Global Metabolomics Market - Segmented by Techniques, Application, and Geography - Growth, Trends, and Forecast (2018 - 2023)
The global metabolomics market is expected to register a CAGR of 12.0 % during the forecast period (2018 - 2023). North America is anticipated to dominate the market during the forecast period owing to a growing acceptance of personalized medicine and increasing metabolomics research activities in the region.
Huge Investments by Public & Private Players
Recently, the medicine & healthcare industry has experienced a huge growth. However, chronic diseases, such as cancer, continue to pose a threat to the medical community. The use of new technologies, such as metabolomics, in studying cancer is promising as they could reveal new biomarkers for cancer. These biomarkers can be used in the diagnosis and prognosis of the disease. Metabolomics has become popular over the last decade, as it is a fast and accurate technique. The use of metabolomics in cancer studies as a useful tool in revealing biomarkers has resulted in a continuous large investment being made both by governments and private organizations in the research & development activities of metabolomics. Additionally, rising need for accurate diagnosis of diseases, rising demand for personalized medicines, and the introduction of computer-based metabolomics are driving the market growth of metabolomics.
Lack of Skilled Professional
Metabolomics can be a revolutionary tool in treating diseases such as cancer. There is enormous data that is being generated, but this data is not being tapped wisely. The data generated using metabolomics require a skilled personnel, trained particularly in this domain, to interpret the results intelligently. However, a lack of skilled personnel has created an imbalance between the investments being made on developing metabolomics and the revenues that are being generated. For instance, some experts in the fields of application are unable to optimize the analytical tools while some analytical chemists lack a biology background. These produce sub-optimal results. Hence, the availability of user-friendly tools for easy data interpretation and a better awareness of the technology to overcome the current shortcomings are crucial. Additionally, lack of awareness of metabolomics is further impeding the growth of the market.
North America is the Largest Market
North America is the largest market for global metabolomics. This high growth is attributed to the growing awareness regarding metabolomics, the rising R&D activities in the field of metabolomics, and the surge in demand for personalized medicines in the region. The Asia-Pacific region is expected to witness the highest growth in this market majorly due to the improving pharmaceutical research infrastructure, the presence of a huge population, unmet healthcare needs, and the growing economies in developing countries, like India and Japan
Key Developments in the Market
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