Long Read Sequencing Market Expected to Reach $5.2 Billion by 2032

According to a new report published by Allied Market Research, titled, “Long Read Sequencing Market," The long read sequencing market was valued at $0.7 billion in 2022, and is estimated to reach $5.2 billion by 2032, growing at a CAGR of 21.7% from 2023 to 2032. The nanopore sequencing segment is anticipated to grow at the highest CAGR of 22.4% during the forecast period.  In addition, Asia-Pacific is expected to register the highest CAGR of 22.6% during the forecast period. 

Long-read sequencing, also termed as third-generation sequencing, addresses limitations in genomics throughput, scope, and accuracy. This technology promises profound insights into pathogen evolution, cancer, genetic diversity, and drug resistance, particularly in complex genomic regions crucial for clinical care. By enabling comprehensive analysis of DNA sequences, long-read sequencing enhances the understanding of disease mechanisms and evolutionary processes.  

The long read sequencing market trends include demand for personalized medicine, technological advancements improving read length and accuracy, collaborations among key industry players, expanding applications in drug discovery and clinical diagnostics, and rise in awareness of genomics' potential in research and healthcare. In addition, the rise in initiative taken by the key players to strengthen their product portfolio through product launches further contributes to long read sequencing market growth. For instance, PacBio, a leading developer of highquality, highly accurate sequencing solutions, announced the launch of Revio long-read sequencing system, which is expected to enable customers to dramatically scale their use of PacBio’s celebrated HiFi sequencing technology. Thus, rise in product launches provides long read sequencing market opportunity.

The long read sequencing market analysis is segmented on the basis of application, technique, product, end user, and region. By application, the market is bifurcated into research application and clinical application. The research application segment dominated the market share in 2022. This is attributed to the rise in availability of funding for genomic research projects and adoption of sequencing technologies in research settings. Moreover, the continuous evolution of sequencing platforms and bioinformatics tools enhances their suitability for diverse research applications, including genomics, transcriptomics, epigenomics, and metagenomics, thus solidifying the segment's dominance. 

However, the clinical application segment is expected to register the highest CAGR of 22.0% during the long read sequencing market forecast period, owing to the increase in integration of genomic information into clinical practice, particularly in areas such as oncology, rare diseases, and infectious diseases, which foster the demand for sequencing technologies for diagnostic, prognostic, and therapeutic purposes. In addition, the growing demand for precision medicine and personalized healthcare is fueling the expansion of long-read sequencing in clinical applications which supports the segment growth. 

Depending on technique, the market is categorized into single-molecule real-time sequencing (SMRT), nanopore sequencing, and synthetic long read sequencing. The single-molecule real-time sequencing (SMRT) segment dominated the long read sequencing market size in 2022, owing to its high accuracy, reduced sequencing biases, enhanced detection of structural variants, and applications in diverse fields such as genomics, clinical diagnostics, and research. In addition, ongoing technological advancements and cost reductions further drive its adoption and market leadership. 

However, the nanopore sequencing segment is expected to register the highest CAGR during the forecast period. This is attributed to continuous advancements in nanopore technology, enabling longer reads, improved accuracy, and enhanced portability. In addition, nanopore sequencing's ability to directly detect DNA/RNA molecules in realtime without the need for amplification or complex sample preparation further fuels its adoption in the forecast period. 

Depending on product, the market is segmented into instruments, consumables, and services. The consumables segment dominated the long read sequencing market share in 2022. This is attributed to recurring nature of consumable purchases, such as reagents, cartridges, and other materials necessary for sequencing experiments, ensures a steady revenue stream for sequencing companies. In addition, the surge in adoption of sequencing technologies across research, clinical, and industrial settings increases the demand for consumables. 

However, the instruments segment is expected to register the highest CAGR during the forecast period. This is attributed to continuous technological advancements in sequencing instruments, such as improvements in speed, accuracy, and throughput, are driving demand for upgraded systems.  In addition, the entry of new players and the introduction of innovative platforms are expected to contribute to the segment's growth. 

Depending on end user, the market is classified into academic and government research institutes, pharmaceutical and biotechnological companies, hospitals and clinics, and others. The pharmaceutical and biotechnological companies segment dominated the long read sequencing market share in 2022. Pharmaceutical and biotechnology companies heavily invest in sequencing technologies to support drug discovery and development efforts, including target identification, biomarker discovery, and personalized medicine initiatives, thus dominating the segment growth. 

However, the academic and government research institutes segment is expected to register the highest CAGR during the forecast period. The increase in availability of research funding, grants, and collaborative initiatives supports the adoption of sequencing technologies in academic and government research settings. In addition, the rise in emphasis on multidisciplinary research projects, such as large-scale genomics initiatives and precision medicine programs, drives the demand for advanced sequencing instruments and services in these institutions. 

Region wise, North America was the largest shareholder in the global long read sequencing industry in 2022 owing to substantial investment in genomics research and development, supported by government funding, private investments, and academic collaborations. Moreover, the presence of advanced healthcare infrastructure, favorable regulatory policies, and a strong focus on precision medicine initiatives further propel the adoption of long read sequencing technologies in clinical and research settings which drive themarket growth. However, Asia-Pacific is anticipated to register the highest CAGR during the forecast period owing to rapid economic growth in countries such as China and India,  which has led to increased investment in healthcare infrastructure, research and development, and biotechnology sectors, fostering a conducive environment for the adoption of advanced genomic technologies such as long read sequencing. 

Key Findings of the Study 

• On the basis of application, the research application segment dominated the market in 2022. However, clinical application segment is anticipated to grow at the highest CAGR during the forecast period.  

• On the basis of technique, the single-molecule real-time sequencing (SMRT) segment dominated the long read sequencing industry in 2022. However, nanopore sequencing segment is anticipated to grow at the highest CAGR during the forecast period.   

• On the basis of product, the consumables segment dominated the long read sequencing market size in 2022. However, instrument segment is anticipated to grow at the highest CAGR during the forecast period.   

• On the basis of end user, the pharmaceutical and biotechnological companies segment was largest contributor to the market in 2022. However, academic and government research institutes segment is anticipated to grow at the highest CAGR during the forecast period.  

• Region wise, North America generated the largest revenue in 2022. However, Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period.