Multiomics Market Size, Share & Trends Analysis Report 2024-2030: Decreasing Costs of Omics Technologies, Public Players are Expected to Drive Expansion
Dublin, May 21, 2024 (GLOBE NEWSWIRE) -- The "Multiomics Market Size, Share & Trends Analysis Report By Product & Service (Instruments, Consumables), By Type (Single-cell, Bulk), By Platform, By Application, By End-use, By Region, And Segment Forecasts, 2024 - 2030" report has been added to * ResearchAndMarkets.com's* offering.
The global multiomics market size is expected to reach USD 6.38 billion by 2030, registering a CAGR of 15.29% from 2024 to 2030
Factors such as the decreasing costs of omics technologies and growing investment and funding from private and public players are expected to drive the market. In addition, rising competition in the market owing to increasing demand from pharmaceutical & biotechnology companies and academic research institutions is also anticipated to propel the market growth over the forecast period.
With the improvement in technologies, the cost of omics technologies is anticipated to reduce, which can increase the accessibility of datasets to researchers, consequently driving market growth. Companies are focusing on technological advancements to lower costs. For instance, in November 2022, Amazon Web Services introduced an Amazon Omics service. This service utilizes bioinformatics-aware storage options to store raw sequence data and to decrease costs. Thus, the decreasing costs are anticipated to increase the accessibility of omics technologies to researchers and clinicians. Such cost reduction is expected to increase the adoption of multiomics approaches.
The growing investments and funding from private and public participants are anticipated to boost the demand for multi-omics products and services. Various companies are significantly investing in the development of multiomics platforms and technologies. For instance, in January 2022, Roche invested USD 290 million in Freenome, a biotech company. This investment was used to accelerate multiomics platforms for early cancer detection. In addition, in May 2023, MultiOmic Health completed a funding round of USD 6.2 million to construct a precision therapeutics discovery platform. Thus, the rising funding and investments are expected to develop various novel platforms and products in the markets
The rising emphasis of market players to develop innovative products and services is another vital factor propelling market demand forward. Various companies are developing novel platforms to sustain the rising competition. For instance, in February 2023, Via Scientific, Inc. introduced a multi-omics accelerator platform, Foundry, that supports the automation of complex data and analytical work during multi-omics research. Such product launches are anticipated to drive the industry over the forecast period.
*Multiomics Market Report Highlights*
· Based on product & service, the product segment dominated the market with a revenue share of 60.5% in 2023, which can be attributed to the rising launches of products such as instruments and software
· Based on type, the bulk multiomics held the largest revenue contributor for the industry. In contrast, single-cell multi-omics is expected to grow at the fastest CAGR of 17.8% over the forecast period, due to increasing demand for single-cell multi-omics to comprehend complex biology systems
· Based on platform, genomics dominated the market with a revenue share of 40.6% in 2023. The growth is attributed to the high number of products available in this segment
· Based on application, the cell biology segment dominated the global industry with a share of 38.8% in 2023. In contrast, the oncology segment is projected to register the highest growth rate during the projected period
· Based on end-use, the academic and research institute segment was the largest revenue contributor for the industry, with a share of 50.7%. In contrast, pharmaceutical and biotechnology companies are expected to witness the fastest growth owing to increasing demand for multi-omics to accelerate drug discovery and development
· North America dominated the global industry in 2023 with a revenue share of 48.68%, owing to the presence of key market players in the region
*Key Attributes:*
*Report Attribute* *Details*
No. of Pages 120
Forecast Period 2023 - 2030
Estimated Market Value (USD) in 2023 $2.35 Billion
Forecasted Market Value (USD) by 2030 $6.38 Billion
Compound Annual Growth Rate 15.2%
Regions Covered Global*Market Dynamics*
Market Driver Analysis
· The increasing interest of researchers in the field of single-cell genomics
· Rising incidence of chronic diseases
· Technological advancements
Market Restraint Analysis
· High initial costs
· Stringent government policies and regulations
Industry Analysis Tools
· Porter's Five Forces Analysis
· PESTEL Analysis
· COVID-19 Impact Analysis
*Companies Featured*
· BD
· Thermo Fisher Scientific Inc.
· Illumina, Inc
· Danaher
· PerkinElmer Inc.
· Shimadzu Corporation
· Bruker
· QIAGEN
· Agilent Technologies, Inc.
· BGI
For more information about this report visit https://www.researchandmarkets.com/r/vfvvdp
*About ResearchAndMarkets.com*
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
*Attachment*
· Global Multiomics Market
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