The U.S. multiomics market size is anticipated to reach USD 2.90 billion by 2030 and is projected to grow at a CAGR of 15.55% from 2024 to 2030. The market growth can be attributed to various factors such as advancements in omics technology, increasing demand for personalized medicines, growing prevalence of chronic diseases, and rising application in drug discovery & development. This has led to an anticipation of increased demand for multiomics in the U.S. over the forecast period.
The COVID-19 pandemic has stimulated advancements in the U.S. multiomics industry, accelerating research, driving diagnostic innovations, and enhancing precision medicine. It has expedited drug discovery, promoted biobanking collaborations, and facilitated the integration of multiomics into telemedicine. Through comprehensive omics analysis, researchers gained insights into COVID-19 pathogenesis, aiding in the development of personalized healthcare solutions and bolstering infectious disease management efforts.
Moreover, multiomics, which is further fueled by AI, modernizes biomedical research by integrating data from genomics, proteomics, and metabolomics. Artificial intelligence algorithms analyze complex omics datasets to uncover molecular insights, identify biomarkers, and predict disease outcomes. This collaboration enhances the understanding of biological systems, accelerates drug discovery, and facilitates personalized healthcare approaches, marking a transformative shift in biomedical sciences. For instance, in May 2023, Google Cloud introduced two novel AI-driven solutions in life sciences for expediting drug discovery and precision medicine for biotech firms, pharmaceutical companies, and public sector entities. The Target and Lead Identification Suite supports researchers in identifying amino acid functionalities and forecasting protein structures, while the Multiomics Suite fast-tracks genomic data analysis and interpretation, empowering companies to devise tailored treatments effectively.
However, multiomics technologies often require substantial investment in equipment, software, and skilled personnel. High initial costs and ongoing expenses for data analysis and interpretation may limit adoption, particularly among smaller research institutions and healthcare facilities, thus hampering the growth of the market.
The COVID-19 pandemic has stimulated advancements in the U.S. multiomics industry, accelerating research, driving diagnostic innovations, and enhancing precision medicine. It has expedited drug discovery, promoted biobanking collaborations, and facilitated the integration of multiomics into telemedicine. Through comprehensive omics analysis, researchers gained insights into COVID-19 pathogenesis, aiding in the development of personalized healthcare solutions and bolstering infectious disease management efforts.
Moreover, multiomics, which is further fueled by AI, modernizes biomedical research by integrating data from genomics, proteomics, and metabolomics. Artificial intelligence algorithms analyze complex omics datasets to uncover molecular insights, identify biomarkers, and predict disease outcomes. This collaboration enhances the understanding of biological systems, accelerates drug discovery, and facilitates personalized healthcare approaches, marking a transformative shift in biomedical sciences. For instance, in May 2023, Google Cloud introduced two novel AI-driven solutions in life sciences for expediting drug discovery and precision medicine for biotech firms, pharmaceutical companies, and public sector entities. The Target and Lead Identification Suite supports researchers in identifying amino acid functionalities and forecasting protein structures, while the Multiomics Suite fast-tracks genomic data analysis and interpretation, empowering companies to devise tailored treatments effectively.
However, multiomics technologies often require substantial investment in equipment, software, and skilled personnel. High initial costs and ongoing expenses for data analysis and interpretation may limit adoption, particularly among smaller research institutions and healthcare facilities, thus hampering the growth of the market.
U.S. Multiomics Market Report Highlights
- In terms of products & services, the product segment dominated the market in 2023 with the largest revenue share. This is due to the increasing demand for advanced technologies and tools for enabling the integration & analysis of diverse omics data sets. On the other hand, the services segment is anticipated to grow at the fastest CAGR over the forecast period.
- Based on type, the bulk multiomics segment held the largest market share in 2023. The various advantages of bulk multiomics can be attributed to the segment's dominance. Typically, bulk multiomics is essential for systematically explaining disorder pathogenesis and different phenotypes at the individual level.
- Based on platform, the genomics segment dominated the market in 2023 with a revenue share of 39.8%. This is attributed to the growing technological advancements and active investments in genomic research activities. On the other hand, the metabolomics segment is anticipated to grow at the fastest CAGR from 2024 to 2030, owing to the rising demand for personalized medicines.
- In terms of application, the oncology segment dominated the market in 2023 with a revenue share of 40.7%, and it is expected to grow at the fastest CAGR over the forecast period. The rising incidence of cancer and the growing use of multiomics for cancer are anticipated to drive segment growth.
- Based on end-use, academic & research institutes dominated the segment with a revenue share of 49.0% in 2023. This is attributed to the increasing studies and research focusing on multiomics approaches, including genomics, proteomics, metabolomics, and transcriptomics. On the other hand, pharmaceutical & biotechnology companies is anticipated to grow at the fastest CAGR from 2024 to 2030.
Table of Contents
Chapter 1. Methodology and Scope
Chapter 2. Executive Summary
Chapter 3. Market Variables, Trends, & Scope
Chapter 4. Product & Services Business Analysis
Chapter 5. Type Business Analysis
Chapter 6. Platform Business Analysis
Chapter 7. Application Business Analysis
Chapter 8. End-Use Business Analysis
Chapter 9. Competitive Landscape
List of Tables
List of Figures
Companies Mentioned
- BD
- Thermo Fisher Scientific Inc.
- Illumina, Inc
- Danaher
- PerkinElmer Inc.
- Shimadzu Corporation
- Bruker
- QIAGEN
- Agilent Technologies, Inc.
- BGI
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 90 |
| Published | May 2024 |
| Forecast Period | 2023 - 2030 |
| Estimated Market Value ( USD | $ 1.05 Billion |
| Forecasted Market Value ( USD | $ 2.9 Billion |
| Compound Annual Growth Rate | 15.5% |
| Regions Covered | United States |
| No. of Companies Mentioned | 10 |
