Metabolomics Market Set to Garner Staggering Revenues by 2024
Transparency Market Research in its new report predicts that the global metabolomics market will undergo a tremendous transformation in the near future. The research report graphs the development of the metabolomics market in recent years and gives in detail information about overall working dynamics of the same. The competition in the market has been intense in the last few years and has been constantly escalating as leading players in the market are trying to maintain their position. Such intense competition in the market can be credited to the large number of medium, small, and large-scale enterprises that are functioning in the market.
Each of these market players are trying to bolster their product portfolio by adopting aggressive marketing strategies. Strategies such as mergers and acquisitions are becoming increasingly common. Moreover, expansion of their production and manufacturing facilities has also been a key characteristic of the development strategies of the leading players in the metabolomics market. Some of the leading companies in the market are Thermo Fisher Inc., Human Metabolome Technologies, LECO, Shimadzu, Agilent Technologies, and Biocrates Life Sciences among others.
According to the research report, the global metabolomics market is projected to exhibit a massive CAGR of 17.10% for the given forecast period of 2016 to 2024. In addition to this, the market is expected to achieve a stellar valuation of US$2.49 bn by the fall of 2024.
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Developments in Pharma Sector to Push Market Growth
The drug discovery sector and other associated sectors in the pharmaceutical domain have been identified as the chief contributors for the overall development of the global metabolomics market. In recent years, the customized medicines or personalized therapeutics have had massive breakthroughs due to the developments in the fields of life sciences, chemicals, and pharmaceuticals. This too has helped in the growth of the global metabolomics market. Rising activities of research and development and increasing funding or investments for the same have too played a crucial role in developing the metabolomics market in recent years. In addition to this, the governments across the globe have been supportive for such market developments and have offered lucrative business opportunities and subsidized facilities for further development. All these factors have thus contributed for the overall growth of the global metabolomics market.
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Lack of Awareness among End-users to Restrict Market Development
There are however, some factors that might hamper the growth of the global metabolomics market and stop it from reaching its full potential. One of the major restraining factors for the market growth has been the serious lack of awareness among the end-users about the benefits of metabolomics. Moreover, there has been a mixed response of the people towards using such technologies. This too has acted as a restraining factor for the market growth.
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