by Multiomics tools facilitate simultaneous analysis of biological data at multiple biological scales like genes, transcripts, proteins and metabolites to unravel complex disease mechanisms and identify novel biomarkers. Traditional single-omics approaches provide limited understanding due to biological complexity. Multiomics bridges this gap by utilizing multi-dimensional datasets to derive comprehensive insights that enhance precision medicine capabilities.
The Global Multiomics Market is estimated to be valued at US$ 2.46 Billion in 2024 and is expected to exhibit a CAGR of 15% over the forecast period from 2024 to 2031.
Key takeaways:
Key players operating in the Global Multiomics Market Size are BD, Thermo Fisher Scientific Inc., Illumina, Inc, Danaher, PerkinElmer Inc., Shimadzu Corporation, Bruker, QIAGEN, Agilent Technologies, Inc., and BGI. Rapid technological advancements by these players have enabled development of integrated multiomics platforms for various disease applications.
Growing demand for personalized medicines is a major driver for the multiomics market. Multiomics helps physicians stratify patients, guide treatment choices and monitor drug responses in a personalized manner. This has increased adoption of multiomics approach across various therapeutic areas like oncology, Immunology and neurology.
The market is also witnessing rapid global expansion as multiomics sees increased acceptance worldwide. Partnerships between global diagnostic players and regional healthcare providers are improving access to advanced multiomics diagnostics in emerging countries. Asia Pacific region is expected to be a lucrative market owing to rising healthcare investments and demand.
Market Key Trends:
The increasing adoption of artificial intelligence and machine learning in multiomics data analysis is a key trend. AI and ML capabilities help address the challenges in multiomics big data handling like storage, integration and interpretation. This improves clinical insights derived from complex multiomics datasets. Cloud based multiomics platforms is another notable trend, empowering researchers globally to access multiomics studies and derive knowledge. Standardization of multiomics workflow and establishing multi-institutional collaborative initiatives are also important trends that help accelerate multiomics capabilities.
Porter’s Analysis
Threat of new entrants: Moderate barriers to entry due to high capital requirements and established brand loyalty among key players.
Bargaining power of buyers: Moderate as multiomics provides comprehensive insights, though buyers can negotiate on pricing.
Bargaining power of suppliers: Low due to availability of substitute components and differentiation in product offerings.
Threat of new substitutes: Low as multiomics offers a unique integrated approach for genomics, proteomics, and metabolomics analysis.
Competitive rivalry: High due to the presence of global established players and new entrants focusing on technology advancements and strategic collaborations.
Geographical Regions
North America dominates the global multiomics market in terms of value due to large genomic and proteomic analysis adoption, rising R&D expenditure, and presence of key industry players.
Asia Pacific is poised to be the fastest growing region owing to increasing healthcare expenditure, rising prevalence of chronic diseases, growing focus on precision medicine, and expansion efforts of key market players in developing countries.
*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
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