Dublin, Dec. 11, 2024 (GLOBE NEWSWIRE) -- The "Optical Genome Mapping Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
This 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. North America was the largest region in the optical genome mapping market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The optical genome mapping market size has grown exponentially in recent years. It will grow from $0.14 billion in 2023 to $0.17 billion in 2024 at a compound annual growth rate (CAGR) of 29.4%. The expansion observed in the historical period can be attributed to several factors. These include the increasing demand for advanced genomic analysis tools and techniques, a rise in research focusing on large-scale genome identification, an increasing number of collaborations between instrument manufacturers and hospitals, the adoption of optical genome mapping in research institutions and pharmaceutical companies, and the cost-effectiveness and efficiency of optical genome mapping leading to rapid analysis of large genomes with high accuracy.
The optical genome mapping market size is expected to see exponential growth in the next few years. It will grow to $0.49 billion in 2028 at a compound annual growth rate (CAGR) of 29.5%. The anticipated growth in the forecast period can be attributed to several factors. These include advancements in genomic research, increasing demand for precision medicine, rising government funding and initiatives supporting genomic studies, robust healthcare infrastructure facilitating genomic analysis, and the increasing prevalence of genetic diseases and cancer.
Major trends expected in the forecast period encompass advanced optical genome mapping (OGM) services, initiatives in genomic research, advancements in DNA mapping technologies, continuous technological innovations, and advancements in data analysis technologies such as artificial intelligence (AI) and machine learning (ML) for processing genomic data.
The growing demand for precision medicine is anticipated to drive the expansion of the optical genome mapping market in the future. For example, the FDA's approval of 16 novel personalized therapies for rare diseases in 2023, compared to six in 2022, as reported by the Personalized Medicine Coalition in February 2024, underscores the escalating demand for precision medicine and its correlation with the growth of the optical genome mapping market.
Leading companies in the optical genome mapping market are focusing on the development of optical genome mapping-based laboratory-developed tests (LDTs) to bolster diagnostic capabilities and furnish more precise genomic information. For instance, Bionano Genomics Inc., a US-based provider of genome analysis software, unveiled an optical genome mapping-based LDT for facioscapulohumeral muscular dystrophy (FSHD) in September 2022. This offering enables Bionano Laboratories to provide services to clients seeking to integrate OGM into their diagnostic routines and research endeavors, collaborating with hospitals, pharmaceutical firms, and other stakeholders.
In October 2022, Bionano Genomics Inc. augmented its capabilities in optical genome mapping (OGM) by acquiring BioDiscovery Inc. for $100 million. This strategic acquisition integrates BioDiscovery's NxClinical software, a leading platform-agnostic solution that amalgamates next-generation sequencing (NGS) and microarray data for comprehensive variant analysis, bolstering Bionano's proficiency in OGM. BioDiscovery Inc., a US-based biotechnology company specializing in software solutions for genomic data analysis and visualization, enhances Bionano's position in the optical genome mapping market.
Research Scope
Markets Covered:
1) By Product: Instruments; Consumables & Reagents; Software; Services
2) By Application: Structural Variant Detection; Genome Assembly; Microbial Strain Typing; Other Applications
3) By End-User: Biotechnology & Pharmaceutical Companies; Clinical Laboratories; Academic Research Institutes; Other End-users
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Time Series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita.
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments.
Key Companies Profiled: Agilent Technologies Inc.; Illumina Inc.; PerkinElmer Genomics; Bio-Rad Laboratories Inc.; Qiagen N.V.
Other Major Companies Profiled
- Cerba Healthcare
- GenScript Biotech Corporation
- 10x Genomics Inc.
- Oxford Nanopore Technologies plc
- Pacific Biosciences of California Inc.
- NanoString Technologies Inc.
- MedGenome
- Element Biosciences
- Bionano Genomics Inc.
- Stratos Genomics
- BioSkryb Genomics
- Source Genomics
- Genoox
- Nucleome Informatics Private Limited
- Praxis Genomics LLC
- Phase Genomics Inc.
- Daicel Arbor Biosciences
- Nabsys
- OpGen
- Genohub Inc.
For more information about this report visit https://www.researchandmarkets.com/r/q709bb
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
