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Albany, New York, Aug. 21, 2019 (GLOBE NEWSWIRE) -- According to the latest report published by Transparency Market Research about the global Metabolomics Market, it is expected that the market will expand with a massive CAGR of 17.10%. With such a stellar rate of growth, the valuation of the metabolomics market is estimated to reach around US$2.49 Bn by the end of the given forecast period of 2016 to 2024.
The vendor landscape of the global metabolomics market has witnessed stiff competition in the last few years. At any given point, the competition in the global market has been on a constant rise and has led the leading companies in the market go head to head against each other. Such a high level of competition is mainly attributed to the presence of several companies in the market of all sizes. These leading players are constantly trying to enhance the growth prospects by adopting new strategies. The leading companies in the global metabolomics market that have a big revenue base are projected to adopt aggressive marketing strategies and acquire smaller companies to strengthen their foothold. In addition to this, strategic partnerships or alliances have come up as a key trend in the vendor landscape of the global metabolomics market.
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Some of the major players in the global metabolomics market include names such as Thermo Fisher Inc., Human Metabolomics Technologies, LECO, Agilent Technologies, and Biocrates Life Sciences among others. These companies are now focusing on product development and innovations in their services to attract more users. Also, they are investing more in research and development activities.
Increased Funding for the Development of End-Use Industries is Driving Market Growth
Drug discovery and other related domains in the pharmaceutical sector have been major contributors to the development of the global metabolomics market. In the past few years, customized medications have experienced huge breakthroughs in the fields of chemical, life sciences, and pharma sector. This has considerably helped in propelling the growth of the global metabolomics market. In addition to this, the governments across the globe are now allocating more funds for the development of life sciences, pharmaceutical, and chemical industries. This is also helping the metabolomics market to grow at a rapid pace.
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According to the research report, it is expected that the market will continue expanding during the forecast period and will present several attractive business opportunities. Recently, toxicology technologies have come up as an important functional area that has experienced massive developments. This is also projected to fuel the growth of the market in the coming years.
Lack of Skilled Labor Slows Market Growth
Inspite of numerous factors propelling the growth of the global market, there are others that may slow down the growth and stop the metabolomics market fromreaching its full potential. One key restraining factor that needs to be tackled is the low awareness among people about metabolomics. Also, some people, especially from an elder generation may not show much intent to use new technologies. Furthermore, there is a dearth of skilled professionals with the ability of swift analysis and execution of the metabolomics process. This dearth is also creating some roadblocks in the development of the global market. Howeverthe introduction of new technologies such as biomarkershas created a positive stir in the market. Such new techniques are prognosticated to change the perspective of the masses in terms of metabolomics and associated processes.
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The review is based on TMR report titled “Metabolomics Market (Gas Chromatography, Capillary Electrophoresis, High-Performance Liquid Chromatography, Ultra Performance Liquid Chromatography, Nuclear Magnetic Resonance Spectroscopy, Mass Spectrometry, Drug Assessment, Biomarker Discovery, Nutrigenomics, Clinical Toxicology) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 – 2024”.
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