Global Multiomics Market is Anticipated to Witness High Growth Owing to Rising Applications in Precision Medicine
The multiomics approach aids in elucidating molecular mechanisms underlying complex biological processes and diseases. It provides a systems-level perspective of biological systems by integrating multiple types of omia data. Multiomics analysis is commonly used in precision medicine to identify patient subtypes for tailored diagnosis and treatment. The need for comprehensive analysis of different molecular profiles for clinical translation is driving demand for multiomics platforms and solutions.
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. These players are focusing on developing and commercializing multiomics solutions and platforms to gain a competitive edge in the market.
There is a rising demand for multiomics analysis in precision medicine for disease subtyping and characterization, biomarker discovery, and therapeutic target identification which is expected to create significant growth opportunities for market players.
North America dominates the global multiomics market owing to growing research funding and adoption of multiomics approaches in academic and clinical settings. However, Asia Pacific is expected to witness the highest growth during the forecast period owing to increasing R&D investments, developing healthcare infrastructure, and growing focus on precision medicine in countries such as China and India.
Market Drivers
Rising applications of multiomics approaches in precision medicine is a key factor driving the global multiomics market. Multiomics analysis provides comprehensive molecular profiles that aid in disease subtyping, biomarker discovery, and therapeutic target identification, thereby enhancing precision in clinical decision making. Growing availability of multiomics kits, platforms, and software solutions is also boosting the adoption of multiomics approaches across various end-use segments.
Market Restrains
High costs associated with multiomics instruments, reagents, and data analysis present a major challenge, especially in price-sensitive developing markets. In addition, a lack of skilled personnel for performing multiomics studies and analyzing large multi-dimensional datasets poses restraints on the market growth. Technological challenges in the integration and analysis of multiple molecular data sets can also limit the widespread adoption of multiomics approaches.
Segment Analysis
The global multiomics market is segmented based on technologies, products and services, applications, and end users. Of these, the technologies segment dominates and is expected to continue doing so during the forecast period. Within this segment, genomics technology holds the largest share currently due to increasing applications of genomics in drug discovery and development. Other major technologies in this segment include transcriptomics, proteomics, and metabolomics.
Among products and services, the kits and reagents sub-segment holds the largest market share. This is because kits and reagents form the basic requirements for performing various multiomics techniques. The increasing demand for customized kits and reagents from biotechnology and pharmaceutical companies is fueling the growth of this sub-segment.
Global Analysis
Regionally, North America dominates the global multiomics market currently. Factors such as presence of key market players, growing applications of multiomics in precision medicine and drug development, rising R&D spending, and increasing government funding are driving the North America market. Asia Pacific region is expected to grow at the fastest rate during the forecast period owing to rising healthcare expenditures, increasing awareness about multiomics, and improving research infrastructure in countries such as China and India.
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