Long Read Sequencing Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

Long Read Sequencing Market Analysis

The Long Read Sequencing Market size is estimated at USD 1.10 billion in 2024, and is expected to reach USD 3.15 billion by 2029, at a CAGR of 23.32% during the forecast period (2024-2029).

Factors such as a surge in genetic disease prevalence and technological advancements in genomic research and precision medicine are projected to drive the long-read sequencing market. Furthermore, the expanding applications of long-read sequencing are anticipated to bolster market growth in the coming years. The declining costs associated with long-read sequencing are also broadening access to these technologies for a wider array of researchers and healthcare providers.

The rising prevalence of genetic disorders significantly fuels the growth of the long-read sequencing market. For instance, in March 2024, data published in Lancet Global Health indicated that around 300 million individuals worldwide are affected by rare diseases, with roughly 80% of these cases having a genetic origin. A September 2023 article from the National Institute of Health and Care Research estimated that about 3.5 million people in the UK have a rare disease. Given its capability to produce contiguous reads and provide a holistic view of the genome, long-read sequencing is increasingly favored for investigating these disorders. Thus, as genetic disorders become more prevalent, the demand for comprehensive genomic analysis rises, driving the market's expansion.

Moreover, advancements in genomic research and precision medicine fuel the growth of the long-read sequencing market. By offering enhanced accuracy and the capability to capture intricate genomic regions, long-read sequencing technologies have revolutionized genomic research, positioning themselves as essential tools for precision medicine. Notable examples include Pacific Biosciences' Single Molecule Real-Time (SMRT) sequencing and Oxford Nanopore's nanopore sequencing. With their extended read lengths, these technologies allow researchers to pinpoint structural variants, gene fusions, and epigenetic modifications with greater precision than traditional short-read methods.

Technological advancements, particularly in NGS, have reduced sequencing costs and boosted throughput. This has paved the way for broader adoption of long-read sequencing in clinical research and diagnostics. For instance, data from Illumina reveals a staggering 96% drop in average annual genome costs from 2013 to 2023, plummeting from USD 5,467 to just USD 200. Further pushing the envelope, Ultima Genomics, Inc. unveiled its UG 100 sequencer in February 2024, promising a groundbreaking cost of just USD 100 per genome. This leap, achieved through cutting-edge sequencing technologies and engineering, ensures both affordability and high accuracy. Such advancements democratize access to genomic research and promise to accelerate its pace.

Furthermore, the growing applications of long-read sequencing are propelling its market expansion. Its adoption is surging across various fields, including human genomics, cancer research, microbiology, and plant and animal genomics. For instance, in oncology, this technology aids in identifying new mutations driving cancer progression. A March 2023 study from the EMBL (European Molecular Biology Laboratory) underscored long-read sequencing's superiority over short-read methods in mutation detection. Using Oxford Nanopore's MinION device, EMBL researchers delved into a medulloblastoma, revealing a unique mutation pattern. With increasing R&D investments and expanding applications, the market is poised for substantial growth.

However, despite the optimistic outlook for the long-read sequencing market, challenges loom. High equipment and operational costs, coupled with the complexities of data analysis, could hinder the widespread adoption of these technologies.

Long Read Sequencing Market Trends

Nanopore Sequencing Segment is Expected to Hold a Major Market Share in the Long Read Sequencing Market

Long Read Sequencing Industry Segmentation

As per the report's scope, long-read sequencing is a cutting-edge genomic technology that produces long, contiguous reads of DNA or RNA sequences, often spanning thousands to millions of base pairs. It provides a comprehensive view of the genome and spans repetitive regions, structural variations, and complex genomic areas.

The long read sequencing market is segmented into product, technology, workflow, application, end user and geography. By product, the market is segmented into instruments, consumables, and services. Based on technology, the market is segmented into single molecule real-time (SMRT) sequencing, nanopore sequencing and synthetic long read sequencing. The market is segmented by workflow into pre-sequencing, sequencing, and data analysis. The market is segmented by application into whole genome sequencing (WGS), whole exome sequencing (WES), targeted gene sequencing, metagenomics, epigenetics, and others. By end-user, the market is segmented into academic & research institutes, pharmaceutical & biotechnology companies, hospitals & clinics, and others. By geography, the market is segmented into North America, Europe, Asia-Pacific, South America, and Middle East and Africa. The report also offers the market size and forecasts for 17 countries across the region. The market sizing and forecasts were made for each segment based on value (USD).