Understanding Key Drivers and Growth Opportunities in the Single-Molecule Real-Time Sequencing (SMRT) Market: Trends and Market Size Insights
2025 Market Reports Update: Market Size Forecasts to 2034, Key Trends, Leading Players, and Top Regions – Get Ahead of the Competition Today!
Which Primary Drivers Are Supporting the Continued Market Growth of theSingle-Molecule Real-Time Sequencing (SMRT) Market?
The growing demand for precision medicine is expected to propel the single-molecule real-time sequencing (SMRT) market. Precision medicine tailors treatments to individuals based on their genetic, environmental, and lifestyle factors. The rise in demand for precision medicine is driven by advances in genomic technologies and a shift toward personalized patient care for improved outcomes. SMRT plays a vital role in precision medicine by providing detailed genomic and epigenetic information, leading to more accurate diagnoses and personalized treatments. For example, 12 new customized medications were approved in 2022, representing about 34% of all newly approved treatments. Thus, the increasing demand for precision medicine is driving the SMRT market.
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#What is the Anticipated CAGR of theSingle-Molecule Real-Time Sequencing (SMRT) Market, and What Factors Will Drive It?
The single-molecule real-time sequencing (SMRT) market size has seen significant growth in recent years. It is set to grow from $3.11 billion in 2024 to $3.36 billion in 2025, at a CAGR of 8.2%. This growth is driven by the rising prevalence of genetic disorders, the need to identify disease-causing mutations, advancements in gene regulation research, and the increasing focus on genomics research.
The single-molecule real-time sequencing (SMRT) market is anticipated to grow to $4.55 billion by 2029, with a CAGR of 7.9%. This growth is attributed to the demand for precision medicine, the exploration of gene regulation, the rising study of genetic and molecular biology, the need for high-throughput sequencing technologies, and the requirement for long read lengths and high accuracy in studying complex genetic structures. Key trends include expansion into clinical diagnostics, the development of new applications, innovations in next-generation sequencing (NGS), advancements in data analysis for interpreting sequencing results, and product innovations.
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Who Are the Key Market Players Influencing the Growth of the Corn and Single-Molecule Real-Time Sequencing (SMRT) Industry?
Major companies operating in the single-molecule real-time sequencing (SMRT) market are Thermo Fisher Scientific Inc., Illumina Inc., Qiagen N.V., BGI Group, 10x Genomics Inc., Ginkgo Bioworks Inc., Oxford Nanopore Technologies Limited, Genewiz Inc., Pacific Biosciences of California Inc., Macrogen Inc., Element Biosciences Inc., Asuragen Inc., BioNano Genomics Inc., Zymo Research Corporation, Microsynth AG, GATC Biotech AG, Dovetail Genomics LLC, SeqWell Inc., Paragon Genomics Inc., Nabsys Inc.
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Which Key Market Segments Comprise the Single-Molecule Real-Time Sequencing (SMRT) Market and Drive Its Revenue Growth?
The single-molecule real-time sequencing (SMRT) market covered in this report is segmented –
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
Subsegments:
1) Consumable: Reagents, Sample Preparation Kits, Flow Cells
2) Instrument: SMRT Sequencers, Accessories, Software
3) Services: Data Analysis Services, Sequencing Services, Technical Support Services
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Which Regions Are Emerging as Leaders in the Single-Molecule Real-Time Sequencing (SMRT) Market?
North America was the largest region in the single-molecule real-time sequencing (SMRT) market in 2024. 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.
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