A large pool of players with a robust presence points towards the high degree of competition in the global metabolomics.market Thermo Fisher, Biocrates Life Sciences, Agilent Technologies, Shimadzu, Human Metabolome Technologies, Waters, Metabolon, LECO, Bruker, and Bio-Rad Laboratories are some of the key companies leading this market, finds a new research report by Transparency Market Research (TMR).
Hitherto, these companies have relied upon innovation and product advancements for the growth of their business. Over the coming years, a shift in their focus towards strategic alliances can be observed, states the market study.
According to TMR’s estimations, the global market metabolomics will expand at a healthy CAGR of 17.10% during the period from 2016 to 2024 and reach a value of US$2.49 bn by the end of the forecast period. Drug assessment, nutrigenomics, biomarker discovery, and clinical toxicology have emerged as the key application areas for metabolomics across the world, states the report.
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Demand for HPLC technique to remain Strong
The report considers separation and detection as the prime techniques utilized in metabolomics. Gas chromatography, high performance liquid chromatography (HPLC), capillary electrophoresis, and ultra-performance liquid chromatography (UPLC) have surfaces as the key separation techniques, among which, HPLC technique enjoys the most prominent demand across the world. Researchers project this trend to continue over the next few years.
In terms of geography, the market reports its presence across Latin America, the Middle East and Africa, North America, Europe, and Asia Pacific. Among these, North America and Europe has been leading the global market and are expected to remain doing so in the years to come, notes the research study.
Surge in Demand for Personalized Medicines Propels Market
“The substantial increase in the demand for personalized medicines, especially in North America and Europe, is the main factor behind the growth of the global metabolomics market. Apart from this, the surge in government initiatives and funding in research and the rising need for toxicology technologies and enhanced research and development activities across a number of pharmaceutical and biotechnology sectors are also propelling this market remarkably across the world.
On the other hand, the decreasing uptake rate of advanced technologies and data processing and analysis by conventional workers and the lack of skilled professionals may restrict this market from growing steadily over the forecast period. However, the effects of these restraints will be nullified with the upswing in the opportunities presented by biomarker discovery services and the untapped markets. The technological enhancements and the increasing partnerships between key players and various research institutes are also projected to boost the market in the near future, states the report.