by The growing demand for personalized medicine and advantages of multiomics analysis over single omics approach such as identification of novel biomarkers and comprehensive understanding of disease pathogenesis is driving the market growth.
The Global Multiomics Market is estimated to be valued at US$ 2.46 BN in 2024 and is expected to exhibit a CAGR of 15% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the Global Multiomics Market are BD, Thermo Fisher Scientific Inc., Illumina, Inc, Danaher, PerkinElmer Inc., Shimadzu Corporation, Bruker, QIAGEN, Agilent Technologies, Inc., and BGI. Key players are focusing on developing integrated multiomics solutions and software tools for multiomics data analysis.
The key opportunities in the market include development of multiomics-based precision medicine approaches, integration of multiomics with artificial intelligence and expanding applications in drug discovery and development.
Globally, North America dominates the multiomics market due to presence of leading multiomics solution providers and adoption of advanced omics technologies by academic & research institutes. However, Asia Pacific market is expected to grow at the highest CAGR owing to increasing R&D investment, rising biomedical research and growing genomic & precision medicine initiatives in countries like China and India.
Market drivers
The major driver fueling the multiomics market growth is rapid technological advancements in omics technologies especially next-generation sequencing platforms. Continuous reduction in sequencing costs and development of high-throughput omics techniques enabling simultaneous analysis of multiple molecular layers is supporting integration of multiomics approach. Growing applications of multiomics in understanding complexity of diseases like cancer at molecular level and identifying novel drug targets is another key factor boosting the demand for multiomics solutions globally.
PEST Analysis
Political: Regulations related to privacy and data security have an influence on multiomics research and development. Government initiatives to promote precision medicine also impact market growth.
Economic: High capital requirement for setting up multiomics facilities pose challenges for small players. However, increasing investments by government and private players in bioinformatics and precision medicine drive the market.
Social: Growing demand for personalized healthcare and awareness about infectious diseases has increased adoption of multiomics approaches across various application areas.
Technological: Integration of multiomics datasets using advanced analytics has potential to revolutionize precision medicine. Advancements in high-throughput techniques, bioinformatics tools and cloud computing also support market expansion.
Geographical Regions with High Market Concentration
North America accounts for the largest share of the global multiomics market owing to well-established healthcare infrastructure, strong presence of leading players and growing R&D expenditures. Asia Pacific is projected to witness fastest growth over the forecast period supported by improving research funding, healthcare reforms and rising patient pool in countries like China and India.
Fastest Growing Regional Market
Asia Pacific global multiomics market is poised to grow at the highest CAGR during the forecast period driven by increasing government initiatives, expanding private sector investments and economic development in key countries. Large population, growing genomics research and rising awareness are some factors that will fuel multiomics adoption across Asia Pacific in the coming years.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
