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| Global Third Generation Sequencing Market Size |
Third generation sequencing, also known as single molecule real-time
sequencing, enables the sequencing of entire genomes without reliance on
amplification which allows direct observation of biological processes. It provides
long reads and faster sequencing that enables novel applications like phased
diploid genome assemblies and structural variation detection. Third generation
sequencing has revolutionized fields like human genetics, cancer genomics and
molecular pathology.
The global third generation sequencing market is
estimated to be valued at US$ 11.64 Mn in 2023 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 Opportunity:
Opportunity in Genome Mapping
Third generation sequencing allows accurate, long-read sequencing essential for
mapping complex genomic regions that were difficult to assemble before. Its
ability to generate very long reads of up to 2,00,000 base pairs enables phased
diploid genome assemblies which provides a more complete picture of structural
variations. This has huge potential in advancing genome mapping projects around
the world. Currently, only a small fraction of human genomes have been fully
mapped due to limitations of short-read sequencing. Increased adoption of third
generation sequencing can help accelerate genome mapping initiatives and
progress research in polygenic diseases, genome evolution and genetics of
complex traits.
Porter's Analysis
Threat of new entrants: Low economies of scale in R&D and capital
requirements pose entry barriers for new players.
Bargaining power of buyers: Buyers have moderate to high bargaining power due
to the availability of alternative treatment options. However, demand for
personalized therapeutics is increasing bargaining power.
Bargaining power of suppliers: Suppliers have low to moderate bargaining power
due to the availability of substitutes and dominance of few major players
controlling significant market share.
Threat of new substitutes: Threat of substitutes is moderate as researchers are
continuously developing newer and advanced treatment options.
Competitive rivalry: Intense due to the few major players investing heavily in
R&D to gain market share through new product launches and strategic
collaborations.
SWOT Analysis
Strengths: Rising incidence of chronic diseases, increased healthcare spending,
technological advancements.
Weaknesses: High R&D costs, lack of skilled professionals, ethical issues
regarding human gene editing.
Opportunities:Growing applications in oncology, increasing demand for
personalized medicine, collaborations and partnerships.
Threats: Stringent regulatory frameworks, reimbursement issues, treatment alternatives.
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 2024-2030.
North America is currently dominating the market owing
to presence of advanced healthcare infrastructure, rising prevalence of chronic
diseases and availability of research funding. Asia Pacific region is
anticipated to grow at the fastest rate 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., Sanofi, Amgen Inc. These major players are
focusing on new product launches, acquisitions and collaborations to enhance
their market share. For instance, in 2021 Roche acquired its subsidiary
Foundation Medicine for $2.4 billion to strengthen oncology diagnostics
portfolio.
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