Metabolomics Market Size, Segment Analysis, Growth Drivers and Forecast by 2024
The global metabolomics market is projected to achieve a lucrative growth rate during the forecast period due to the increased government and private funding in research and development, and rise in metabolic application in personalized medication. The market is led by instruments, in terms of size, majorly attributable to the fact that metabolomics instrument is extensively used while following the various steps of the experimental protocol. Metabolomics bioinformatics tools and services are expected to witness the faster growth in future, as it facilitates simpler analysis and data interpretation of widely available biological data.
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Metabolomics has wide application in various field, these include biomarker discovery, drug discovery, toxicology testing, nutrigenomics, functional genomics, personalized medicine, and others. The biomarker discovery was the largest application area of metabolomics in 2016, due to to the rise in prevalence of chronic diseases on the global level. Additionally, the extensive oncological research with inclination towards study of new biomarkers and its cancer application drives the larger contribution of biomarker discovery in the market.
Various factors leading to the growth of the metabolomics industry include the rise in funding for technological research from government as well as private organizations, along with increase in collaborations & partnerships of key players for enhancement of their product portfolio. There has been significant rise in the R&D expenditure by the key players for development of technologically advanced metabolomics platforms, which is expected to drive the growth of the market during the forecast period. The advent of personalized medication also acts as a driving force to the growth of the market.
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The key players have been focused in the enhancement of their product portfolio, by forming partnerships. to increase metabolomics market share.
For instance, in June 2017, Thermo Fisher Scientific Inc. (Thermo Fisher) and Biocrates Life Sciences AG announce the launch of a ready-to-use kit for accurate metabolic phenotyping on high resolution mass spectrometry instruments. Under the co-marketing agreement, both the companies will jointly promote and market the combined use of the kit and Thermo Fisher's Q Exactive high-resolution, accurate-mass (HRAM) platform of mass spectrometers.
Some of the other key players in the global market include Agilent Technologies, Inc., Danaher Corporation, Waters Corporation, Shimadzu Corporation, Bio-Rad Laboratories, Inc., Bruker Corporation, Human Metabolome Technologies Inc., Metabolon, Inc.