(PharmaNewsWire.Com, July 23, 2020 ) 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 market.
How the Market Growth looks like and Industry Segmentation?
The Metabolomics Market to reach USD 2.38 billion, at a Compound Annual Growth Rate (CAGR) of 14.6% during the forecast period.
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.
Metabolomics is used for the identification of new biomarkers through the use of bioinformatics tools, which indicate the changes in the physiological state of a cell or tissue. Biomarkers are important for the development of in vitro diagnostic tools, environmental toxicology screening methods, and drug discovery and development techniques. The omics revolution of the last decade has increased the application of metabolomics in biomedical research. As a result of these technological developments, new biomarkers are being regularly discovered. These biomarkers are required in medical sciences to better define and diagnose diseases, predict adverse drug events, and identify patient groups who would benefit from certain treatments.
Moreover, in the near future, the identification of biomarkers related to the safety, sensitivity, and resistance to commercially available drugs will present significant growth opportunities for the metabolomics techology market.
North America accounted for the largest share of the metabolomics market, followed by Europe. Easy accessibility to technologically advanced products and the presence of a large number of leading metabolomics manufacturers in the region are driving market growth in North America. Similarly, the rising acceptance of personalized medicines, increasing metabolomics research activities, and growing adoption of technologically advanced products are driving the growth of the North American metabolomics market. The Asia-Pacific region is expected to witness the highest growth in this market majorly due to improving biopharmaceutical research infrastructure, large population, rising healthcare needs, growing per capita income, and growing economies in Japan and India. In addition, manufacturers are increasingly focusing on strengthening their presence in emerging markets of APAC countries.
Major Key Players Mapped in Research Report:
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.). These leading players have primarily focused on product launches, acquisitions, agreements, collaborations, partnerships, and expansions for growth in the market.
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