April 17, 2024
Optical Genome Mapping Market

Emerging Trends and Market Dynamics in the Global Optical Genome Mapping Industry

The global optical genome mapping market is in trends by the growing adoption of genome sequencing. Optical genome mapping involves the physical mapping of genomes of organisms including microbes, plants, and animals using optical microscopy. It provides advantages such as fast analysis, whole genome analysis, ability to detect rearranged genomic structures, and identify genetic variations driving complex diseases. The technique finds applications in genetic diseases screening, personalized medicine, cancer research, and pre-implantation genetic testing.

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 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 growing demand for fast and accurate genetic analysis during research activities is propelling the growth of the optical genome mapping market. Optical genome mapping finds wide applications in detection of structural variants associated with genetic disorders, cancer research, and preimplantation genetic testing.

Major players in the market are focusing on geographic expansion plans to tap the opportunities in emerging markets. Increasing awareness regarding applications of optical genome mapping and need for advanced screening for genetic disorders is expected to drive the adoption in Asia Pacific and Latin American regions over the forecast period.

Market key trends

The adoption of optical genome mapping is witnessing significant growth driven by the increasing research activities in cancer and genetic disorders. The technique offers advantages over traditional genome analysis methods such as karyotyping and DNA sequencing. It enables researchers to detect genome rearrangements more precisely and is emerging as an important method to study cancers and genetic anomalies. Ongoing technological advancements to develop high resolution optical mapping platforms is expected to further support the market growth over the coming years.

Porter’s Analysis

Threat of new entrants: Low setup and operational costs along with low entry barriers allow new companies to enter the market easily. Bargaining power of buyers: Presence of substitutes like whole genome sequencing and availability of players gives high bargaining power to buyers. Bargaining power of suppliers: Few vendors for specific components and technologies give high bargaining power to suppliers. Threat of new substitutes: Technologies like whole genome sequencing pose threat of substitution due to added capabilities. Competitive rivalry: Intense competition exists among established players to penetrate new application areas and geographies.

North America dominates the global optical genome mapping market in terms of value. Factors such as increased funding and investments for genomic research, well-established healthcare infrastructure, adoption of advanced technologies among healthcare professionals are driving the market in the region.

Asia Pacific is expected to be the fastest growing market during the forecast period owing to factors like increasing government and private investments in life science research, rising awareness about precision medicine and early disease diagnosis, expansion of healthcare facilities in emerging countries.

Geographical Regions

North America holds the major share of the global optical genome mapping market primarily due to well-established healthcare infrastructure, rising applications of genome mapping in research and precision medicine, and growing collaborations between academic research institutes and market players.
Asia Pacific is anticipated to witness the highest growth in the market over the forecast period attributable to increasing healthcare expenditures, heavy funding for genomic research, expanding biotechnology industry, and growing awareness about precision medicine and early disease diagnosis. Emerging countries in Asia offer lucrative opportunities for players due to growing investments.

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