The long read sequencing market was valued at US$ 1,101.15 million in 2020 and it is projected to reach US$ 5,334.68 million by 2028; it is expected to grow at a CAGR of 22.3% during 2021-2028.

The market growth is attributed to the key driving factors such as the advantages of long read sequencing and increasing prevalence of chronic diseases. However, the lack of skilled professionals hinders the growth of the market.

Long read sequencing is a method for DNA sequencing. When compared to next-generation sequencing technology, the long read sequencing method offers numerous advantages including the ability to more accurately sequence DNA containing the same portions of DNA replicated across the genome.

Based on technology, the global long read sequencing market is segmented into single-molecule real time sequencing (SMRT), nanopore sequencing, and loop genomics long read sequencing. The single-molecule real time sequencing (SMRT) segment held the largest market share in 2020, and the loop genomics long read sequencing segment is expected to register the highest CAGR during the forecast period.

By product, the global long read sequencing market is segmented into instruments, consumables, and services. The instruments segment held the largest share of the market in 2020. However, the services segment is expected to register the highest CAGR in the market during 2021-2028.

The global long read sequencing market, based on application, is segmented into identification and fine mapping of structural variation, tandem repeat sequencing, pseudogene discrimination, resolving allele phasing, reproductive genomics, cancer, viral and microbial sequencing, and others. The identification and fine mapping of structural variation segment held the largest share of the market in 2020. However, the cancer segment is expected to register the highest CAGR in the market from 2021 to 2028.

Based on workflow, the global long read sequencing market is segmented into pre-sequencing, sequencing, and data analysis. The sequencing segment held the largest market share in 2020, and the same segment is expected to register the highest CAGR during 2021-2028.

Based on end-user, the global long read sequencing market is segmented into academic research institutes, hospitals and clinics, and pharma and biotechnology companies. The academic research institutes segment held the largest share of the market in 2020, and the same segment is expected to register the highest CAGR during the forecast period.

European Centre for Disease Prevention and Control, European Union (EU), National Center for Biotechnology Information (NCBI), and World Health Organization (WHO) are a few of the secondary sources referred to while preparing the report on the global long read sequencing market.