Global Metabolic Genetic Testing Market Size, Share, Trends, And Forecast Highlights Over 2022-2031
The global metabolic genetic testing market is estimated to garner substantial revenue by growing at a CAGR of ~8% over the forecast period, i.e., 2022 – 2031. The metabolic genetic testing market is expected to grow on a robust note in the next decade. Moreover, the next decade will see the integration of telehealth services with the physical ones that exist at the moment. The urgent and primary care are bound to be accessed through virtual visits, along with improvement in collaboration with the clinics, dialysis centers, long-term care facilities, and mental health services. Therefore, this transition will soon be visible in the healthcare sector. Next-generation sequencing is the emerging method that is currently used for DNA sequencing. The change in lifestyle during the past years has increased the possibility of metabolic and genetic disorders. The increasing incidence of numerous genetic and metabolic problems is another factor. According to estimates in the year 2020, the percentage of people in the United States with metabolic syndrome has risen to 37%.
Metabolic genetic disorders are caused due to either absence of any gene or presence of inactive gene leading to enzyme deficiency. These are also referred to as inborn metabolic errors. There are currently countless hereditary metabolic diseases. lysosomal storage diseases, mitochondrial disorders, disorders of metal metabolism, solar sensitivity, thyroid disease, etc., are a few of them. Diabetes also slows metabolism down by lowering insulin levels. As a result, the body is prevented from storing the energy it receives from food for later use. Additionally, genetic testing can aid in identifying the origin of chronic, frequently incapacitating symptoms that go undetected in patients with suspected metabolic abnormalities. To assist with diagnosis, specialized testing known as metabolic testing may be requested to examine the patterns of fat, glucose, and amino acid metabolism. Amino acids are the fundamental building blocks of proteins. The metabolic genetic testing market is driven by advancements in DNA sequencing techniques, increasing research in human genetics, and awareness about the testing techniques. This testing method provides an accurate course of treatment and specific investigations. In addition, Terumo Corporation and French Company Diabeloop signed an agreement for a strategic partnership. According to the new agreement, in addition to the current joint development of the AID system for Japan, they will work closely to bring Automated Insulin Delivery solutions to Europe with potential further global expansion. The demand for AID systems is high in the United States and Europe.
Global Metabolic Genetic Testing Market: Growth Drivers and Challenges
Increasing Prevalence of Metabolic Disease - In recent years it has been observed that the cases of diabetes have been increasing, and many countries might face a potential metabolic disorder epidemic. Many industrial countries are concerned with the chronic obesity epidemic, with the U.S. leading in the number of obese cases. The state of the global economy has improved over time, particularly in underdeveloped nations where there is a high prevalence of metabolic illnesses. Governments all across the world are being urged by researchers to take action and develop studies and solutions to reduce obesity and diabetes. In 2022, according to CDC estimates 37.3 million people have diabetes (11.3% of the US population). 96 million people aged 18 years or older have prediabetes (38.0% of the adult US population) and 26.4 million people aged 65 years or older (48.8%) have prediabetes.
Rising Prevalence of Chronic Diseases - Increasing sedentary occupations, busy lifestyles, and changing consumer preferences are affecting the disease profile of the world's population, especially non-communicable diseases such as diabetes and obesity. The main causes of metabolic disorders are long working hours, decreased physical activity, and unhealthy eating habits. According to the World Health Organization (WHO), the prevalence of chronic disease is expected to rise by over 57% globally, by the year 2020.
Rapidly Aging Population - According to world bank population ages 65 and above was 10% of total population and it is expected to increase in coming years which will help t0 drive the global metabolic genetic testing market.
Surge in the Cases of Smoking - In 2020, 22.3% of the global population used tobacco, which accounted for 36.7% of all men and 7.8% of the women across the world. Although certain LMICs (Low- and Middle-Income Countries) are seeing a decline in smoking prevalence, the developing world is expected to continue to see a rise in smoking-related illnesses and fatalities due to the relatively high population growth rate.
Growing Healthcare Expenditure -According to world bank the globally current healthcare expenditure accounted for ~9.83% of GDP.
- High Pricing of Some Medicines and Drugs
- Absence of Favorable Reimbursement Policies, Especially in Underdeveloped and Emerging Economies
- High Initial Cost of Technologically Advanced Software Solutions and Equipment
The rise in the prevalence of genetic metabolic disorders, changes in lifestyle, technological developments in screening methods, public awareness of genetic testing, and increased research and development are additional factors contributing to the growth of the global market for metabolic, genetic testing. In DNA sequencing, numerous technological developments are taking place. There are currently countless hereditary metabolic diseases. Lysosomal storage diseases, mitochondrial disorders, disorders of metal metabolism, solar sensitivity, thyroid disease, etc., are a few of them. In April 2019, Centogene N.V launched a panel for detection of rare metabolic disease, combining genetic and biochemical testing to provide the most comprehensive screening for rare metabolic conditions.
The market for global metabolic genetic testing market is segmented by technique, out of which, over the projected period, the next-generation sequencing segment is expected to hold the highest share. The NGS market is expanding as a result of a number of factors, including ongoing technological advancements in sequencers and the widespread adoption of NGS technologies owing to their low cost and high efficiency. For instance, DNA Script is enabling their partners to explore the combined use of enzymatic synthesis of DNA and next-generation sequencing to enable accurate and low-cost decoding an important step to transitioning from digital to biology-based data storage.
Major Macro-Economic Indicators Impacting the Market Growth
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.7 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.3 in 2008 to USD 1,110.8 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.8 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5,355.7, which grew from USD 3,515.8 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611.0 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
Global Metabolic Genetic Testing Market Regional Synopsis
The global metabolic genetic testing market is segmented into five major regions, including North America, Europe, Asia Pacific, Middle East & Africa region, and Latin America. North America region, with countries such as US and Canada, are dominating the metabolic and genetic testing market. This region has major manufacturing and laboratories companies, and an increase in investments in new techniques is driving the market. Moreover, the governmental initiatives for genetic testing and increase in funding act as a driver for the market. For instance, according to the World Bank data, North America's current health expenditure (% of GDP) increased from 12.2% in 2000 to 16.32% in 2019, growing at an average annual rate of 1.57%. Further, many regional companies are involved in strategic partnerships to enhance their product portfolios through research and development activities.
The global metabolic genetic testing market is further classified on the basis of region as follows:
- North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
- Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook.
Our in-depth analysis of the global metabolic genetic testing market includes the following segments:
By End User
Top Featured Companies Dominating the Market
- Centogene N.V.
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- MedGenome Inc.
- Blueprint Genetics Oy
- Invitae Corporation
- Quest Diagnostics Inc.
- Metaflow LTD
- Eli Lilly and Company
- Bionano Genomics
- Devyser ABs
- Laboratory Corporation of America Holdings