Key Driver Shaping the growth of the Single-Molecule Real-Time Sequencing (SMRT) Market From 2025-2034: Rising Demand For Precision Medicine Fuels Growth In Single-Molecule Real-Time Sequencing (SMRT) Market

What Is the Estimated Market Size and Growth Rate for the Single-Molecule Real-Time Sequencing (SMRT) Market?
The market size of single-molecule real-time sequencing (SMRT) has seen robust growth over the past few years. The market is projected to increase from $3.11 billion in 2024 to $3.36 billion in 2025, with a compound annual growth rate (CAGR) of 8.2%. This growth during the historical period is due to factors like the increasing occurrence of genetic disorders, the identification of mutations that lead to diseases, decoding the complexity of gene regulation, paving the way for scientists to delve into new territories of genetic and molecular biology, and an increasing emphasis on genomic research.

There is an anticipated robust growth in the size of the single-molecule real-time sequencing (SMRT) market throughout the next few years, increasing to $4.55 billion in 2029 with a compound annual growth rate (CAGR) of 7.9%. This growth projection over the forecast period is credited to factors such as the escalating demand for precision medicine, a growing scrutiny of gene regulation, the increasing interest in the studies of genetic and molecular biology, the necessity for high-throughput sequencing technologies, and the heightened need for long read lengths and high precision in probing intricate genetic structures. Key trends during the forecast period encompass enlargement into the domain of clinical diagnostics, the creation of innovative applications, breakthroughs in next-generation sequencing (NGS), advances in data analysis to facilitate the understanding and use of sequencing outcomes, along with product innovations.

What Are the Forces Behind the Rapid Growth of the Single-Molecule Real-Time Sequencing (SMRT) Market?
An upward trajectory in the demand for precision medicine is propelling the single-molecule real-time sequencing (SMRT) market's future growth. Precision medicine, alternatively known as customized medicine, molds treatment and health tactics according to a patient's individual genetic, environmental, and lifestyle circumstances. This growing demand is being fueled by significant strides in genomic technologies, leading to highly accurate bespoke treatments and a greater focus on patient-specific care to improve health outcomes. Single-molecule real-time sequencing (SMRT) considerably improves precision medicine by providing exhaustive and precise genomic and epigenetic data, contributing to enhanced diagnoses, personalized medication, and improved patient health results. The Personalized Medicine Coalition, a professional organization in the US, reported that 12 new individualized treatments were approved in 2022, making up about 34% of total approved treatments, a substantial surge from previous years. Consequently, the burgeoning demand for precision medicine is bolstering growth in the single-molecule real-time sequencing (SMRT) market. The surging occurrence of genetic disorders is projected to boost the single-molecule real-time sequencing (SMRT) market's future advancement. Genetic disorders are health-related issues triggered by DNA abnormalities in an individual and could be directly inherited or result from mutations affecting the person's physical development, metabolism, or overall health. The increasing number of genetic disorders is largely due to heightened awareness, significant improvements in diagnostic technology, and factors like environmental impacts and parental age. Single-molecule real-time sequencing (SMRT) is utilized in evaluating genetic disorders by providing highly accurate, extended DNA sequences, making it possible to detect complex mutations and structural variations that traditional methods might overlook. For instance, in March 2024, The Gene People, a registered charity for those with genetic disorders in the UK, stated over 6,000 genetic conditions exist, with new ones appearing consistently. In the UK, 1 in 25 children are affected, leading to 30,000 new diagnoses every year and over 2.4 million people living with genetic abnormalities. Therefore, the sharp upsurge in the incidence of genetic disorders is propelling growth in the single-molecule real-time sequencing (SMRT) market.

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Who Are the Dominant Companies Influencing Single-Molecule Real-Time Sequencing (SMRT) Market Trends?
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 Different Segmentations in the 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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Which Region Is at the Forefront 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 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.

What Is Covered In The Single-Molecule Real-Time Sequencing (SMRT) Global Market Report?

- Market Size Analysis: Analyze the Single-Molecule Real-Time Sequencing (SMRT) Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Single-Molecule Real-Time Sequencing (SMRT) Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Single-Molecule Real-Time Sequencing (SMRT) Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Single-Molecule Real-Time Sequencing (SMRT) Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.

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