The rise in global incidences of chronic diseases and increasing demand for personalized medicine propel the growth of the global metabolomics market.
PORTLAND, Oregon, Feb. 18, 2019 /PRNewswire/ -- Allied Market Research published a report, titled, "Metabolomics Market by Product & Service (Metabolomics Instruments and Metabolomics Bioinformatics Tools and Services), Application (Biomarker Discovery, Drug Discovery, Toxicology Testing, Nutrigenomics, Functional Genomics, Personalized Medicine, and Others), Indication (Cancer, Cardiovascular Disorders, Neurological Disorders, Inborn Errors of Metabolism, and Others) - Global Opportunity Analysis and Industry Forecast, 2017-2023". According to the report, the global metabolomics market was valued at $1,572 million in 2017 and is expected to reach $3,301 Mn by 2023, growing at a CAGR of 13.2% during the forecast period.
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The growth of the global metabolomics market is driven by rise in prevalence of chronic diseases worldwide, an upsurge in R&D investment for the development of metabolomics, and an increase in demand for personalized medicine. However, the lack of skilled professionals in the field along with the astronomical price of metabolomic instruments hampers market growth. Nonetheless, the immense potential of metabolomics in disease diagnostics and its growing prospect in human nutrition would create lucrative opportunities for emerging market players in the near future.
Metabolomics bioinformatics tools and services to hold a dominant position
Based on product & services, metabolomics bioinformatics tools and services segment is expected to be the largest and fastest growing segment through 2023. This is attributed to the tremendous progress demonstrated by bioinformatics, which is poised to grow even further in the near future driven by the use of robust algorithms and parameter estimation techniques in life-science research and analysis.
Cancer to remain the largest segment through 2023
By indication, the cancer segment is poised to occupy more than two-fifths of the global market by 2023, owing to the rise in the number of cancer incidences worldwide and the immense potential of discovering new cancer biomarkers through metabolomics research. However, other indicators segment is projected to grow at the fastest CAGR of 14.0%, as a wide range of fields including toxicology testing, finding nutrition levels, and drug discovery implement metabolomics as a diagnostic tool.
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Personalized medicine to encounter the highest growth during the forecast period
By application, the personalized medicine segment is expected to exhibit the highest growth rate during the forecast period, a CAGR of 17.3%, due to its advantage over other segments in directly targeting the cause of any disease. However, the biomarker discovery segment is projected to generate almost half of the total revenue by 2023, driven by incessant research on finding biomarkers for cancer.
Asia-Pacific to grow at the fastest rate through 2023
Surge in cancer awareness, rise in medical tourism, and a large number of patient population that's estimated to increase are key factors that are projected to render Asia-Pacific the fastest growing region through 2023. However, Europe would continue to occupy the largest market share, owing to well-developed healthcare infrastructure and higher demand for metabolomics based diagnostics.
Key market players
The key players analyzed in the report include Agilent Technologies, Inc., Danaher Corporation, Biocrates Life Sciences AG, Bruker Corporation, Leco Corporation, Metabolon, Inc., Human Metabolome Technologies, Inc., Bio-Rad Laboratories, Inc., Shimadzu Corporation, Waters Corporation, and Thermo Fisher Scientific Inc. They have adopted different strategies including collaborations, joint ventures, partnerships, expansions, mergers & acquisitions, and others to gain a strong position in the industry.
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