April 13, 2024

Global Multiomics Market is Estimated to Witness High Growth Owing to Technological Advancements in Multiomics Technologies

Multiomics technologies helps researchers understand the molecular mechanisms of a disease by integrating multiple layers of biological data. The growing application of multiomics in drug development, biomarker identification and personalized medicine is driving the adoption of multiomics approaches. Multiomics technologies enables comprehensive characterization of biological samples at multiple molecular levels to gain insights into disease pathways and identifies novel drug targets and biomarkers.

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.
Multiomics approaches provides opportunities for researchers and pharma companies to accelerate precision drug development and discover novel biomarker signatures for early disease detection, diagnosis and prognosis. Growing application of multiomics in clinical trial designs and companion diagnostics is expected to drive market growth.
Advancements in omics technologies such as NGS, mass spectrometry, lab-on-a-chip devices and bioinformatics tools has enabled development of high throughput multiomics platforms for simultaneous analysis of genome, epigenome, transcriptome, proteome and metabolome from a single sample. Continued improvements in multiomics platforms and multiomics data analysis workflow is supporting widespread adoption of multiomics approach in life science research and clinical settings.

Market drivers
Increasing prevalence of chronic, complex diseases is driving the need for comprehensive characterization of disease mechanisms using multiomics approach. Multiomics helps develop a systems level understanding of the molecular basis of disease and identifies new targets. Growing focus on precision medicine is increasing demand for multiomics to develop personalized treatment regimens based on patient’s molecular profile. Government and private funding for multiomics research especially in areas of oncology, neurology and infectious diseases is boosting the market growth. Adoption of multiomics is increasing in pharmaceutical industry for target discovery, biomarker development and clinical trials.

Current challenges in the Global Multiomics Market
The global multiomics market is still in a nascent stage and faces challenges related to data integration, standardization and high costs of instruments and reagents. Multiomics analysis generates huge amounts of diverse types of biological data like genomics, transcriptomics, proteomics and metabolomics. Effective integration of this multilevel data into biologically meaningful insights is a major challenge for researchers. There is a lack of uniform standards and guidelines for multiomics experimental design, data processing and analysis. This hinders data sharing and reproducibility of research. Additionally, instruments and reagents required for multiomics are highly sophisticated and expensive, restricting their widespread adoption.

SWOT Analysis
Strength: Multiomics allows comprehensive understanding of biological systems by correlating different omics data. It has great potential to accelerate personalized medicine and precision oncology.
Weakness: Lack of standardized workflows and approaches leads to complexity in multiomics data analysis. High costs also limit accessibility for many end users.
Opportunity: Increasing R&D investments and advancements in omics technologies are driving opportunities. Applications in drug discovery, biomarker development and clinical diagnostics will boost market growth.
Threats: Stringent regulations for clinical usage and ethical issues in genetic data handling pose threats. Integration challenges and lack of skilled workforce also threaten commercialization.

Geographical regions of market concentration
North America currently dominates the global multiomics market owing to strong government funding for omics research and presence of leading biotech companies in the region. The United States accounts for the largest share in the North American as well as global market.

Fastest growing geographical region
The Asia Pacific region is poised to witness the highest growth in the coming years. This is attributed to increasing healthcare spending, expanding biopharmaceutical industry, and rising R&D investments by governments as well as private players in countries like China, Japan and India. Growing genomic and clinical research in the region will fuel multiomics adoption.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it