Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
The global cholesterol testing services market, by age group (Geriatric, Adults, and Pediatric), by service provider (Hospitals, Diagnostic Laboratories, Ambulatory Care Centers, and Others), and by region (North America, Latin America, Europe, Asia Pacific, the Middle East, and Africa), was valued at US$ 11.5 billion in 2016 and is expected to exhibit a CAGR of 7.8% over the forecast period (2017-2025).
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Rising number of people with high cholesterol levels, higher risk of diseases like cardiovascular diseases and stroke due to increased cholesterol levels, and a consequent surge in the number of regular cholesterol checkups are the most vital factors leading to the growth of the global cholesterol testing services market. In a research report published by the National Heart Foundation of Australia in 2012, around 5.6 million people in Australia, aged 18 years and above, were found with high total cholesterol levels.
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In a 2013 study published in the NCBI, it was established that cholesterol levels in plasma increase with growing age. Hence, the rising geriatric population, coupled with the surging prevalence of obesity, is expected to drive the global market growth. According to the World Health Organization (WHO), over 1.9 billion adults worldwide, aged 18 years and above, were found to be overweight and obese in 2014.
With extensive R&D, several innovations have taken place in cholesterol testing services, which is a key developmental factor for market growth. For instance, in 2013, researchers at the John Hopkins University developed a new method for assessing LDL (low-density lipoprotein) in blood, which successfully eliminated inconvenient pre-test fasting. Furthermore, the major market players are focusing on the launch of novel devices for cholesterol testing. For instance, in 2013, ACON Laboratories, Inc. launched its new cholesterol monitoring system for complete lipid panel testing, which reportedly offers cholesterol testing services at relatively low costs.
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Key Takeaways of the Global Cholesterol Testing Services Market:
- North America evolved as the key region in the global cholesterol testing services market, and is foreseen to maintain its stance throughout the forecast period. Escalating prevalence of high cholesterol levels among the region’s populace is a major supportive factor for growth.
- The major players operating in the global cholesterol testing services market include Quest Diagnostics Incorporated, Spectra Laboratories Inc., Bio-Reference Laboratories Inc., Eurofins Scientific (Luxembourg), Clinical Reference Laboratory, Inc. (CRL), ACM Medical Laboratory, Adicon Clinical Laboratory, Unilabs, SYNLAB International GmbH, and Laboratory Corporation of America Holdings (LabCorp).
- These players are focusing on expanding their market presence by launching new devices and systems and receiving marketing approvals for the same.
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