Trusted Business Insights answers what are the scenarios for growth and recovery and whether there will be any lasting structural impact from the unfolding crisis for the Cholesterol Testing Products & Services market.
Trusted Business Insights presents an updated and Latest Study on Cholesterol Testing Products & Services Market. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. The report further elaborates on the micro and macroeconomic aspects including the socio-political landscape that is anticipated to shape the demand of the Cholesterol Testing Products & Services market during the forecast period.
It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
Industry Insights, Market Size, CAGR, High-Level Analysis: Cholesterol Testing Products & Services Market
The global cholesterol testing products and services market size was valued at USD 14.8 billion in 2018 and is expected to witness lucrative CAGR of 7.9% over the forecast period. Growing prevalence of high cholesterol levels is expected to drive the growth. Increasing awareness regarding routine screening of cholesterol level is another significant growth driver.
Rising prevalence of cardiovascular diseases and obesity is expected to significantly fuel the demand for cholesterol testing products and services. Population above 18 years of age is recommended to undergo blood cholesterol testing every five years. Patients with a history of heart attacks require cholesterol screening on a regular basis to monitor effectiveness of their treatment. As recommended by the National Heart, Lung, and Blood Institute, cholesterol testing should be done at least once between the age of 9 to 11 and 17 to 21.
As per the American Heart Association data published in 2017, around 29 million adult population in U.S. had total cholesterol levels higher than 240 mg/dL. According to the Centers for Disease Control and Prevention (CDC), adults between the ages of 40 to 59 have the highest level of total cholesterol, which is 17.1%. This is mainly attributed to the sedentary lifestyle leading to the development of numerous diseases, such as obesity, diabetes, and heart diseases. Increased awareness regarding routine testing and management of healthy cholesterol levels is anticipated to drive the demand for diagnostic products and services.
High cholesterol has no symptoms, hence there is a need for complete cholesterol testing. These tests include measurement of four types of lipids in the bloo- total cholesterol, high-Density Lipoprotein (HDL), low-Density Lipoprotein (LDL), and triglycerides. Blood cholesterol measurements aid in minimizing the risk of heart attack, stroke, and peripheral artery disease.
Rising geriatric population is another important cause for the rise in demand for cholesterol testing products and services. According to the Department of Economic and Social Affairs Population Division, global population aged 60 years and above increased from 9.2% in 1990 to 11.7% in 2013 and is expected to further increase to 21.1% by 2050. As per the data published by the United Health Foundation in 2017, 12.5% of people aged 60 years and above had high total cholesterol. Such high prevalence is expected to drive the market growth in near future.
Type of Customer Insights
Diagnostic centers dominated the market in 2018 in terms of total revenue share and is also anticipated to showcase the fastest CAGR over the forecast period owing to the rising number of people being diagnosed with high total cholesterol. In addition, regular health checkups without the doctors intervention is also a high impact-rendering driver for the segmental growth.
Government agencies segment is expected to witness significant growth over the forecast period due to their increasing focus on preventive care and early diagnosis to avoid serious disease conditions. The key market players work with federal, state, and local government agencies with an aim to provide quality diagnostic testing services across the world. In addition, Medicare and Medicaid benefits are expected to drive the segment growth in the forthcoming years.
Regional Insights of Cholesterol Testing Products & Services Market
North America held the largest revenue share in 2018 due to rise in prevalence of heart diseases and obesity in U.S. According to the United Health Foundation’s annual report, in U.S., the obesity rate increased from 29.9% in 2017 to 31.3% in 2018. In addition, growing preference for preventive healthcare is also projected to drive the regional growth. Growing awareness and efforts from government and various organizations are expected to fuel the market growth.
Asia Pacific is expected to witness lucrative growth over the forecast period owing to rise in population in this region. Asia accounts for around 60% of the worlds population. Increasing cardiovascular diseases is another factor driving the regional market growth. Rise in the number of new diagnostic centers and pathological laboratories is also expected to foster the regional demand for cholesterol testing products and services.
Cholesterol Testing Products and Services Market Share Insights
Some of the key market players include Quest Diagnostics Incorporated; Cell Biolabs, Inc.; Bio-Reference Laboratories, Inc.; Spectra Laboratories, Inc.; Eurofins Scientific; Randox Laboratories Ltd.; Synlab International GmbH; Thermo Fisher Scientific; and Clinical Reference Laboratory, Inc.
Key companies focus on various strategic initiatives, such as regional expansion, product development, and strategic collaborations and partnerships. They are introducing new assay kits and reagents for cholesterol testing for rapid and easy diagnosis. For instance, in 2017, Quest Diagnostics introduced a novel, nonfasting cholesterol testing with improved LDL calculation method for improved accuracy and patient comfort.
Segmentations, Sub Segmentations, CAGR, & High-Level Analysis overview of Cholesterol Testing Products & Services Market Research Report
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2015 to 2026. For the purpose of this study, this market research report has segmented the global cholesterol testing products and services market report on the basis of type of customer and region:
Type of Customer Outlook (Revenue, USD Million, 2019 – 2030)
Physicians/Providers and Hospitals
Quick Read Table of Contents of this Report @ Cholesterol Testing Products & Services Market Research and Industry Forecast Report, 2020-2026 (Includes Business Impact of COVID-19)
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