A metabolism monitoring system, data analyzer, and method is disclosed for processing data to very quickly estimate metabolic parameters. The analyzer of the invention uses a dynamic observer state estimator to estimate the parameters and tracks their values as they change with alterations in the patient metabolism or testing conditions. The state estimator does not use the conventional steady state solutions. The observer predicts the patient consumption of oxygen and exhalation of carbon dioxide at a subsequent point in time, corrects these values using measurements of air flow rate and chamber levels of oxygen and carbon dioxide taken at that subsequent time, and repeats for the next time. The corrected values are used for estimation of the metabolic parameters.