PUBLISHER: The Business Research Company | PRODUCT CODE: 1620104
PUBLISHER: The Business Research Company | PRODUCT CODE: 1620104
Single-molecule real-time (SMRT) sequencing is an advanced DNA sequencing technology that enables real-time observation of DNA synthesis by tracking fluorescently labeled nucleotides. This capability allows for the generation of long, continuous reads and is particularly effective for sequencing complex genomic regions and identifying structural variations.
The primary product types in single-molecule real-time (SMRT) sequencing are consumables, instruments, and services. SMRT sequencing consumables are materials utilized in this technology for real-time DNA or RNA sequencing. These consumables are applied in various areas such as DNA sequencing, RNA sequencing, epigenetics, and whole genome sequencing. They are used by a diverse range of end-users, including hospitals, diagnostic laboratories, biopharmaceutical companies, academic institutions, and research centers.
The single-molecule real-time sequencing (SMRT)market research report is one of a series of new reports from The Business Research Company that provides single-molecule real-time sequencing (SMRT)market statistics, including single-molecule real-time sequencing (SMRT)industry global market size, regional shares, competitors with a single-molecule real-time sequencing (SMRT)market share, detailed single-molecule real-time sequencing (SMRT)market segments, market trends, and opportunities, and any further data you may need to thrive in the single-molecule real-time sequencing (SMRT)industry. This single-molecule real-time sequencing (SMRT)market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The single-molecule real-time sequencing (SMRT) market size has grown strongly in recent years. It will grow from $2.89 billion in 2023 to $3.11 billion in 2024 at a compound annual growth rate (CAGR) of 7.7%. The growth observed during the historic period can be attributed to several factors, including the increasing prevalence of genetic disorders, the identification of disease-causing mutations, the exploration of gene regulation complexities, the expansion of research in genetic and molecular biology, and a heightened focus on genomics research.
The single-molecule real-time sequencing (SMRT) market size is expected to see strong growth in the next few years. It will grow to $4.22 billion in 2028 at a compound annual growth rate (CAGR) of 8.0%. The projected growth during the forecast period can be attributed to several factors, including the increasing demand for precision medicine, the exploration of gene regulation intricacies, the growing study of genetic and molecular biology, the need for high-throughput sequencing technologies, and the rising requirement for long read lengths and high accuracy to investigate complex genetic structures. Key trends expected during this period include expansion into clinical diagnostics, the development of novel applications, innovations in next-generation sequencing (NGS), advancements in data analysis for interpreting and applying sequencing results, and ongoing product innovations.
The growing demand for precision medicine is expected to drive the growth of the single-molecule real-time sequencing (SMRT) market in the future. Precision medicine, also known as personalized medicine, tailors treatment and healthcare strategies to individual patients based on their genetic, environmental, and lifestyle factors. The increased demand for personalized medicine is fueled by advancements in genomic technologies, which enable more precise and customized treatments, and a greater emphasis on individualized patient care to achieve better outcomes. SMRT sequencing significantly enhances precision medicine by providing detailed and accurate genomic and epigenetic information, leading to improved diagnosis, personalized treatment, and better patient outcomes. For example, in 2022, the Personalized Medicine Coalition, a US-based professional organization, reported that 12 new customized medications were approved, making up approximately 34% of all newly approved treatments-a notable increase compared to previous years. Thus, the rising demand for precision medicine is driving the growth of the SMRT sequencing market.
The increasing prevalence of genetic disorders is expected to drive the growth of the single-molecule real-time sequencing (SMRT) market in the coming years. Genetic disorders are health conditions caused by abnormalities in a person's DNA, which can be inherited or arise from mutations, affecting physical development, metabolism, or overall health. The rise in genetic disorders is mainly attributed to heightened awareness, advancements in diagnostic technologies, and factors like environmental influences and parental age. SMRT sequencing is utilized in diagnosing genetic disorders by providing accurate, long-read DNA sequences, allowing for the detection of complex mutations and structural variations that traditional methods may overlook. For example, in March 2024, Gene People, a UK-based charity supporting individuals with genetic disorders, reported that over 6,000 genetic conditions exist, with new ones being discovered regularly. In the UK alone, 1 in 25 children is affected, leading to 30,000 new diagnoses each year, with more than 2.4 million people living with genetic conditions. As a result, the increasing incidence of genetic disorders is driving the growth of the SMRT market.
In February 2023, SeqLL, a US-based company providing sequencing instruments and services including SMRT sequencing, partnered with the US Federal Bureau of Investigation to enhance the accuracy and reliability of identifying biological evidence in criminal investigations. This partnership aims to develop a sequencing-based forensic technology to improve the analysis of biological evidence and leverage SeqLL's advanced sequencing capabilities to enhance the accuracy and efficiency of forensic DNA analysis. The US Federal Bureau of Investigation is a government law enforcement agency based in the US.
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.
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.
The countries covered in the single-molecule real-time sequencing (SMRT) market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The single-molecule real-time sequencing (SMRT) market consists of revenues earned by entities by service contracts, data analysis, charging for the service and maintenance plans. The market value includes the value of related goods sold by the service provider or included within the service offering. The single-molecule real-time sequencing (SMRT) market also includes sales of sequencing kits, reagents, and specialized chips. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Single-Molecule Real-Time Sequencing (SMRT) Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on single-molecule real-time sequencing (SMRT) market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for single-molecule real-time sequencing (SMRT) ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The single-molecule real-time sequencing (SMRT) market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.