May 18, 2024
Global Optical Genome Mapping Market

Global Optical Genome Mapping Market is Estimated to Witness High Growth Owing to Increasing Application in Personalized Medicine

The global optical genome mapping market is witnessing significant growth over the past few years owing to the various advantages offered by optical mapping technology such as accuracy, speed, and affordability in genome analysis and disease diagnosis. Optical genome mapping helps in identifying structural variants in the human genome which plays a key role in certain diseases. It assists researchers and clinicians in understanding the genetic causes and complexity of diseases for developing personalized therapies.

The Global optical genome mapping market is estimated to be valued at US$ 109.9 MN in 2024 and is expected to exhibit a CAGR of 21.% over the forecast period 2024 To 2031.

Key Takeaways

Key players operating in the global Optical Genome Mapping Market are Bionano Genomics, Nucleome Informatics Private Limited, Praxis Genomics, LLC, SourceBio International Limited (Source BioScience), MedGenome, INRAE (French Plant Genomic Resources Center (CNRGV)), PerkinElmer (PerkinElmer Genomics), Genohub Inc., Hofkens Lab, and Cerba.
The increasing application of Optical Genome Mapping in oncology, inherited genetic diseases diagnosis, and preimplantation genetic testing provides significant opportunities for market players. It aids in more accurate cancer prognosis and development of personalized therapies.

The growing adoption of optical genome mapping by research institutes and clinical diagnostic labs across North America, Europe, Asia Pacific, Latin America, and Middle East & Africa is expediting the global expansion of the optical genome mapping market. The increasing healthcare funding especially in developing nations for genomics research is further boosting the market growth.

Market drivers

The increasing prevalence of various cancers and genetic disorders globally is a major market driver. Optical genome mapping helps in better understanding of genetic abnormalities and developing effective disease management strategies. Rising awareness about personalized medicine and growing application of OMICS technologies in drug discovery and development also contributes to the market growth.

PEST Analysis

Political: Regulations around genome mapping could impact the market. Regulations around data access and privacy will need to be followed.
Economic: Growth in the economy and funding for research could positively impact investments in new genome mapping technologies. Rising healthcare costs also drive need for improved diagnostics.
Social: Increased awareness and acceptance of precision medicine is enabling growth. Advances help understand conditions and find new treatment strategies.
Technological: Next generation sequencing and data analytics enable new applications. Automation and AI are reducing costs to expand access. Portable devices could enable use in more settings.

The regions where the optical genome mapping market in terms of value is concentrated include North America and Europe. North America has the largest share due to advanced research infrastructure and increasing focus on precision medicine. Europe is also a major market with extensive funding for genomics research from governments and private organizations.

The Asia Pacific region is the fastest growing market for optical genome mapping. Countries like China, Japan, and India are investing heavily in genomics to support growing populations and economies. Increasing healthcare spending and expanding research hubs are enabling growth in applications like cancer diagnostics and rare disease analysis. Collaboration between local and multinational industry players is further supporting regional market development.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research.
2. We have leveraged AI tools to mine information and compile it.