Third generation sequencing, also known as next-generation sequencing, enables researchers to rapidly sequence entire genomes and explore genetic alterations associated with health and disease. The technology allows analysis of individual genomes at higher speeds and lower costs compared to previous methods, facilitating greater understanding of genetic influences. Various applications of third generation sequencing include prenatal genetic testing, oncology diagnostics, personalized medicine, and agricultural and environmental research.

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 key trends:
Advancements in genomics have been a major driver of growth in the third generation sequencing market. Researchers are continuously working on improving sequencing technologies to achieve longer read lengths, higher throughput, and lower error rates. This allows more comprehensive genomic analysis crucial for applications such as structural variant detection. In addition, new techniques like single-molecule, real-time sequencing are enabling sequencing of full bacterial and human genomes in a single run at higher speeds. Such developments are expected to fuel expanded use of third generation sequencing technologies across various industries going forward. Growing research focus on precision medicine also contributes to demand.

Segment Analysis
The global third generation sequencing market can be segmented by product & service, technology, application, end user, and region. Based on product & service, the instruments segment is expected to dominate the market during the forecast period. This is due to the high cost of instruments such as next generation sequencing platforms. These platforms are used to perform various genomic applications such as whole genome sequencing, exome sequencing, and targeted resequencing.

Key Takeaways
Global Third Generation Sequencing Market Size  is expected to witness high growth over the forecast period.

Regional analysis showed that North America currently dominates the market due to presence of strong biopharmaceutical and healthcare industries and availability of research funding. However, Asia Pacific is expected to grow at the fastest pace during the forecast period.

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. Long read sequencing technology enables sequencing of entire genomes of diverse organisms in a cost-effective manner. This is expected to further drive the adoption of third generation sequencing in clinical diagnostics and research applications. Additionally, continuous technological advancements are also supporting market growth.

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