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:
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.
Our in-depth analysis of the global metabolic panel testing market includes the following segments:
By Test Type
By End User
April 2020- Nova Biomedical declared that the U.S. Food and Drug Administration (FDA) approved its Stat Profile Prime Plus critical care blood gas analyzer for point-of-care use. The technology provides 19 essential critical care tests, including blood gases, electrolytes, metabolites, hematology, and co-oximetry.
June 2021- Abbott launched rapid point-of-care HBA1C test to help professionals in the diagnosis of diabetes and the assessment of patient’s risk to develop the condition.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Radhika Gupta, Shivam Bhutani
Ans: The major factors driving market growth owing to the increasing awareness among people regarding early diagnosis and treatment of diseases, and growing prevalence of chronic diseases around the world.
Ans: The market is anticipated to attain a CAGR of ~7% over the forecast period, i.e., 2022-2031.
Ans: The major players in the market are SYNLAB International GmbH, Abbott Laboratories, Quest Diagnostics, Inc., Laboratory Corporation of America Holdings, and others.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by disease, test type, end user, and by region.
Ans: The kidney diseases segment is anticipated to hold largest market size and is estimated grow at a steady CAGR over the forecast period and display significant growth opportunities.
Ans: High cost of metabolic panel testing is estimated to hamper the market growth.
Ans: Asia Pacific will provide more business opportunities for market growth owing to the improvements in healthcare infrastructure, and rising disposable income in the region.