Single-Molecule Real-Time Sequencing (SMRT) Growth Forecast 2025-2034: Trends, Opportunities, and Key Insights You Need to Know
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What is the Predicted CAGR for the Single-Molecule Real-Time Sequencing (SMRT) Market Over the Forecast Period of 2025 to 2034?
In recent times, the market size for single-molecule real-time sequencing (SMRT) has seen robust growth. The market is predicted to expand from $3.11 billion in 2024 to $3.36 billion in 2025, with a compound annual growth rate (CAGR) of 8.2%. Factors contributing to this growth during the historical period include an increased incidence of genetic disorders, the need to uncover disease-causing mutations, the complexity of gene regulation, opportunities for scientists to delve into fresh areas of genetic and molecular biology, and a heightened emphasis on genomics research.
The market size for single-molecule real-time sequencing (SMRT) is projected to witness substantial growth in the coming years. The market is set to reach $4.55 billion in 2029, growing at a compound annual growth rate (CAGR) of 7.9%. This surge during the forecast period is credited to the escalating demand for precision medicine, further exploration into gene regulation complexities, growing studies in genetic and molecular biology, the necessity for high-throughput sequencing technologies, and the increased requirement for longer read lengths with high accuracy to examine intricate genetic structures. Key trends during this forecast period highlight an expansion into clinical diagnostics, creation of new uses, innovative progression in next-generation sequencing (NGS), developments in data analysis for better interpretation and application of sequencing results, and product modernizations.
Which Factors Are Enhancing the Growth of the Single-Molecule Real-Time Sequencing (SMRT) Market?
Anticipated growth in the single-molecule real-time sequencing (SMRT) market is attributed to the surge in demand for precision medicine. Personalized medicine, another term for precision medicine, is a medical model that customizes healthcare and treatment modalities based on a patient’s genetic, environmental and lifestyle-specific factors. The upward trend in demand for this personalized approach is prompted by developments in genomic sciences, which make accurate, individual-based treatments possible and underscore the importance of personalised care for improved patient results. SMRT has a critical role in propelling precision medicine, offering intricate and precise genomic and epigenetic information for superior diagnoses, custom treatments, and better patient prognosis. For instance, the US-based Personalized Medicine Coalition confirmed the approval of 12 tailored medications in 2022 which equals roughly 34% of all new treatments for that year, a significant rise compared to previous years. Consequently, the surging demand for precision medicine fuels growth in the SMRT market.
The Increasing Prevalence of Genetic Disorders Steers the Growth of the Single-Molecule Real-Time Sequencing Market
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Who Are the Top Companies Driving Innovation and Growth in the Single-Molecule Real-Time Sequencing (SMRT) Market?
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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What Are the Main Segments of the Single-Molecule Real-Time Sequencing (SMRT) Market, and How Are They Evolving?
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
Which Geographical Regions Are Pioneering Growth 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.
How Do Experts Define the Scope of the Single-Molecule Real-Time Sequencing (SMRT) Market?
Single-molecule real-time (SMRT) sequencing is an advanced DNA sequencing technology that allows for the direct observation of DNA synthesis by monitoring fluorescently labeled nucleotides in real-time, enabling the production of long, continuous reads. This technology is beneficial for sequencing complex genomic regions and resolving structural variations.
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