As per our research report, the size of the global cholesterol testing services market was worth USD 14.55 billion in 2022, and it is predicted to grow at a 7.8% CAGR over the next five years. The market is expected to be driven by the factors such as the increasing prevalence of chronic diseases such as cardiovascular diseases and obesity. Furthermore, physicians’ preference for laboratory testing over self-testing is fuelling the growth of the global cholesterol testing services market. In addition, as the population’s prevalence of high cholesterol rises, demand for its diagnosis and testing is expected to rise. Furthermore, technological advancements in healthcare and the growing adoption of preventive medical care are boosting the market.
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The COVID-19 pandemic, which started in Wuhan, China, has wreaked havoc on global enterprises and economic activities. COVID-19 is expected to negatively influence the market due to the limited or non-availability of medical facilities/treatment centers. Governments worldwide recommend that non-essential medical and diagnostic testing be postponed or delayed to relieve pressure on the healthcare system and limit disease spread. Restrictions and lockdowns were imposed on travel, company operations, public meetings, health clubs, and fitness/wellness centers.
Other factors, such as the expanding senior population and obesity, propel the cholesterol market forward. Because the cholesterol concentration in plasma increases with age, the aging population is at a higher risk of having high cholesterol levels. Moreover, according to the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP), the area will account for almost 60% of the global elderly population in 2020. In 2020, over 547 million people were over 60 years old, and this figure is predicted to quadruple by 2050, reaching around 1.3 billion. In addition, increasing investments by the government and private organizations to advance healthcare infrastructure and research and development activities are expected to provide lucrative growth opportunities for market growth.
Increased alcohol use and other factors such as physical inactivity may, on the other hand, increase the risk of elevated cholesterol levels. Increased smoking may result in higher cholesterol levels, estimated to increase demand for cholesterol testing services and push the market forward. The growing awareness among the people about the importance of regular health checks positively influences the market growth.
Furthermore, factors such as the rising incidence of cardiovascular diseases and obesity, physicians’ preference for laboratory testing over self-testing, government initiatives to improve testing quality and are propelling the growth of the cholesterol testing services market. The decline in physical activity is a significant factor driving the cholesterol testing market forward. In addition, the market is driven by a desire for better cholesterol management and regular check-ups and screenings. The cholesterol testing market is also predicted to rise due to the rising demand for over-the-counter cholesterol test kits, the growing miniaturization of electronics, and its favorable influence on the development of self-testing kits. Significant investments in healthcare infrastructure and technological innovation requirements will provide substantial prospects for the cholesterol testing services market.
The lack of diagnostic laboratories and qualified professionals in rural parts of rising economies such as India, China, and Brazil is a major factor restraining the market’s growth. However, the increasing development of home/self-testing and the introduction of non-invasive cholesterol testing methods are two significant concerns that may limit the market growth.
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KEY MARKET INSIGHTS:
Based on the type of customer, the physicians, healthcare providers, and the hospital’s segment accounted for the predominant share during the forecast period. The increasing prevalence of cardiovascular diseases, availability of advanced infrastructure, and favorable reimbursement policies are propelling the segment growth. Similarly, the Patient segment is likely to witness a significant share during the forecast period: growing awareness and easy availability of diagnostics lab centers. And high healthcare spending is driving the market growth.
Geographically, North America had the largest share in the global cholesterol testing services market in 2021, and it is anticipated to witness a significant share during the forecast period. The regional countries such as the United States and Canada serve as important markets for cholesterol testing service providers and sharing revenue share. The United States accounted for the majority of North American regional market growth. The factors such as the availability of advanced healthcare infrastructure, high healthcare spending, and the local market players are propelling the market. Also, the increase in Clinical Laboratory Improvement Amendments (CLIA) waivers for some diagnostic tests, including blood cholesterol, has contributed to the United States’ supremacy in the cholesterol testing services market.
Europe is expected to witness second to North America’s regional market share in the global cholesterol testing services market. In countries like Germany and the United Kingdom, regional factors such as the high prevalence of chronic diseases, technological advancements in lab testing, and increasing patient awareness are affecting the growth of this regional market.
On the other hand, the Asia-Pacific region is expected to increase at the fastest rate during the forecast period, owing to the government’s efforts to raise awareness. Countries like China and Japan, on the other hand, have a large elderly population and are creating low-cost devices in this region.
Due to changing lifestyles, rising awareness, increased number of diagnostic centers, and recent product introductions, Latin America has a middle part of worldwide market growth. In countries like Mexico and Brazil, the rising public knowledge about preventive healthcare and different government and non-government activities addressing cholesterol is expected to drive regional growth.
The global market for cholesterol testing products and services is competitive and fragmented. As a result, industry players are focused on new product releases, product developments, and geographic expansion to increase their market share. Quest Diagnostics, SpectraCell Laboratories Inc., Randox Laboratories Ltd, Thermo Fisher Scientific, and Cell Biolabs Inc. are a few of the noteworthy companies operating in the global cholesterol testing services market.
RECENT MARKET DEVELOPMENTS:
- OptiBiotix launched a cholesterol-lowering diet supplement in Italy in January 2020. The modern launch represents a new beginning in the year 2020. probiotics announced that the product introduction would be accompanied by a complete marketing campaign aimed at traditional practitioners, pharmaceutics, and cardiologists to improve the treatment of at-risk patients by using a consistent, scientifically formulated food supplement.
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