According to the deep-dive market assessment study conducted by Growth + Reports, the global metabolic testing market was pegged at US$ 626.26 million in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 7.6 from 2022 to 2030.
The rising prevalence of lifestyle-related diseases, combined with an ageing population predisposed to chronic diseases such as cancer and kidney disorders, are some of the major factors driving the metabolic testing market. Furthermore, technological advancements such as the introduction of digital metabolic rate testing equipment and rapidly rising healthcare expenditure levels are expected to drive market growth over the forecast period. For instance, NIPD Genetics announces the launch of Evartia, a new genetic test for people suspected of having inherited metabolic diseases, on March 8, 2021. Evartia is a single, detailed panel of 223 genes involved in metabolic pathways that covers major classes of inherited metabolic diseases.
In recent years, there has been an increase in diseases associated with sedentary living. Obesity, diabetes, and cardiac issues are among them. According to the CDC, diabetes is extremely prevalent in the United States. Diabetic complications include neuropathy, retinal damage, organ damage, and the risk of foot elimination. Technological innovations in the healthcare IT industry have successfully combined various healthcare and IT programmes. In the healthcare industry, cloud computing, data mining, big data, and patient monitoring are all commonplace. Metabolic testing is still not required beyond situational requirements, and portable metabolic testing devices can significantly improve metabolic testing accessibility.
Rising government innovation, improved health care infrastructure, rising demand for quality medical care, and rising disposable income all contribute to market growth. Furthermore, increasing market consolidation and the introduction of new products are among the market's major opportunities. Furthermore, the coronavirus pandemic has changed market dynamics by limiting the establishment of new offices and manufacturing facilities. As a result, employees have begun to work from home, effectively halting global manufacturing. Furthermore, global trade restrictions had widened the gap between demand and supply. However, it has created lucrative opportunities for key players in specific regions. On the other hand, the high cost of equipment and software, as well as limited reimbursement, are expected to limit the global metabolic testing market's growth.
Geographically, the North American region is expected to account for the majority of the global metabolic testing market. The prevalence of lifestyle diseases such as cardiovascular disease, obesity, and type 2 diabetes in this region is driving the growth of the North American market. For instance, in January 2019, KORR Medical Technologies released a Metabolic Meal Plan application to help clinicians execute, create, and track customers' weight loss regimens.
Due to the presence of key manufacturers and their focus on research and development of novel products, the European metabolic testing market is expected to hold the second largest position in the global metabolic testing market.
The metabolic testing market report covers the following countries: the United States, Canada, and Mexico in North America, Germany, France, the United Kingdom, the Netherlands, Switzerland, Italy, Belgium, Russia, Spain, and the Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, and the Philippines, and the Rest of Asia-Pacific (APAC)
In comparison, the Asia Pacific region is expected to grow the fastest and can surpass North America. Asia's growth can be attributed to rising healthcare spending, rising demand for patient awareness levels. To some extent, the rise in the adoption of advanced technologies in the metabolic testing market and well-established healthcare facilities is driving regional market growth. Moreover, the rising geriatric population and increasing awareness are boosting the demand for metabolic testing in the region.
Market participants use sustainability strategies such as collaboration, acquisitions, and expansions to capitalize on available opportunities. They stand to gain by being able to cater to their given target bases on both a global and domestic level. Some of the key players operating the market global metabolic testing market include Cosmed srl, Geratherm Medical AG, General Electric Company, Vyaire Medical, Inc., MGC Diagnostics Corporation, Microlife Medical Home Solutions, Inc., Cortex Biophysik GmbH, OSI Systems, Inc., Korr Medical Technologies, Inc., AEI Technologies, Inc., Endurance Company, LLC, and CareFusion Corporation among others.