Metabolomics Market Size, Industry Share, Growth, Covid 19 Impacts, Outlook – 2023
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The biomarker discovery segment contributed to the highest market share in 2017 and will maintain its dominant share during the forecast period. Advancements in quantification methods & technologies along with rising in concerns regarding the prevalence of chronic diseases such as diabetes, cardiovascular diseases, and cancer would fuel the growth of this segment.
The report offers insights on drivers, restraints, and opportunities of the global metabolomics market. A surge in the adoption of metabolomics in precision medicine and a rise in R&D investments are expected to facilitate market growth. In addition, technological advancements for auxiliary medical devices utilized for analysis of metabolomics and a rise in demand for quality medications supplements the growth of the market. However, expensive medical devices and lack of effective data management for the profiling of metabolomics restrain market growth.
Key Findings of the report:
The drug discovery segment is anticipated to witness the highest growth rate during the forecast period.
The biomarker discovery segment generated the highest market share in 2017 and is expected to maintain its dominance during the forecast period.
North America dominated the global metabolomics market in 2017.
China would register the highest CAGR in the Asia-Pacific region.
North America held the major market share in 2017, owing to a surge in R&D investments and the availability of advanced healthcare facilities. In addition, a rise in usage of experimental medicines and the increase in the adoption of metabolomics for precision medicine fuel the growth. However, Asia-pacific would grow at the highest CAGR during the forecast period owing to the increase in the adoption of metabolomics in medical research and an increase in government initiatives for finding cost-effective treatments for chronic diseases.
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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.
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.
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