According to our new research study on “The global Metabolomics Services Market Forecast to 2028 – COVID-19 Impact and Analysis – by Service Type and Application,” is expected to reach US$ 1,895.14 million by 2028 from US$ 501.24 million in 2021; it is estimated to grow at a CAGR of 20.9% from 2021 to 2028. The report highlights trends prevailing in the market, and drivers and hindrances pertaining to the market growth.
The global metabolomics market players and research institutes are constantly involved in activities to study the various aspects of metabolomics to extend its range of applications. The pharmaceuticals, biotechnological, and other companies outsource several processes to reduce cost and produce results in less time. The research and development (R&D) process plays a crucial role in the growth of these businesses. For pharmaceuticals and biotech companies, R&D is necessary for the development of new molecules with greater medical and commercial potential for various therapeutic applications. The companies invest majorly in R&Ds with the aim of delivering high-quality and innovative products to the market. Metabolomics is widely used by these players as part of their development processes, and they opt for outsourcing the metabolomics studies to CROs offering these services. Following are the recent R&D investments made by a few international pharmaceutical and biotechnology companies.
The emerging markets in regions such as the Middle East, Africa, and Asia Pacific are creating significant opportunities for the key market players to expand their businesses. The majority of players concentrate on developing markets, such as India and China, owing to the large population suffering from chronic diseases in these countries.
With rising production costs against their practices, the healthcare companies are striving to produce sufficient revenue to entertain their investors. The markets in a few growing economies are expected to be an essential part of offering more reliable and profitable growth opportunities for the major players to expand their industry and geographic scope.
Advancements in biotechnology have increased the demand for diagnostics in the healthcare market, encouraging the introduction of more analytical systems and facilitating the shift toward personalized medicine. There are new opportunities in infectious disease testing, molecular oncology, and pharmacogenomics in emerging countries. Hence, healthcare companies can target patients or consumers in developing nations.
Various players in the industry have been investing a significant amount of their revenue in R&D activities to develop better and advanced products and technologies to be used in the healthcare industry. The Asia Pacific market is anticipated to have the fastest growth during the forecast period due to the presence of significant biopharmaceutical companies in countries such as Japan and the growing number of local companies in countries such as China and India. These activities in the region are increasing the demand for metabolomics-related services in the region.
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Thus, the rising number of diseases such as cancer and advancements in emerging countries are likely to boost the market and are anticipated to provide significant growth opportunities to the players operating in the market during the forecast period.
The Metabolomics Services market majorly consists of the players such as companies such BASF SE, TMIC, Creative Proteomics, BGI, RTI International, Afekta Technologies Ltd., Fred Hutchinson Cancer Research Center, West Coast Metabolomics Center, Metabolomics Services amongst others. The companies have been implementing various strategies that have helped the growth of the company and in turn have brought about various changes in the market. The companies have utilized organic strategies such as launches, expansion, and product approvals. Whereas, the inorganic strategies such as mergers & acquisitions, partnership, collaborations, were widely seen in the Metabolomics Services market.
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