Global Multiomics Market Expected to Grow Rapidly, with 13.5% Annual Increase from 2024 to 2029
"Comprehensive Analysis of Multiomics Market: Trends, Strategies, and Emerging Technologies to Drive Growth. ESG Trends Highlighted to Attract Investors and Stakeholders."
BOSTON, Dec. 24, 2024 /PRNewswire/ -- According to the latest study from BCC Research, "Global Multiomics Market" is expected to grow from $2.7 billion in 2024 to $5.1 billion by the end of 2029, at a compound annual growth rate of 13.5%.
In this report, the global multiomics market is segmented by product, platform, application, end-user, and region. It includes market estimates from 2023 to 2029, for the region of North America, Europe, Asia-Pacific, and Rest of the World. The report discusses the major companies, market dynamics, and geographic opportunities and incorporates analytical frameworks such as PESTEL and ESG to provide a competitive analysis. Strategic recommendations are also provided to help companies devise effective action plans.
Interesting Facts:
- Multiomics advances therapeutic target and biomarker discovery by linking genotype to phenotype.
- The adoption of multiomics is growing as sequencing costs drop and data acquisition speeds increase.
- Its prevalence in research and rising share of grant funding highlights the rapid growth of multiomics.
The factors driving the market include:
Advances in Multiomics Research and Applications: Multiomics combines genomics and proteomics for a comprehensive view of biological systems. Recent advances have enhanced precision, speed, and scalability, expanding disease diagnosis and personalized medicine applications.
Lower Costs of DNA Sequencing: The cost of DNA sequencing has dropped significantly, making these technologies more accessible and expanding their use in research and clinical applications.
Rising Cancer Rates Drive Demand for Personalized Treatments: As cancer rates increase, so does the need for personalized therapies. Multiomics is crucial for profiling tumors at the molecular level, enabling targeted treatments that improve patient outcomes.
Multiomics in Drug Development: Multiomics is vital in drug development. It aids in the identification of new drug targets, better understanding of diseases, and predicting drug responses. This accelerates drug discovery and enhances treatment effectiveness.
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Report Synopsis
Report Metric |
Details |
Base year considered |
2023 |
Forecast period considered |
2024-2029 |
Base year market size |
$2.2 billion |
Market size forecast |
$5.1 billion |
Growth rate |
CAGR of 13.5% for the forecast period of 2024-2029 |
Segments covered |
Product, Platform, Application, End User |
Regions covered |
North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
Market drivers |
• Rapid advances in multiomics research and its applications. • Favorable funding scenario for multiomics research activities. • Decline in the prices of DNA sequencing methods. • Growing prevalence of cancer generating demand for personalized treatments. • Promising applications of multiomics in the drug development process |
The report addresses the following questions:
1. What are the projections for the market?
• The global multiomics market is estimated to be worth $2.7 billion in 2024. It is expected to grow to $5.1 billion by the end of 2029, with an annual growth rate of 13.5% from 2024 to 2029.
2. Which market segments are covered in the report?
• The report provides information about products, platforms, applications, patents, and business strategies. The report also identifies promising and emerging markets where the established players can expand their business.
3. Which application segment will dominate the market by the end of 2029?
• The oncology segment dominates the multiomics market.
4. Which region has the largest market share?
• North America holds the largest share of the market.
Leading companies in the market include:
- Agilent Technologies Inc.
- Beckman Coulter Inc.
- Bio-Rad Laboratories Inc.
- Becton, Dickinson and Co.
- Bruker
- BGI
- F. Hoffmann-la Roche Ltd.
- Qiagen
- Illumina Inc.
- Revvity
- Standard Biotools
- Thermo Fisher Scientific Inc.
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