A new report by Future Market Insights highlights a surging Multiomic Market growth is fueled by the increasing demand for personalized medicine and improved agricultural practices. The report delves into the rising adoption of multiomic solutions across key areas like drug discovery, clinical diagnostics, and agri-genomics. To gain deeper insights, explore detailed analyses within the report, including applications in human diseases, data integration tools, software demand, and more. Download a complimentary sample for a comprehensive view.
NEWARK, DEL., March 18, 2024 /PRNewswire/ -- The multiomic market is projected to experience substantial growth at a CAGR of 14.8% through 2034. The market is expected to be valued at US$ 3.9 billion in 2024 and reach US$ 15.3 billion by 2034. The pharmaceutical and biotech industries are experiencing a soaring demand for multiomic solutions, fueling insights into drug discovery and development. In clinical diagnostics, there has been a surge in multiomic technology adoption, enhancing disease diagnosis accuracy and enabling personalized treatments.
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Multiomic applications in agri-genomics are facilitating advanced crop breeding programs and bolstering agricultural productivity. Environmental monitoring and remediation sectors are embracing multiomic aspects to comprehend ecosystem dynamics and tackle pollution challenges effectively. Nutrigenomics is leveraging multiomic techniques to craft tailored dietary interventions, resulting in steady growth within the nutrition and wellness sectors.
The computational biology segment is witnessing accelerated growth due to bioinformatics services catering to multiomic data analysis and interpretation. The market landscape is diversifying with the emergence of startups and niche players specializing in multiomic platforms, contributing significantly to market expansion.
Clinical laboratories are increasingly adopting multiomic analysis, enhancing diagnosis accuracy and driving sales. Agricultural research institutions and companies are turning to multiomic technologies to meet the growing need for advanced crop breeding programs and sustainable agriculture practices.
"The multiomics segment is expected to witness high growth rates due to the increasing focus on personalized medicine and the rising use of multiomics in drug discovery," says Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.).
Key Takeaways from the Market Study
- Multiomics service providers drive the market at a 14.6% CAGR through 2034.
- The demand for single-cell multiomics is expected to grow at a 14.4% CAGR from 2024 to 2034.
- The multiomic market in South Korea has the potential to increase at a 17.0% CAGR through 2034.
- The multiomic market in Japan is projected to inflate at a CAGR of 16.4% through 2034.
- The multiomic market in the United Kingdom is predicted to rise by a remarkable 16.0% CAGR through 2034.
- The multiomic market in China is anticipated to develop at a CAGR of 15.5% through 2034.
- The multiomic market in the United States is estimated to rise at a 15.1% CAGR through 2034.
Competitive Landscape
There are several companies that are adopting various steps to stay ahead in the competition. CENTOGENE has expanded its multiomic diagnostic portfolio with the launch of a newly-introduced transcriptomic offering. BioSkryb Genomics has partnered with Research Instruments Pte Ltd to bring industry-leading Single-Cell Technologies to Singapore and Southeast Asia. Thermo Fisher Scientific has introduced a suite of multiomics solutions that offer researchers a comprehensive view of molecular data. Qiagen has developed the QIAseq Multimodal Panel, the first commercially available panel for multiomics research, facilitating the analysis of multiple types of biomolecules from a single sample. With such collaborations and multi-handed effort, the global expansion is upsurged in the multiomic research market.
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Recent Developments
- Vizzhy CEO Dr. Vishnuvardhan unveiled the world's first multiomics lab in Bangalore on February 24, 2024, revolutionizing the approach to understanding and treating metabolic disorders.
- On October 10, 2023, CENTOGENE launched a new Transcriptomic offering, expanding its Multiomic diagnostic portfolio and advancing life science in Cambridge, Mass., Rostock, Germany, and Berlin.
- BioSkryb Genomics partnered with Research Instruments Pte Ltd on August 29, 2023, to expand access to its single-cell multiomics portfolio throughout Singapore and Southeast Asia, bringing industry-leading technologies to the region.
About the Author:
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
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