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The global market for Single-molecule Real-time (SMRT) Sequencing is projected to increase significantly, growing from USD 2.92 billion in 2025 to an anticipated USD 5.32 billion by 2030. This growth is expected to occur at a robust Compound Annual Growth Rate (CAGR) of 12.8% during the forecast period, according to a recent report by MarketsandMarkets.
Market Dynamics and Trends
The demand for SMRT sequencing technology is particularly strong in North America, where laboratories, hospitals, and genomic centers increasingly rely on long-read data to address complex challenges such as rare disease diagnosis and intricate cancer genomics. The region benefits from substantial public funding and proactive collaboration among universities, consortia, and industry partners, which accelerates the adoption of innovative SMRT platforms.
The market is segmented into products and services, with products dominating the sector in 2024. Instruments, consumables, and bioinformatics tools are essential for conducting sequencing runs and are regularly updated as laboratories expand their genome, transcriptome, and epigenetics projects. Continuous enhancements in throughput and read accuracy are driving laboratories to upgrade their SMRT systems, contributing to the product segment’s supremacy.
The workflow for SMRT sequencing is categorized into pre-sequencing, sequencing, and data analysis. In 2024, the sequencing phase is expected to hold the largest market share, as substantial investment occurs at this stage due to the need for high-value instruments and consumables to produce high-fidelity long-read data.
Emerging Innovations and Regional Growth
Recent technological advancements are providing a significant upgrade to the SMRT sequencing landscape. New high-throughput instruments, AI-driven base calling, and improved integration between long-read and short-read platforms are making whole-genome and multi-omics studies faster and more cost-efficient. There is a growing expectation from regulators and clinicians for complete and accurate genomic data with transparent audit trails for each sample, prompting labs to adopt fully automated, end-to-end SMRT sequencing pipelines.
The academic and research institutes segment is forecasted to be the largest market player in 2024. These institutions heavily utilize SMRT technology for complex genomic projects, benefiting from its capabilities in de novo genome assembly and other critical applications in functional genomics.
The Asia Pacific region is predicted to emerge as the fastest-growing area for SMRT sequencing during the forecast period. Increased public and private investment in genomics, the establishment of genome centers, and advanced laboratory facilities are contributing to this growth. Additionally, there is a rising demand for long-read sequencing in rare disease diagnostics and cancer research.
Key players in the SMRT sequencing market include Pac Bio, Illumina, Inc., and the BGI Group, among others. These companies are positioned to benefit from the growing demand for sequencing technologies as they continue to innovate and expand their product offerings.
As the market evolves, the focus on quality, traceability, and efficiency in sequencing will likely drive further advancements in SMRT technology, shaping the future of genomic research and clinical applications.
