Global Functional Medicine Lab Testing Market Overview
Hospitals are the key testing centres in the functional medicine lab testing market, whereas laboratories are expected to witness significant growth during the forecast period. The global functional medicine lab testing market is estimated to generate revenue of $5,566m by 2025, growing at a CAGR of 10% during the forecast period 2018–2025. The Americas is the leading market for functional medicine lab testing due to its great R&D proficiency and increasing demand for personalized medicine. The Americas is followed by APAC and Europe respectively. APAC is projected to grow at the highest CGAR during the forecast period due to the rising economies of India and China.
Global Functional Medicine Lab Testing Market Outlook
Functional medicines are tailored to the requirements of the individuals. Functional medicine lab testing takes into account the antecedents, triggers, and mediators (ATMs) of the disease. Functional medicine lab testing focuses on the overall functioning of the body, and not just on the diagnosing of a disease by monitoring the symptoms of a particular disease.
It emphasizes that humans do not respond to diseases in a standard manner, but the response is decided by several influences such as the environment, lifestyle, psychology, stress, and diet. It involves the testing of several samples of a patient in order to diagnose the ailment and proposes the cure accordingly. The testing facilities required in functional medicine lab testing are conventional in nature.
The report provides an in-depth analysis of the functional medicine lab testing market by type of sample, application, testing centers, and geography. The type of samples used in functional medicine testing are hair, breathe, blood, saliva, urine, and stool.
Global Functional Medicine Lab Testing Market Growth Drivers
Functional Medicine helps in the prevention and early diagnosis of diseases; and therefore, it predominantly finds a wide range of applications in many test analysis such as stool analysis, adrenal stress profile, and in the diagnosis of chronic diseases. Owing to the increasing awareness about the root cause of diseases, the demand for early diagnosis and prevention of diseases is increasing, and is further leading to the growth of the functional medicine lab testing market.
Global Functional Medicine Lab Testing Market Challenges
In most cases insurance does not cover medicine lab testing which possess a major challenge to the global functional medicine lab testing market as the patient would have to pay for the tests out of his own pocket. Considering the high costs of the tests, it is a major constrain to the growth of the market.
Global Functional Medicine Lab Testing Market Research Scope
The base year of the study is 2017, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the global functional medicine lab testing market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the types of samples and testing centers in the market, and their applications.
Global Functional Medicine Lab Testing Market Report: Industry Coverage
Types of Samples of Functional Medicine Lab Testing: Breath, Blood, Hair, Saliva, Urine, Stool and Others
Testing Centers of Functional Medicine Lab Testing: Hospital, Clinics and Laboratory
Application of Functional Medicine Lab Testing: Comprehensive Stool Analysis, Micronutrient Testing, Adrenal Stress Profile, Organic Acid Testing, Comprehensive Hormone Testing, Advanced Celiac Profile, Advanced Cardiometabolic Testing, Heavy Metal/Essential Element Testing, Food Sensitivity Testing, Lipoprotein Particle Testing, Telomere Testing, Neuro Science Testing, Genetic Testing, Thyroid Antibody Testing, GI Effects Function Profile and Others
The functional medicine lab testing market report also analyzes the major geographic regions for the market as well as the major countries for the market in these regions. The regions and countries covered in the study include:
- North America: The U.S., Canada, Mexico
- South America: Brazil, Venezuela, Argentina, Ecuador, Peru, Colombia, Costa Rica
- Europe: The U.K., Germany, Italy, France, The Netherlands, Belgium, Spain, Denmark
- APAC: China, Japan, Australia, South Korea, India, Taiwan, Malaysia, Hong Kong
- The Middle East and Africa: Israel, South Africa, Saudi Arabia
Global Functional Medicine Lab Testing Market Key Players Perspective
Some of the key players mentioned in this report are Spectracell Laboratories, BioHealth Laboratory, Genova Diagnostics, Cyrex Labs, and ZRT Laboratory.
Global Functional Medicine Lab Testing Market Trends
- Both governmental and nonprofit organizations are promoting the science of functional medicine through education. This is driving the growth of the global functional medicine lab testing market.
- As Functional medicine lab testing helps diagnose a condition and predict future health before the symptoms appear, it helps to plan the treatment for a condition and evaluate the response of treatment.