New York, USA, Aug. 13, 2024 (GLOBE NEWSWIRE) -- Market Overview:
Multiomics Market size was recorded at USD 2,426.21 million in 2023, projected to reach USD 8,696.36 million by 2032, with a CAGR of 15.3%.
What Is Multiomics?
Multiomics is a new biological analysis method where data sets of multiple “omes” are combined to analyze complex datasets. Genome, proteome, transcriptome, epigenome, and microbiome are some of the different omic techniques utilized during multiomics. Combining these “omes” empowers researchers to identify relevant biomarkers and decipher the quantities of associations of disease and diagnosis.
This all-in-one technique, multiomics, holds the potential to unveil biological pathways and achieve potential therapeutic targets. In recent years, multiomic approaches have seen enormous growth as researchers have become confident that integrating multiple sets of omics data, rather than relying on a single dataset, leads to more reliable causative conclusions.
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Key Market Stats
- The Multiomics market size was valued at USD 2,426.21 million in 2023.
- The multi-omics industry is likely to rise from USD 2,782.37 million in 2024 to USD 8,696.36 million by 2032.
- It is expected that the market will exhibit a compound annual growth rate (CAGR) of 15.3% during the forecast period.
Major Findings from the Report
- The multiomic approach, which encompasses different omics disciplines to analyze biological systems, provides comprehensive insights into biological phenomena. This approach is driving increased demand in personalized medicine and precision agriculture. The market is experiencing significant growth due to factors including increasing technological developments like cloud-based and single-cell technology, rising product launches & collaborations, growing demand for improved diagnostic tests, and high Investment in R&D.
- The multiomics market segmentation is primarily based on product & service, type, platform, application, and region.
- By region, the North American region recorded the largest market share in 2023.
Multiomics Market Drivers and Trends:
- Advanced Technologies: Rising exposure to advanced technology, such as AI and data analytics in single-cell multi-omics, boosts market growth. These technologies simplify deriving insights into proteomics, metabolomics, genomics, and transcriptomics, as well as understanding individual cells.
- Best Practices by Key Players: Technological integrations have encouraged players to form strategic partnerships and collaborations to meet the demand for single-cell multi-omics-based software. Also, rising collaboration and partnership among key players fuels the market expansion. For instance, in April 2023, Bio-Techne & Lunaphore made a partnership to produce an automated same-slide spatial multi-omics solution.
- Increasing R&D Investments: Thanks to the rising funding for research and development, which is significantly driving the multiomics market growth. For the purpose of building advancement in human health and disease, various government organizations and industry contenders have raised funds.
- Prevalence Of Chronic Diseases: The growing prevalence of chronic diseases such as diabetes, cancer, and heart disease underscore the need for multi-omics software and solutions to analyze complex molecular data. This increasing incidence of chronic diseases is expected to drive the market growth of the multiomics over the forecast period.
Market Challenges:
Integrating advanced technologies like data analytics, artificial intelligence, machine learning, and others requires higher investments, which is a critical factor that restricts market growth. High costs could limit innovation and slow the pace of technological advancement in the multi-omics industry, potentially affecting multiomics market demand in the coming years.
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Industry’s Prominent Players:
- BD
- Thermo Fisher Scientific, Inc.
- Illumina, Inc.
- Danaher (Beckman Coulter)
- PerkinElmer, Inc.
- Shimadzu Corporation
- Bruker
- QIAGEN
- Agilent Technologies, Inc.
- BGI Genomics
Geographical Landscape
By region, North America secured the multiomics market share in 2023. The existence of prominent players, investments in the multi-omics applications, and collaborations among the industry & research community are top contributors to this share. Further, the increasing cases of chronic diseases in the region foster market expansion. The expansion of laboratories by leading companies to address the increasing demand for multi-omics solutions also drives market success.
The European market for multiomics tends to grow rapidly during the forecast period because of the increasing government efforts in performing cancer and cardiovascular diseases-related comprehensive analytical projects, accelerating the overall healthcare sector. For instance, France Genomic Medicine Plan 2025, launched by France, is aimed at enhancing healthcare services and improving the quality of life using the French healthcare system with advanced research, training, and discovery.
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Market Segmentation:
By Product & Services Outlook:
- Products
- Instruments
- Consumables
- Software Artillery Shells
- Services
By Type:
- Single-cell Multi-omics
- Bulk Multi-omics
By Platform:
- Genomics
- Transcriptomics
- Proteomics
- Metabolomics
- Integrated Omics Platforms
By Application:
- Cell Biology
- Oncology
- Neurology
- Immunology
By Region:
- North America (U.S., Canada)
- Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
- Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea)
- Latin America (Brazil, Mexico, Argentina)
- Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
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