(PharmaNewsWire.Com, November 09, 2023 ) The report "Metabolism Assays Market by Product (Instruments, Assays Kits), Technology (Colorimetry, Fluorimetry, Spectrometry), Application (Diagnostics (Diabetes, Obesity), Research), End User (Hospitals, Diagnostic Laboratories), & Region - Global Forecast to 2028", is projected to reach USD 2.1 billion by 2028 from USD 1.4 billion in 2023, at a CAGR of 7.8% during the forecast period. The growth of this market is majorly driven by rising initiatives by government to promote metabolic & disease research, innovation in metabolism assays technology by integrating with wearable devices, increase in prevalence of metabolic disorders such as diabetes and obesity, and adoption of metabolism assays by fitness and sports industries.
Assay Kits and reagents segment is expected to account for the larger share in 2022.
The metabolism assay market, by product, has been segmented into instruments & analyzers and assay kits & reagents. In 2022, the assay kits & reagents dominated the products market and are also estimated to grow at the highest CAGR during the forecast period. The large share is due to the recurrence of assay kits & reagents and easy availability.
The diagnostic segment held the largest market share in the metabolism assay market.
By application, the global metabolism assay market is broadly segmented into diagnostics and research. The diagnostics segment accounted for the larger share of the market in 2022. The diagnostics segment is also estimated to grow at the highest CAGR during the forecast period. The large share of this segment can be attributed to various factors, such as the growing number of obese population and the growing number of hospitals which are important end users for metabolism assays.
North America dominates the global metabolism assay market.
Based on the region, the metabolism assay market is segmented into North America, Europe, Asia Pacific, and Rest of the World. North American market is driven by well-established pharmaceutical and biotechnology industry, investments around drug discovery and toxicity testing. The Asia Pacific segment is projected to register the highest CAGR during the forecast period. The presence of a large population base coupled with large patient population and increasing rate of obesity are some of the major factors driving the growth of this regional market.
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