Metabolomics is an innovative approach for the treatment and diagnosis of chronic diseases. Increased adoption of metabolomics in drug development and personalized healthcare is expected to fuel the market growth during the forecast period.
The global metabolomics market accounted for $1,379 million in 2016, and is estimated to reach $3,301 million by 2023, registering a CAGR of 13.2% from 2017 to 2023. North America was the highest contributor to the global metabolomics market in 2016; while, Asia-Pacific is anticipated to witness the highest growth rate throughout the forecast period.
The rise in global incidences of chronic diseases and increasing demand for personalized medicine propel the growth of the global metabolomics market.
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.
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.
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.
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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