Burlingame, March 19, 2024 (GLOBE NEWSWIRE) -- Coherent Market Insights published a report, titled, Global Multiomics Market, By Product & Service (Products, Services), By Type (Single-cell Multiomics, Bulk Multiomics), By Platform (Genomics, Transcriptomics, Proteomics, Metabolomics, Integrated Omics Platforms), By Application (Diagnostics, Drug Discovery and Development, Personalized Medicine, AgriGenomics, Others), By End User (Pharmaceutical and Biotechnology Companies, Academic and Research Institutes, Clinical Research Organizations, Others), and By Geography: Size, Share, Outlook, and Opportunity Analysis, 2024-2031. According to the report the global multiomics market was valued at US$ 2.46 Bn in 2023 and is expected to reach US$ 7.65 Bn by 2031, growing at a compound annual growth rate (CAGR) of 15.2% from 2024 to 2031.
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Market Dynamics
The Multiomics Market is being primarily driven by the increasing demand for personalized medicine. Multiomics technologies allow for a more comprehensive analysis of an individual's omics data, leading to more targeted and effective personalized treatments. Additionally, the growing focus on precision medicine and the need for better understanding of complex diseases further contribute to the market growth.
Global Multiomics Market Report Coverage
| Report Coverage | Details |
| Market Revenue in 2023 | $2.46 billion |
| Estimated Value by 2031 | $7.65 billion |
| Growth Rate | Poised to grow at a CAGR of 15.2% |
| Historical Data | 2019–2023 |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Million/Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Product & Service, By Type, By Platform, By Application, By End User |
| Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
| Growth Drivers | • Increasing usage of multiomics in personalized medicine • Growing investment in and funding of multiomics research |
| Restraints & Challenges | • High infrastructure and setup costs of multiomics platforms • Regulatory hurdles in the adoption of multiomics |
Moreover, the advancements in omics technologies, such as genomics, proteomics, transcriptomics, metabolomics, and epigenomics, are enabling researchers to gain deeper insights into various biological processes, driving the demand for multiomics approaches.
Market Trends
One of the key trends in the Multiomics Market is the integration of multiomics data for a more holistic understanding of biological systems. By combining data from different omics disciplines, researchers can uncover complex interactions and identify biomarkers for disease diagnosis and treatment.
Another trend shaping the market is the increasing adoption of artificial intelligence and machine learning algorithms to analyze large-scale multiomics datasets. These technologies help in identifying patterns, predicting outcomes, and guiding personalized treatment strategies based on an individual's omics profile. This trend is expected to revolutionize the field of precision medicine and drive innovation in multiomics research.
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Market Opportunities:
The market for multiomics is witnessing a significant growth opportunity in the field of personalized medicine. With the advancements in technology, personalized medicine based on an individual's genetic makeup is becoming more accessible and affordable. Multiomics plays a crucial role in understanding the genetic, transcriptomic, proteomic, and metabolomic data of an individual, thereby enabling personalized treatment strategies. By analyzing data from multiple omic levels, healthcare providers can tailor treatment plans according to the specific genetic makeup of each patient, leading to improved outcomes and reduced side effects.
Single-cell multiomics is another emerging market opportunity within the multiomics landscape. Traditional multiomics techniques involve analyzing bulk samples, which provide an average snapshot of genetic information across a group of cells. However, single-cell multiomics allows for the analysis of individual cells, providing a more detailed and accurate understanding of cellular heterogeneity and disease mechanisms. This level of granularity is crucial in fields such as cancer research, where identifying rare cell populations can lead to more targeted therapies and better patient outcomes.
Key Market Takeaways:
Multiomics market is anticipated to witness a CAGR of 15.2% during the forecast period 2024-2031, owing to the growing demand for personalized medicine and the increasing adoption of single-cell multiomics techniques.
On the basis of type, the single-cell multiomics segment is expected to dominate the market, as it provides a more detailed analysis of individual cells compared to bulk multiomics.
In terms of platforms, transcriptomics is expected to hold a dominant position, as it plays a crucial role in understanding gene expression patterns.
North America is poised to lead the market in terms of region, due to the presence of key players and high investment in research and development activities.
Key players operating in the multiomics market include BD, Thermo Fisher Scientific Inc., Illumina, Inc, and Danaher, among others. These key players are focusing on strategic collaborations and product innovations to gain a competitive edge in the market.
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Recent Developments:
On September 12, 2023, the National Institutes of Health announced that it is establishing the Multi-Omics for Health and Disease Consortium, with approximately US$11 million awarded in the consortium’s first year of funding. The new consortium aims to advance the generation and analysis of “multi-omic” data for human health research.
In September 2023, MGI, a company specializing in life science technology and tools, launched the DCS Lab Initiative. This initiative aims to boost important scientific research and promote the development of large-scale multiomics labs. As part of this initiative, MGI is providing products for a variety of applications such as cell omics, DNA sequencing, and spatial omics, which are based on DNBSEQ technologies. These products are being offered to selected research institutions worldwide.
In conclusion, the multiomics market offers lucrative opportunities for growth, driven by the increasing demand for personalized medicine and the rising adoption of single-cell multiomics techniques. With key players investing in research and development activities and strategic partnerships, the market is poised for significant expansion in the coming years. Leveraging the insights from multiomics data can revolutionize healthcare delivery, leading to more precise diagnostics and treatment strategies tailored to individual patients. As the market continues to evolve, stakeholders across the healthcare industry should stay abreast of the latest developments and trends in multiomics to capitalize on this growing market opportunity.
Read complete market research report, " Global Multiomics Market, By Product & Service, By Type, By Platform, By Application, By End User, By Geography, Market Size And Share Analysis - Growth Trends And Forecasts 2024-2031", Published by Coherent Market Insights.
Detailed Segmentation:
Global Multiomics Market, By Product & Service
- Products
- Instruments
- Consumables
- Software
- Services
Global Multiomics Market, By Type
- Single-cell Multiomics
- Bulk Multiomics
Global Multiomics Market, By Platform
- Genomics
- Transcriptomics
- Proteomics
- Metabolomics
- Integrated Omics Platforms
Global Multiomics Market, By Application
- Diagnostics
- Drug Discovery and Development
- Personalized Medicine
- AgriGenomics
- Others (Environmental Monitoring, etc.)
Global Multiomics Market, By End User
- Pharmaceutical and Biotechnology Companies
- Academic and Research Institutes
- Clinical Research Organizations (CROs)
- Others (Hospitals and Diagnostic Centers, etc.)
Global Multiomics Market, By Region
- North America
- U.S.
- Canada
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Europe
- Germany
- U.K.
- Spain
- France
- Italy
- Russia
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- GCC Countries
- Rest of Middle East & Africa
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