower sample throughput as compared to short-read sequencing can further pose a bigger threat to the expansion of the industry globally.

Long Read Sequencing Market: Opportunities

Escalating need of producing high-quality reference genomes for detecting chromatin structure to open new growth avenues for the global market

Demand for generating high-quality reference genes along with the need for studying chromatin structure will open new domains of growth for the global long read sequencing market. Apart from this, effective mapping of DNA mutations can further augment the expansion of the market space across the globe in the upcoming years. Firms are focusing on exploring the true growth potential of the market across the globe, along with reinforcing their strong position in the global market. Moreover, this can favorably impact the expansion of the market size in both the developed countries and emerging economies.

Long Read Sequencing Market: Challenges

Need for rigorously training workforce can pose a huge challenge to the global industry surge by 2032

Less workflow setups in clinical laboratories needs effective training of workforce, thereby posing a huge challenge to the elevation of the global long read sequencing industry. Demand for higher molecular weight DNA outcomes can prove to be a huge challenge for automated lab DNA isolation with the help of long-read sequencing, thereby obstructing the global industry surge.

Long Read Sequencing Market: Segmentation

The global long read sequencing market is divided into product, technology, application, and region.                                          

In terms of product, the long read sequencing market across the globe is bifurcated into consumables, instruments, and services segments. Additionally, the consumables segment, which gained nearly 70% of the global market share in 2023, is expected to record the highest gains during the coming few years due to a rise in the purchase of consumables such as reagents and assay kits for performing genome sequencing.  

Based on the technology, the global long read sequencing industry is divided into synthetic long read sequencing, nanopore sequencing, and single-molecule real-time sequencing (SMRT) segments. Furthermore, the nanopore sequencing segment, which accrued about 75% of the global industry earnings in 2023, is likely to account notably for the global industry share in the coming couple of years and this can be due to the large-scale use of Oxford nanopore technologies for developing new array of chips that include protein nanopores located on polymer that can resist electricity. Moreover, this arrangement helps in the parallel execution of many clinical trials on a singular chip.  

On the basis of application, the long read sequencing market is sectored into whole genome sequencing and metagenomics segments. Moreover, the whole genome sequencing segment, which led the segmental growth in 2023, is likely to retain its dominant status even during the analysis timeline, owing to the need for detecting structural differences in various genes, transcripts, and genomes. It also allows the researchers in unraveling patterns in the cancer samples of patients and thus determine the key cause the disease in the individuals and help in its prevention.

Long Read Sequencing Market: Report Scope

Long Read Sequencing Market: Regional Insights

North America is prognosis to maintain leadership position in the global market during 2024-2032

North America, which accounted for three-fourths of the global long read sequencing market share in 2023, is expected to establish a leading position in the global market within the next couple of years. In addition to this, the regional market penetration in the next eight years can be credited to the presence of key firms in the long-read sequencing business in countries such as the U.S. Apart from this, easy access to strong biotechnology networks and the growing promotion of genomic testing devices will multiply the growth of the market in the sub-continent. A surge in the use of genomic procedures in clinical trials will further exponentiate the growth of the business in the region.

The Asia-Pacific long read sequencing industry is slated to record the highest gains annually in the coming eight years. The expansion of the industry in the APAC region can be a result of increased investments in the development of next-generation diagnostics techniques in countries such as China, South Korea, Japan, and India. Surging demand for personalized medicine in countries such as Japan will enlarge the scope of the regional industry growth.

Key Developments

• In March 2023, Illumina introduced long read sequencing for NovaSeq with the kit targeting long single DNA molecule fragments for generating continuous long-read sequences of nearly 5 kb-7kb with few if the reads even more than 10kb.
• In Ocober2022, PacBio launched Revio, a new long-read sequencing system that is designed for offering over 15 times of HiFi data & human genomes priced at below $1,000. 

Long Read Sequencing Market: Competitive Space

The global long read sequencing market profiles key players such:

• Stratos Genomics Inc.
• Pacific Biosciences of California Inc.
• BGI Genomics
• NextOmics
• Quantapore Inc.
• Oxford Nanopore Technologies Limited
• MicrobesNG
• Element Biosciences
• Eurofins Genomics
• New England Biolabs

The global long read sequencing market is segmented as follows:

By Product

• Consumables
• Instruments
• Services

By Technology

• Synthetic Long Read Sequencing
• Nanopore Sequencing
• Single-Molecule Real-Time Sequencing (SMRT)

By Application

• Whole Genome Sequencing
• Metagenomics

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa