The Metabolic Testing Market is estimated to be valued at Us$ 641.62 Mn in 2023 and is expected to exhibit a CAGR Of 7.6% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Metabolic testing includes measuring oxygen consumption, carbon dioxide production, and urinary nitrogen excretion to estimate energy expenditure. Some of the key products available in the market include metabolic carts, pulmonary function testing systems, anthropometric systems, body composition analyzers, and stress testing systems. These products are used for evaluation of metabolism, body composition, and heart & lung function in clinical laboratories, hospitals, and healthcare centers.
Market Dynamics:
Growing obesity rates across the globe are expected to be a major driver for the metabolic testing market growth over the forecast period. Obesity increases the risk of developing chronic diseases such as diabetes, cardiovascular diseases, liver problems, and musculoskeletal disorders. Metabolic testing aids in determining energy needs, body composition, and diagnosis of obesity related disorders. Moreover, increasing healthcare expenditure and rising aging population are also contributing to the demand for metabolic testing devices globally. However, high cost of some of the advanced metabolic testing instruments may hinder market growth.
SWOT Analysis
Strength: Metabolic testing helps in early diagnosis of various chronic diseases which leads to better treatment outcomes. It offers noninvasive testing procedures that are convenient and comfortable for patients. The growing prevalence of lifestyle diseases has increased the demand for metabolic testing procedures.
Weakness: Metabolic testing equipment are expensive which increases the cost of overall testing. Many parts of the world still lack adequate healthcare infrastructure and facilities for widespread implementation of metabolic testing.
Opportunity: Rising health awareness and focus on preventive healthcare is driving the demand for metabolic testing. Growing geriatric population worldwide who are prone to chronic diseases also presents an opportunity.
Threats: Strict regulatory framework and protocols for approval of new metabolic testing devices increases risk of delays or clinical trial failures. Economic slowdowns can negatively impact the healthcare expenditures of consumers.
Key Takeaways
The Global Metabolic Testing Market Demand is expected to witness high growth, exhibiting CAGR of 7.6% over the forecast period, due to increasing prevalence of lifestyle diseases such as obesity and diabetes globally. As per estimates, the global metabolic testing market size was valued at US$ 641.62 Mn in 2023.
Regional analysis
North America dominates the global metabolic testing market and is expected to continue its dominance over the forecast period. This is attributed to growing obese population, rising healthcare expenditures, and supportive healthcare policies for preventive health management in the region. Asia Pacific exhibits the fastest growth in the metabolic testing market supported by increasing medical tourism, rapidly developing healthcare infrastructure, and growing health awareness in developing countries of the region.
Key players
Key players operating in the metabolic testing market are COSMED srl, Vyaire Medical, Inc., Geratherm Medical AG, MGC Diagnostics Corporation, CORTEX Biophysik GmbH, General Electric Company, Microlife Medical Home Solutions, Inc., OSI Systems, Inc., AEI Technologies, Inc., KORR Medical Technologies, Inc., Iworx Systems, GE Healthcare, Hologic, Inc, Geratherm Medical AG, and Parvo Medics.
Read More : http://insightsmarket.weebly.com/blog/the-metabolic-testing-market-is-estimated-to-witness-high-growth-owing-to-growing-demand-for-preventive-healthcare
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