CHICAGO , Aug. 12, 2024 /PRNewswire/ -- The global Long Read Sequencing Market is expected to grow from USD 758 million in 2024 to USD 3,129 million in 2029, at a CAGR of 32.8%.
The long-read sequencing market is primarily driven by advancements in third-generation sequencing technologies, the increasing prevalence of genetic and rare diseases, and a growing demand for high-throughput sequencing. Technological innovations, particularly the integration of AI for improved data analysis and mutation detection, enhance the effectiveness and accessibility of long-read sequencing. However, high development costs and financial barriers limit its widespread adoption.
Opportunities exist in clinical genomics, particularly for cancer detection and treatment monitoring. Despite challenges related to data storage, analysis, and validation, the market is expanding, with significant contributions from nanopore sequencing technology and increasing research investments. North America leads the market, while Asia Pacific is the fastest-growing region.
Key players include Oxford Nanopore Technologies, PacBio, Illumina, and Thermo Fisher Scientific..