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, according to a new report by Grand View Research, Inc. 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.
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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
Multiomics Market Segmentation
Grand View Research has segmented the global multiomics market based on product & service, type, platform, application, end-use, and region:
Multiomics Product & Service Outlook (Revenue, USD Million, 2018 - 2030)
Products
Instruments
Consumables
Software
Services
Multiomics Type Outlook (Revenue, USD Million, 2018 - 2030)
Single-cell Multiomics
Bulk Multiomics
Multiomics Platform Outlook (Revenue, USD Million, 2018 - 2030)
Genomics
Transcriptomics
Proteomics
Metabolomics
Integrated Omics Platforms
Multiomics Application Outlook (Revenue, USD Million, 2018 - 2030)
Cell Biology
Oncology
Neurology
Immunology
Multiomics End-use Outlook (Revenue, USD Million, 2018 - 2030)
Academic and Research Institutes
Pharmaceutical & Biotechnology Companies
Others
Multiomics Regional Outlook (Revenue, USD Million, 2018 - 2030)
North America
U.S.
Canada
Europe
UK
Germany
France
Italy
Spain
Denmark
Sweden
Norway
Asia Pacific
Japan
China
India
Australia
Thailand
South Korea
Latin America
Brazil
Mexico
Argentina
Middle East & Africa (MEA)
South Africa
Saudi Arabia
UAE
Kuwait
List Of Key Players in the Multiomics Market
BD
Thermo Fisher Scientific, Inc.
Illumina, Inc
Danaher (Beckman Coulter)
PerkinElmer, Inc
Shimadzu Corporation
Bruker
QIAGEN
Agilent Technologies, Inc.
BGI Genomics
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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