New York, July 25, 2022 (GLOBE NEWSWIRE) -- It was noticed that around 2 million people globally pass away from the liver disease each year, with 1 million of those fatalities coming from cirrhosis complications, 1 million from viral hepatitis, and 1 million from hepatocellular carcinoma. Liver cancer is currently the 16th most prevalent cause of death worldwide, while cirrhosis is currently the 11th most common; together, they account for 3.5% of all fatalities worldwide and with a global burden of 1.6 and 2.1%, cirrhosis is one of the top 20 causes of disability-adjusted life years and years of life lost.
Research Nester has published a detailed market report on ‘Global Metabolic Panel Testing Market’ for the forecast period i.e. 2022 – 2031 which includes the ongoing industry innovations and recent trends being adopted by the major industry players to achieve their business targets. Apart from that, the inclusive data on market size, growth rate, market revenue share, growth opportunities and challenges for the market players along with worldwide analysis on five major regions – North America, Latin America, Europe, Asia Pacific and Middle East & Africa has been provided in the report.
As per the World Health Organization, in 2019, there were 38.2 million children under the age of 5 who were overweight or obese. Since 1975, there has been a more than 3-fold increase in global obesity. The global metabolic panel testing market is estimated to grow with a CAGR of ~7% over the forecast period on the back of rising global chronic disease prevalence namely kidney diseases, diabetes, and liver diseases. It was observed that the bulk of the approximately 422 million individuals with diabetes globally reside in low- and middle-income nations, and diabetes is directly responsible for 1.5 million fatalities annually. Along with these, rising rates of lifestyle-related illnesses, namely, obesity, along with the widespread adoption of unhealthy behaviors including smoking, alcohol consumption, and inactivity are also anticipated to propel significant market expansion during the forecast period.
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Furthermore, with the need for more advanced drugs and medical equipment to combat chronic diseases, the majority of the regions across the globe are predicted to significantly invest in research and development activities, which is further estimated to drive the market growth over the ensuing years. For instance, global research and development spending has more than tripled in real terms since 2000, rising from USD 677 billion to USD 2.2 trillion in 2019. In addition to this, the rising expenditure on healthcare across the globe on account of growing public awareness for the importance of early disease detection and treatment is estimated to boost the market growth over the forecast period. As per one of the health expenditure research reports, global health spending has increased overall during the previous 20 years, doubling in real terms, reaching USD 8.5 trillion in 2019 and 9.8% of GDP (up from 8.5% in 2000).
On the basis of geographical analysis, the global metabolic panel testing market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and Middle East & Africa region. Out of these, Asia Pacific region is estimated to hold the noteworthy market share over the forecast period on the back of the growing burden of chronic metabolic diseases, and a rising geriatric population in the area who is more prone to acquire chronic metabolic disorders. It is believed that by 2050, one in four people in the Asia Pacific region is estimated to be older than 60, and between 2000 and 2035, type 2 diabetes is predicted to climb by more than 150% in South Asia, aging and accompanying lifestyle changes are the main causes of the rapid increase. In addition to this, the rising healthcare infrastructure and increasing disposable income in the region are estimated to provide lucrative opportunities for market growth over the forecast period.
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On the other hand, the market in the North America region is estimated to hold the largest market share over the forecast period owing to the rising number of people opting for regular medical check-ups and increasing expenditure on the healthcare sector on account of the large patient pool in the hospital for on-time diagnostic and treatment of the diseases. As per the Centers for Medicare & Medicaid Services, hospital spending rose 6.4% to USD 1,270.1 billion in 2020, a little faster rate of growth than the 6.3% growth in 2019. Additionally, the increasing consumption of fast food and calorie-dense food, which is leading the region to a higher obesity rate, and increasing medical costs to treat obesity are predicted to drive the market growth over the forecast period. It was observed that, in the years 2015 to 2018, 36.3% of young people between the ages of 2 and 19 ate fast food at least once a day, and in 2019, the estimated yearly medical cost of obesity in the United States was close to USD 173 billion.
The study further incorporates Y-O-Y growth, demand & supply and forecast future opportunity in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
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The global metabolic panel testing market is segmented by disease into kidney diseases, diabetes, liver diseases, and others. Out of these, the kidney diseases segment is predicted to hold the largest market share over the forecast period owing to the rising incidence of kidney ailments and the quick change in people's lifestyles around the world. It was noticed that, adults in the US are thought to have chronic kidney diseases (CKD) in about 37 million cases, most of which go untreated and around 360 people start receiving dialysis for kidney failure every 24 hours. In addition to this, the patient-friendly healthcare policies in developed and developing regions to treat CKD and end-stage renal diseases (ESRD) are estimated to drive the segment growth over the forecast period. For instance, in the USA, patients with CKD required USD 87.2 billion in treatment in 2019, while those with ESRD required an extra USD 37.3 billion.
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Further, the global metabolic panel testing market is segmented by end user into point-of-care centers and laboratories. Out of these, the laboratories segment is estimated to gain significant market share over the forecast period owing to the high spending by patients to receive test results from reputable laboratories and their association with blood banks, hospitals, and specialist diagnostic centers. It is believed that by 2024, the medical and diagnostic laboratories in the United States are estimated to generate around USD 54 billion in revenue. In addition to this, the release of precise and cutting-edge devices including companion diagnostics, biochips, microarrays, and other technological advancements in the laboratories segment are estimated to drive the segment growth over the forecast period.
The global metabolic panel testing market is also segmented on the basis of test type.
Global Metabolic Panel Testing Market, Segmentation by Test Type
- Electrolytes
- Proteins
- Kidney Tests
- Glucose
- Liver Functional Tests
- Others
Some of the prominent key players and their company profiling mentioned in the global metabolic panel testing market research report include SYNLAB International GmbH, Abbott Laboratories, Quest Diagnostics, Inc., Laboratory Corporation of America Holdings, Sonic Healthcare Limited, Associated Regional and University Pathologists, Inc., Nova Biomedical Corporation, WerfenLife, S.A., Scion Lab Services, LLC, and other key market players. The profiling enfolds growth opportunities, challenges, and market trends prevalent for the growth of the market.
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