Portland, OR -- (SBWIRE) -- 09/15/2017 -- According to a new report published by Allied Market Research, titled, Metabolomics Market by Product & Service, Application, and Indication: Global Opportunity Analysis and Industry Forecast, 2017-2023," 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.
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Metabolomics uses various analytical methods, such as spectroscopy, chromatography, and multivariate analysis, for the identification & quantification of various metabolites. The analytical methods facilitate the classification of various known & unknown metabolites in the reaction. The comprehensive nature of metabolites enables its application in diverse medical fields; thereby, facilitating the development of new therapeutic procedures and diagnostics tests.
The global metabolomics market is expected to grow at a lucrative rate during the forecast period due to increased adoption of metabolomics in precision medicine and surge in R&D investments. Moreover, technological advancements in auxiliary medical devices used for metabolomics analysis and growth in demand for the development of quality medications are expected to fuel the metabolomics market. However, high cost of medical devices and lack of effective data management for metabolomic profiling hamper the market growth.
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The biomarker discovery segment accounted for the highest market share in 2016, and is expected to continue this trend during the forecast period. Technological advancements in quantification methods & technologies and increase in concerns related to prevalence of chronic diseases, such as cardiovascular diseases, diabetes, and cancer, are expected to drive the growth of this segment.
Key Findings of the Metabolomics Market:
- The drug discovery segment is estimated to grow at the highest rate during the forecast period.
- The biomarker discovery segment generated the highest revenue in 2016, and is expected to continue its dominance in the near future.
- North America dominated the global market in 2016.
- China is expected to grow at the highest CAGR in the Asia-Pacific region.
North America accounted for the highest market share in 2016, owing to surge in R&D investment and availability of modern healthcare facilities. Moreover, increased use of experimental medicines and growth in adoption of metabolomics in precision medicine are expected to boost the North America metabolomics market. However, Asia-pacific is expected to grow at the highest CAGR during the forecast period due to rapid adoption of metabolomics in medical research, increase in disposable income, and surge in government initiatives to discover cost-effective treatments for chronic diseases.
The key companies profiled 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.