Third generation sequencing also known as next-generation sequencing helps in determining the order of nucleotide bases in DNA and RNA. It is widely used for sequencing genomes and other forms of genetic analysis. Third generation sequencing helps in detecting various hereditary disorders and cancers with high accuracy. The increasing application of artificial intelligence in third generation sequencing is helping researchers and scientists to analyze DNA sequences quickly and efficiently. AI is being used for analysis of massive sequencing data sets and for diagnostic use.
The global Third Generation Sequencing Market is estimated to be valued at US$ 10.1 Bn in 2023 and is expected to exhibit a CAGR of 4.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing adoption of AI applications in third generation sequencing is one of the key trends in the market. AI algorithms are being used for analyzing tremendous amount of sequencing data generated from third generation sequencing technologies. AI helps in identifying patterns, detecting abnormalities and streamlining the analysis process. For instance, companies are developing AI-powered platforms for precision oncology which integrates third generation sequencing data with clinical data to develop personalized treatment options for cancer patients. Startups are also focusing on developing AI-assisted diagnostic tools for rare and undiagnosed diseases using third generation sequencing data. This is expected to further accelerate the market growth during the forecast period.
Segment Analysis
Third Generation Sequencing market is dominated by single molecule real-time (SMRT) sequencing sub-segment due to it's ability to sequence long reads (10,000-100,000 base pairs). SMRT sequencing provides advantage over other third generation sequencing technologies as it can sequence full bacterial and human genomes in native epigenetic context without any need for amplification or fragmentation.
Key Takeaways
The Global Third Generation Sequencing Market Size is expected to witness high growth over the forecast period of 2023 to 2030. The global Third Generation Sequencing Market is estimated to be valued at US$ 10.1 Bn in 2023 and is expected to exhibit a CAGR of 4.6% over the forecast period 2023 to 2030.
Regional analysis: Asia Pacific region is dominating the Third generation sequencing market and is expected to grow at the fastest rate during the forecast period. Countries like China, Japan and India are major contributors to the growth of third generation sequencing market in Asia Pacific region due to high R&D investment, increasing initiatives for genome sequencing, growing geriatric population susceptible to chronic diseases.
Key players: 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 Key players are focusing on new product launches, partnerships and expansion strategies to strengthen their foothold in third generation sequencing market. For instance, in 2021, Roche Diagnostics received FDA approval for Cobas cfDNA next generation sequencing test for non-small cell lung cancer patients.
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https://www.newswirestats.com/third-generation-sequencing-market-size-share-growth-outlook-2023/
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