Long Read Sequencing Market Size, Share, Growth Analysis, By Product(Instruments, Consumables, and Services), By Technology(Single Molecule Real Time Sequencing, Nanopore Sequencing, and Others), By Workflow(Pre-sequencing, Sequencing, and Data Analysis), By Application(Whole Genome Sequencing, Targeted Sequencing, Metagenomics, RNA Sequencing), By End-use(Academic & Research Institutes, Hospitals & Clinics, Pharmaceutical & Biotechnology Companies, and Others), By Region - Industry Forecast 2024-2031

Long Read Sequencing Market size was valued at USD 455.10 Million in 2022 and is poised to grow from USD 595.81 million in 2023 to USD 5142.14 million by 2031, at a CAGR of 30.92% during the forecast period (2024-2031).

The rising prevalence of genetic disorders, such as cancers and chromosomal disorders, the popularity of personalized medicine, and technological advancements that have led to the development of novel methods, such as third-generation sequencing, are the main factors propelling market growth. The demand for cutting-edge sequencing methods for use in diagnostics & drug development research has increased as a result of the COVID-19 pandemic. Long read sequencing may also be used to create high-quality genome assemblies and find therapeutically significant genomic elements that are difficult to see using other techniques. Due to these benefits, Single Molecule Real Time (SMRT) reading and Nanopore methods have become more widely used in a variety of applications. The long read method is mainly used to look into genetic conditions if the disease region is either known or strongly suspected.

Clinical disease research based on next-generation DNA sequencing have some limitations that can be overcome by long read sequencing (LSR) techniques. Because LSR approaches use longer reads that originate from a single DNA molecule, they have an advantage over alternatives. Because batch sampling is not as necessary with real-time sequencing, sequencing runs are less expensive. This makes the approach appropriate for both urgently needed examinations of fresh, fresh-frozen, or fresh materials.

The long read sequencing technique has enabled accurate analysis of complicated genomic regions and detection of large-range abnormalities due to the aforementioned feature. LRS is being employed in more applications since it provides several advantages over traditional sequencing techniques. Examples include short read sequencing's inability to detect structural variants, distinguish highly homologous genomic regions, sequence repetitive parts, or sequence phase alleles. The diagnostic gap for patients with genetic disorders is widened by such brief read restrictions.

On the other hand, LRS has the potential to be used to produce high-quality genome assemblies and discover therapeutically important genomic elements that are challenging to spot using conventional methods. It is also anticipated that improvements in long read genomics will benefit the market expansion for clinical sequencing & analysis. The technique, for instance, can swiftly locate vast differences and intricate structural characteristics that may be connected to a number of clinical issues and rare diseases. Long read sequencing also makes it simple to detect reorganizations of chromosomes and gene fusing events, which are frequently seen in a variety of cancer types.

Increasing investment from major players in the creation of cutting-edge, efficient equipment is likely to fuel market expansion throughout the projected period. For instance, Illumina Inc. and Nashville Biosciences struck a multi-year deal in January 2022 for the creation of drugs based on advanced genomic technology. In order to create companion diagnostics, the business also worked with the German pharmaceutical company Boehringer Ingelheim. Such business initiatives are anticipated to promote market growth in the ensuing years.

US Long Read Sequencing Market is poised to grow at a sustainable CAGR for the next forecast year.