The global metabolomics market has been witnessing an escalating graph of competition over the past years. At every point in time, the market has surpassed the previous levels of competition, and has led the major market players to lock horns with each other. This intense level of competition majorly owes to the large number of small-, medium, and large scale players operating in the market. Each of these market players are on a quest to enhance their prospects of growth by bringing about key changes to their business strategies. The major players in the market who have a substantial revenue base are expected to capitalize on acquiring smaller market players in order to expand the consumer base. Moreover, strategic alliances are projected to surface as a key highlight of the competitive landscape over the coming years. Hence, the market players will tentatively resort to all the cross-market hacks that can fetch them a greater market share. Human Metabolome Technologies, Thermo Fisher, LECO,
Waters, Metabolon, Biocrates Life Sciences, Bio-Rad Laboratories,Bruker, Shimadzu, and Agilent Technologies. These market players are expected to concentrate on innovating their offerings to captivate the attention of the masses. Furthermore, continuous research and development is also prognosticated to be a key strategy of the market players.
Transparency Market Research (TMR) finds that the global market for metabolomics would expand at a stellar CAGR of 17.10% over the period between 2016 and 2024. Moreover, the market is projected to generate a strikingly high revenue of US$2.49 bn by the end of 2024. Based on application, the key segments in the market are nutrigenomics, clinical toxicology, drug assessment, biomarker discovery, and others.
Advancements in Pharmaceutical Sector to Propels Demand
The domain of drug discovery and other aligned domains in the pharmaceuticals industry have been a key contributor to the growth of the global market for metabolomics. In recent times, personalized medications have been a major breakthrough of the field of pharmaceuticals, chemicals, and life sciences. The growth of research and development initiatives over the coming years is expected to give potency to the global market for metabolomics. Furthermore, the government has been extending huge funds for the betterment of the chemical, pharmaceutical, and life sciences industries, which shall further boost the demand within the market. It is anticipated that the market would tread along a commendably lucrative growth track, thus, offering key opportunities to market players. Toxicology technologies have lately surfaced as a key area of operation that has undergone tremendous developments, which is also projected to be a driver of global market demand.
Ignorance of People Could Hamper Market Growth
Although several unique applications of metabolomics have emerged in the contemporary scenario, the low awareness and contempt of the populace to resort to these technologies restricts growth. Besides this, the lack of skilled professionals who can analyze and execute the processes within metabolomics is also becoming an obstruction for the growth of the market. Despite these hindrances, the technological developments such as biomarker discovery services are anticipated to keep offering positive growth opportunities for market players.