(PharmaNewsWire.Com, June 17, 2020 ) MarketsandMarkets forecasts the Metabolomics Market to grow $2.38 billion, at a Compound Annual Growth Rate (CAGR) of 14.6% during the forecast period.
Metabolomics plays a vital role in the fields of toxicity testing, biomarker development, drug discovery, and clinical diagnostics. Factors such as the growing demand for personalized medicine, increasing pharmaceutical and biotech R&D expenditure, and rising necessity for toxicology testing are driving the growth of the metabolomics market.
Market Dynamics:
Driver: Growing demand for personalized medicine;
Personalized medicine is a technology-based and patient-centered customization of diagnosis and treatment evaluation. Recent developments in analytical technologies, such as the emergence of high-resolution mass spectrometry, have provided revolutionary analytical capabilities in metabolomics, offering the detection of more than 10,000 metabolites at a given point of time. Such developments are opening new opportunities for the utilization of metabolomics in the development of personalized and precision medicine. As metabolomics precisely differentiates between two or more disease phenotypes, it can be applied to identify metabolites and biomarkers related to the perturbation being investigated by providing detailed cellular information.
These metabolites can be used to develop personalized prognostic, diagnostic, and treatment approaches for monitoring of disease progression, treatment efficacy, predisposition to drug-related side effects, and potential relapse. The growing focus on personalized medicine has driven the use of metabolomics tools by manufacturers engaged in developing rigorous strategies for understanding the root of a disease rather than simply treating a patient’s symptoms.
Based on applications, the biomarker discovery segment accounted for the largest share of the global metabolomics market. The rising prevalence and incidence of chronic diseases such as cardiac diseases, cancer, and diabetes; growing acceptance of cancer diagnostic tests; and scientific progression in discovery technologies are major factors driving market growth in this segment.
Based on indication, the cancer segment accounted for the largest share of the global metabolomics market, in 2015. The large share of this segment can be attributed to the increasing utility of biomarkers in patient stratification and the drug development process and increasing scientific progression in discovery technologies.
North America is expected to hold the largest market size in the metabolomics market during the forecast period, followed by the European region. On the other hand, the Asia Pacific market is expected to witness the highest growth during the forecast period. Growth in this region can be attributed to the huge demand for metabolomics in drug discovery and biomarker development experiments.
Factors such as significant growth in the life science industry, increasing investments by global players over the past few years, and increasing number of tie-ups between manufacturers and institutions in this region are also expected to support market growth in this region.
Major Key Players in Detailed:
The global metabolomics market is highly competitive in nature, with the top five companies accounting for the major market share.
Some key players in this market are Agilent Technologies, Inc. (U.S.), Thermo Fisher Scientific, Inc. (U.S.), Bruker Corporation (U.S.), Danaher Corporation (U.S.), Shimadzu Corporation (Japan), Metabolon Inc. (U.S.), LECO Corporation (U.S.), Biocrates Life Sciences AG (Austria), Human Metabolome Technologies, Inc. (Japan), and Waters Corporation (U.S.).
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