Rising Demand For Precision Medicine: A Key Driver In the Single-Molecule Real-Time Sequencing (SMRT) Market 2024

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What is the Projected Growth of the Single-Molecule Real-Time Sequencing SMRT Market?

The single-molecule real-time sequencing SMRT market size has experienced substantial growth in recent years. The market is forecasted to rise from $2.89 billion in 2023 to $3.11 billion in 2024, signifying a compound annual growth rate CAGR of 7.7%. This growth during the historic period can be credited to the growing prevalence of genetic disorders, disease-causing mutations identification, the unraveling intricacies of gene regulation, the exploration of new frontiers in genetic and molecular biology, and the increasing emphasis on genomics research.

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What Will Influence the SMRT Market in the Upcoming Years?

The single-molecule real-time sequencing SMRT market size is anticipated to see robust growth in the next few years. It is expected to grow to $4.22 billion in 2028 at a compound annual growth rate CAGR of 8.0%. The growth in the forecast period can be attributed to the rising demand for precision medicine, the ongoing study of genetics and molecular biology, the necessity for high throughput sequencing technologies, and the increasing requirement for long read lengths and high accuracy for studying complex genetic structures. Additionally, major advancements such as expansion into clinical diagnostics, the development of novel applications, innovations in next-generation sequencing NGS, improvements in data analysis for interpretation and application of sequencing results, and product innovations are set to shape the market in the coming years.

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What’s Driving Growth in the SMRT Market?

The rising demand for precision medicine is expected to propel the growth of the single-molecule real-time sequencing SMRT market going forward. Precision medicine, also known as personalized medicine, is a unique approach that customizes treatment and healthcare strategies for individuals based on their genetic, environmental, and lifestyle factors. The growing demand for personalized medicine, fueled by advancements in genomic technologies, allows for more precise, tailored treatments and places a growing emphasis on individualized patient care for improved outcomes.

Which Are The Main Companies Operating in the SMRT Market?

Major companies operating in the single-molecule real-time sequencing SMRT market include 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., and Nabsys Inc.

How Is the Global SMRT Market Segmented?

The single-molecule real-time sequencing SMRT market covered in this report is segmented as follows:

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

What Is the Regional Landscape of the SMRT Market?

North America was the largest region in the single-molecule real-time sequencing SMRT market in 2023. 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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