Oct 1, 2024
Blog Biotechnology The Multiomics Market: Shaping the Future of Personalized Medicine
Multiomics refers to the integration of diverse omics data to gain a more comprehensive understanding of biological systems. The "omics" fields include:
Together, these layers of information provide a holistic view of how genes, proteins, and metabolites interact within cells and organisms, providing deeper insight into biological functions.
Here, we'll explore why multiomics is important, along with insights from industry experts, key players driving this field, and a future outlook on the multiomics market.
According to BCC Research, the global multiomics market is expanding rapidly, driven by advancements in life sciences and biotechnology. It is expected to grow from $2.7 billion in 2024 to $5.1 billion by the end of 2029, with a compound annual growth rate (CAGR) of 13.5% over this period.
This approach is especially important in areas such as personalized medicine, drug discovery, and disease research, where multi-omics helps:
The global market for multiomics is expected to grow from $2.7 billion in 2024 and is projected to reach $5.1 billion by the end of 2029, at a compound annual growth rate (CAGR) of 13.5% during the forecast period of 2024 to 2029.
Dr. Michael Snyder (Stanford University): A pioneer in omics technology, Dr. Snyder emphasizes the power of multi-omics to transform personalized medicine by providing comprehensive biological data that single-omics approaches cannot provide.
Dr. Matthias Mann (Max Planck Institute): Known for his work in proteomics, Dr. Mann highlights that multiomics enables the simultaneous examination of several biomolecular processes, resulting in more robust biological discoveries.
The future of the multiomics market is promising, with several key trends on the horizon:
The global multiomics market is poised for significant growth, driven by advancements in life sciences, biotechnology, and the growing importance of personalized treatment. As the market is projected to reach $5.1 billion by 2029, multiomics will continue to deliver comprehensive biological insights, leading to advancements in disease research, healthcare, and agriculture. With key industry players like Thermo Fisher, BD, Agilent, and others leading the way, the market is expected to develop beyond healthcare into diverse fields such as food safety and environmental science.
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Karishma Arora is an Assistant Team Lead in Marketing Operations at BCC Research, with a master's degree in commerce. She is a passionate marketer with a knack for creativity and data-driven strategies.
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