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Rising Demand For Precision Medicine Fuels Growth In Single-Molecule Real-Time Sequencing (SMRT) Market Emerges as a Core Driver of the Single-Molecule Real-Time Sequencing (SMRT) Market in 2025
Single-Molecule Real-Time Sequencing (SMRT)
What Is the Expected CAGR for the Single-Molecule Real-Time Sequencing (SMRT) Market Through 2025?
In recent times, we have seen significant growth in the size of the single-molecule real-time sequencing (SMRT) market. The market which valued at $3.11 billion in 2024, will further expand to $3.36 billion in 2025, indicating a compound annual growth rate (CAGR) of 8.2%. This historic expansion can be linked to the increasing occurrence of genetic disorders and the necessity to discover the mutations causing these diseases. Further, the deepening understanding of gene regulation has empowered scientists to pioneer new dimensions in genetic and molecular biology. The escalating focus on genomics research has also contributed to the market growth.
What's the Projected Size of the Global Single-Molecule Real-Time Sequencing (SMRT) Market by 2029?
The market size for single-molecule real-time sequencing (SMRT) is projected to experience a robust increase in the coming years. By 2029, it is projected to reach $4.55 billion, with a compound annual growth rate (CAGR) of 7.9%. The surge in the market during the forecasted period is due to factors such as the growing demand for precision medicine, an increased understanding of gene regulation, escalated studies in genetic and molecular biology, the necessity for high-throughput sequencing technologies, as well as a mounting need for long read lengths and high accuracy for the analysis of intricate genetic structures. Key trends anticipated for the forecast period encompass the extension into clinical diagnostics, development of new applications, next-generation sequencing (NGS) breakthroughs, advances in data analysis for sequencing results interpretation and application, along with innovations in products.
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Top Growth Drivers in the Single-Molecule Real-Time Sequencing (SMRT) Industry: What's Accelerating the Market?
The escalation in the requirement for precision medicine is anticipated to fuel the expansion of the single-molecule real-time sequencing (SMRT) market in future. Precision medicine, also known as personalized medicine, is a medical model that customizes healthcare and treatment plans for patients based on their genetic make-up, environmental, and lifestyle factors. The increased requirement for tailored medicine is driven by the advancements in genomic technologies that allow for highly detailed and individualized treatments, a growing focus on personalized patient care for optimum outcomes. Single-molecule real-time sequencing (SMRT) greatly boosts precision medicine by giving in-depth and precise genomic and epigenetic data, this leads to improved diagnosis, personalized treatment strategies, and better patient outcomes. For example, in 2022, the Personalized Medicine Coalition, a US professional organization, approved 12 new customized medications, which comprised approximately 34% of all newly approved treatments, representing a substantial increase from previous years. Hence, the growing requirement for precision medicine is enhancing the growth of the single-molecule real-time sequencing (SMRT) market. The increasing occurrence of genetic disorders is predicted to boost the expansion of the single-molecule real-time sequencing (SMRT) market going forward. Genetic disorders, which are health issues caused by abnormalities in an individual's DNA, can be either inherited or happen due to mutations, affecting physical development, metabolism, or overall health. The amplified occurrence of genetic disorders is primarily driven by increased awareness, improvements in diagnostic technology and considerations such as environmental influences and parental age. Single-Molecule Real-Time Sequencing (SMRT) is utilised in genetic disorders to offer accurate, long-read DNA sequences, which allows the detection of complex mutations and structural variations that conventional methods might overlook. For example, in March 2024, the Gene People, a UK-based charity for people with genetic disorders, reported that over 6,000 genetic disorders were present, with new ones discovered on a daily basis. In the UK, one out of 25 children is affected resulting in 30,000 new diagnoses yearly with more than 2.4 million individuals living with genetic disorders. Hence, the growing occurrence of genetic disorders is enhancing the growth of the single-molecule real-time sequencing (SMRT) market.
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What Are the Main Segments 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 Top Companies are Driving 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.
Which Regions Will Dominate the Single-Molecule Real-Time Sequencing (SMRT) Market Through 2029?
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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