What are the Historical Developments and Current Growth Metrics of the Single Molecule Real Time Sequencing SMRT Market?
The single molecule real time sequencing smrt market has seen considerable growth due to a variety of factors.
• In the last few years, the single-molecule real-time sequencing (SMRT) market has seen significant growth. It is set to expand from $3.11 $ billion in 2024 to $3.36 $ billion in 2025, with a compound annual growth rate (CAGR) of 8.2%.
The growth during the historic period can be linked to the increasing incidence of genetic disorders, the ability to determine disease-causing mutations, unravelling the complexity of gene regulation, paving the way for scientists to delve into new realms of genetic and molecular biology, and the increasing emphasis on genomics research.
What Does Future Hold for The Single Molecule Real Time Sequencing SMRT Market By 2029?
The single molecule real time sequencing smrt market is expected to maintain its strong growth trajectory in upcoming years.
• In the forthcoming years, the market size of single-molecule real-time sequencing (SMRT) is expected to experience significant growth, reaching $4.55 billion in 2029 with a CAGR of 7.9%.
This growth during the forecast period can be credited to an increased demand for precise medicine, the exploration of gene regulation complexities, the growing study of molecular and genetic biology, the necessity for high-throughput sequencing technologies, and the increasing requirement for long read lengths and high precision in examining complex genetic structures. The forecast timeframe will also witness various trends such as expansion into clinical diagnostics, development of new applications, innovations in next-generation sequencing (NGS), advancements in data analysis to interpret and apply sequencing outcomes, and product innovations.
What Are The Primary Growth Drivers In The Single Molecule Real Time Sequencing SMRT Market?
The growth of the single-molecule real-time sequencing (SMRT) market is anticipated to surge due to the escalating demand for precision medicine. This medical approach refers to the tailoring of healthcare strategy and treatment to each individual patient, depending on their lifestyle, environmental, and genetic factors. The amplified demand for personalized medicine can be attributed to the advancements in genomic technologies, promoting more specific and personalised treatments, and a heightened emphasis on personal patient care for improved outcomes. Single-molecule real-time sequencing (SMRT) significantly bolsters precision medicine by supplying comprehensive and precise genomic and epigenetic data, resulting in superior diagnosis, customised treatment, and enhanced patient outcomes. As an example, in 2022, the Personalized Medicine Coalition, a professional organisation based in the US, approved 12 new bespoke medications, constituting around 34% of all newly approved treatments, marking a considerable surge from previous years. Consequently, the escalating demand for precision medicine stimulates growth in the single-molecule real-time sequencing (SMRT) market.
What Is The Segmentation Of The Global Single Molecule Real Time Sequencing SMRT Market?
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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Who Are the Key Players 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.
What Are The Regional Insights Into 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.
