Global Metabolic Panel Testing Market Highlights Over 2022 - 2031
The global metabolic panel testing market is estimated to garner a sizeable revenue by growing at a CAGR of ~7% over the forecast period, i.e., 2022 – 2031. The growth of the market can be attributed to the increasing awareness among people regarding early diagnosis and treatment of diseases, and growing prevalence of chronic diseases around the world. Along with these, rising number of incidences lifestyle-associated diseases, including obesity, coupled with the escalating adoption of unhealthy habits such as smoking, excessive drinking and lack of physical activities are also expected to drive significant market growth in the forthcoming years. According to the World Health Organization (WHO), about 38.2 million children under the age of 5 years were overweight or obese in the year 2019. Worldwide obesity has grown by more than 3 times since 1975. Furthermore, developments in point-of-care technologies and diagnostics globally are projected to offer lucrative opportunities for market growth in the near future.
The market is segmented by disease into kidney diseases, diabetes, liver diseases, and others, out of which, the kidney diseases segment is anticipated to hold the largest share in the global metabolic panel testing market. This can be accounted to the growing occurrence of kidney diseases, and rapid shift in the lifestyle of people worldwide. Apart from this, the diabetes segment is predicted to observe significant growth over the forecast period owing to the increasing cases of diabetes and cardiovascular diseases, and rising demand for immediate diagnosis of these diseases. Additionally, on the basis of end user, the laboratories segment is assessed to grab the largest share over the forecast period ascribing to the high preference of patients to get test results from reputed laboratories, and their affiliation with blood banks, hospitals and specialty diagnostic centers. CLICK TO DOWNLOAD SAMPLE REPORT
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 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 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 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
Global Metabolic Panel Testing Market Regional Synopsis
Regionally, the global metabolic panel testing market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in Asia Pacific is estimated to witness noteworthy growth over the forecast period on the back of the improvements in healthcare infrastructure, and rising disposable income in the region. Moreover, the market in North America is expected to grab the largest share during the forecast period owing to the high healthcare spending, and strong commercial presence of metabolic panel diagnostics in the region. As per the Centers for Medicare & Medicaid Services (CMS), the healthcare spending in the United States grew by 9.7 percent in 2020, amounting for a value of USD 1.4 trillion. As a share of the nation's GDP, health spending accounted for 19.7 percent. In addition, favorable reimbursement policies provided by the government is also projected to drive market growth in the region in the coming years.
The global metabolic panel 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
Market Segmentation
Our in-depth analysis of the global metabolic panel testing market includes the following segments:
By Disease
- Kidney Diseases
- Diabetes
- Liver Diseases
- Others
By Test Type
- Electrolytes
- Proteins
- Kidney Tests
- Glucose
- Liver Functional Tests
- Others
By End User
- Point-of-Care Centers
- Laboratories
Growth Drivers
- Increasing Awareness Among People Regarding Early Diagnosis and Treatment of Diseases
- Growing Prevalence of Chronic Diseases Around the World
Challenges
- High Cost of Metabolic Panel Testing
Top Featured Companies Dominating the Market
- SYNLAB International GmbH
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- Abbott Laboratories
- Quest Diagnostics, Inc.
- Laboratory Corporation of America Holdings
- Sonic Healthcare Limited
- Associated Regional and University Pathologists, Inc.
- Nova Biomedical
- WerfenLife, S.A.
- Scion Lab Services, LLC
