Global Multiomics Market Growth Analysis 2024 – Forecast Market Size And Key Factors Driving Growth

Multiomics refers to the integration and analysis of multiple omics data types, such as genomics, transcriptomics, proteomics, metabolomics, and epigenomics to provide a more comprehensive understanding of biological systems. This technique improves understanding of complex diseases, biomarker identification, and precision medicine.

Sizing and Forecast
The multiomics market size has grown rapidly in recent years. It will grow from $2.78 billion in 2023 to $3.27 billion in 2024 at a compound annual growth rate (CAGR) of 17.7%. The growth in the historic period can be attributed to Increased biomedical research, increased government and private funding, a rise in the prevalence of chronic diseases, technological advancements, and enhanced computational tools and software for data analysis.

The multiomics market size is expected to see rapid growth in the next few years. It will grow to $6.28 billion in 2028 at a compound annual growth rate (CAGR) of 17.8%. The growth in the forecast period can be attributed to advances in artificial intelligence and machine learning, expansion of clinical applications, growing biopharmaceutical industry, emergence of integrated multiomics platforms, and increasing use in agricultural and environmental research. Major trends in the forecast period include technological advancements, the launch of new commerical multiomics platforms, the adoption of spatially resolved multiomics analysis,  adoption in biopharmaceutical research and development, and expansion into clinical diagnostics.

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Segmentation & Regional Insights
The multiomics market covered in this report is segmented –
1) By Type: Single-Cell Multiomics, Bulk Multiomics
2) By Platform: Genomics, Transcriptomics, Proteomics, Metabolomics, Integrated Omics Platforms
3) By Application: Diagnostics, Drug Discovery And Development, Personalized Medicine, AgriGenomics, Other Applications
4) By End User: Academics And Research Organization, Pharmaceutical And Biotechnology Companies, Clinical research Organization, Other End-Users

North America was the largest region in the multiomics market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the multiomics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

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Major Driver Impacting Market Growth
The rising demand for personalized medicine is expected to propel the growth of the multiomics market going forward. Personalized medicine refers to a medical approach that customizes healthcare decisions and treatments to individual patients based on their genetic, environmental, and lifestyle factors. This personalized medicine approach is rising due to technological advancements, increasing demand for targeted therapies, and global healthcare improvements. Multiomics helps personalized medicine by providing a detailed understanding of an individual’s genetic, molecular, and metabolic profile, enabling healthcare providers to tailor treatments based on the specific characteristics of each patient. For instance, in February 2024, according to the Personalized Medicine Coalition, a US-based non-profit organization, the FDA approved 16 novel personalized therapies for patients with rare diseases in 2023, compared to 6 in 2022. Therefore, the rising demand for personalized medicine is driving the growth of the multiomics market.

Key Industry Players
Major companies operating in the multiomics market are Bayer AG, Thermo Fisher Scientific Inc., Novartis AG, Becton Dickinson and Company, Eurofins Scientific SE, Agilent Technologies Inc., Illumina Inc., Shimadzu Corporation, Bruker Corporation, Bio-Techne, Azenta Life Sciences, 10x Genomics, Ginkgo Bioworks, Abcam limited, BioLegend, Oxford Nanopore Technologies Plc, Adaptive Biotechnologies, Pacific Biosciences, Standard BioTools, Parse Biosciences, Mission Bio, CD Genomics, Singleron Biotechnologies, Psomagen, BGI Group

The multiomics market report table of contents includes:
1. Executive Summary

2. Multiomics Market Characteristics
3. Multiomics Market Trends And Strategies
4. Multiomics Market – Macro Economic Scenario
5. Global Multiomics Market Size and Growth

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32. Global Multiomics Market Competitive Benchmarking

33. Global Multiomics Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Multiomics Market
35. Multiomics Market Future Outlook and Potential Analysis
36. Appendix

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