Global Single-Molecule Real-Time Sequencing (SMRT) Market Forecast 2024-2033: Estimated Market Size And Growth Rate
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How Much Growth is Expected for the Single-Molecule Real-Time Sequencing (SMRT) Market from 2024 to 2033?
The market size of single-molecule real-time sequencing (SMRT) has seen robust growth in the past few years. The growth is projected to increase from $2.89 billion in 2023 to $3.11 billion in 2024, experiencing a compound annual growth rate (CAGR) of 7.7%. The historical growth is associated with a rise in the occurrence of genetic disorders, the need to discover mutation triggers for diseases, demystifying complex elements of gene regulation, facilitating new advancements in the genetic and molecular biology domain, and the rising emphasis on genomics research.
In the coming years, the single-molecule real-time sequencing (SMRT) market is predicted to experience substantial growth, reaching a value of $4.22 billion by 2028 at a compound annual growth rate (CAGR) of 8.0%. This growth during the forecast period is credited to the increasing demand for precision medicines, deepening understanding of gene regulation, rise in studies related to genetic and molecular biology, requirement for high-throughput sequencing technologies, and a growing need for longer read lengths coupled with high accuracy for studying complex genetic structures. Looking ahead, the forecast period will likely see trends such as branching out into clinical diagnostics, the emergence of novel uses, breakthroughs in next-generation sequencing (NGS), advancements in data interpretation and application of sequencing results, and product innovation.
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What Factors Are Encouraging Growth in the single-molecule real-time sequencing (smrt) Market?
The growth of the single-molecule real-time sequencing (SMRT) market is predicted to be stimulated by the increasing need for precision medicine. Precision medicine, also referred to as personalized medicine, is an individualized healthcare strategy that considers a patient’s genetics, environment, and lifestyle for prescribing treatments. Advancements in genomic technologies enhancing personalized healthcare strategies have caused an upsurge in personalized medicine demand, consequently bettering patient outcomes. For example, the US-based professional organization, the Personalized Medicine Coalition, reported that 12 new tailored medications were approved in 2022, accounting to about 34% of all newly approved treatments, an enormous increase from previous years. Therefore, the single-molecule real-time sequencing (SMRT) market is expected to see growth due to the demand for precision medicine.
Which Segments Play a Vital Role in the Single-Molecule Real-Time Sequencing (SMRT) Market?
1) By Product: Consumable, Instrument, Services
2) By Application: DNA Sequencing, RNA Sequencing, Epigenetics, Whole Genome Sequencing, Other Applications
3) By End-Users: Hospitals, Diagnostic Laboratories, Biopharmaceutical Companies, Academic Institutes And Research Centers, Other End-Users
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What Regions Are Contributing Significantly to the Growth of the Single-Molecule Real-Time Sequencing (SMRT) Market?
North America was the largest region in the single-molecule real-time sequencing (SMRT) market in 2023. The regions covered in the single-molecule real-time sequencing (SMRT) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Single-Molecule Real-Time Sequencing (SMRT) Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the single-molecule real-time sequencing (smrt) market, its market share, and analyzes key competitors along with their market positions.
The Table Of Content For The Single-Molecule Real-Time Sequencing (SMRT) Market Include
1. Single-Molecule Real-Time Sequencing (SMRT) Market Executive Summary
2. Single-Molecule Real-Time Sequencing (SMRT) Market Segments
3. Single-Molecule Real-Time Sequencing (SMRT) Market Size And Template Market Growth Rate
4. Key Single-Molecule Real-Time Sequencing (SMRT) Market Trends
5. Major Single-Molecule Real-Time Sequencing (SMRT) Market Drivers
……
25. Key Mergers And Acquisitions In The Single-Molecule Real-Time Sequencing (SMRT) Market
26. Top Single-Molecule Real-Time Sequencing (SMRT) Companies
27. Single-Molecule Real-Time Sequencing (SMRT) Market Opportunities And Strategies
28. Single-Molecule Real-Time Sequencing (SMRT) Market, Conclusions And Recommendations
29. Appendix
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