Metabolic Testing Market is Estimated to Witness High Growth Owing to Rising Prevalence of Chronic Diseases
Metabolic testing involves measuring inhaled and exhaled gases during rest or exercise using specialized equipment to determine how the body uses oxygen and produces carbon dioxide. It helps assess how the body converts food to energy and identifies problems with metabolism. Metabolic testing is commonly used to help diagnose chronic conditions like diabetes, thyroid disease, obesity, cardiovascular diseases, and lung diseases. The growing burden of these non-communicable diseases worldwide is driving greater diagnostic testing needs.
The Global Metabolic Testing Market is estimated to be valued at US$ 2.4 billion in 2024 and is expected to exhibit a CAGR of 7.3% over the forecast period 2024-2031.
Key Takeaways
Key players operating in the Metabolic Testing market are COSMED, Vyaire Medical, MGC Diagnostics, Microlife Medical Home Solutions, General Electric Company, Korr Medical Technologies, and Geratherm Medical.
The Metabolic Testing Market Size provides several growth opportunities through enhanced testing services, expansion in untapped emerging economies, and development of portable and wearable metabolic testing devices. Major players are investing in R&D to develop innovative products and digital solutions to tap the fast-growing remote patient monitoring segment.
Globally, North America dominated the metabolic testing market due to high disease awareness, healthcare spending, and presence of leading market players. However, Asia Pacific is expected to witness the highest CAGR during the forecast period with growing medical tourism industry and increasing expenditure on chronic disease management in countries like China, India, and Japan.
Market drivers
Increasing obesity rates globally due to sedentary lifestyles and consumption of junk food is a key factor boosting demand for metabolic testing. As per WHO, worldwide obesity rates have nearly tripled since 1975 and around 38 million children under 5 were overweight in 2019. Metabolic tests help doctors monitor weight management programs and related health issues. Additionally, rising geriatric population susceptible to age-related metabolic changes is also driving the need for diagnostic testing and disease management through optimized care pathways.
PEST Analysis
Political: Government policies related to healthcare will impact investments in metabolic testing services. Regulations regarding clinical trial approvals will affect Metabolic Testing Market opportunities.
Economic: Changes in disposable income levels affecting individuals' spending on wellness and preventive care. Recession impacting healthcare expenditures.
Social: Growing health awareness and preventive healthcare approach. Adoption of sedentary lifestyle leading to obesity and metabolic disorders.
Technological: Advancements in precision and personalized medicine. Digital platforms for remote monitoring. Use of AI and big data in metabolic profiling.
Geographical Concentration of Value
North America holds the largest share of the metabolic testing market in terms of value, led by the US. This can be attributed to the high healthcare expenditure, advanced healthcare infrastructure, and presence of leading market players. Growing obesity rates have increased the demand for metabolic testing services in the region.
Fastest Growing Region
The Asia Pacific region is expected to witness the highest growth over the forecast period. Factors such as improving access to healthcare services, rising medical tourism, growing economy, and increasing health awareness are driving the market in the Asia Pacific region. China and India represent major growth opportunities with a fast-developing healthcare industry and large patient population.
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About Author:
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)
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