According to the latest research report published by DataM Intelligence, the Global Cholesterol Testing Products Market was valued at US$ 8,537.52 million in 2022 and is projected to reach US$ 15,923.11 million by 2030. The market is expected to grow a CAGR of 8.3% during the forecast period (2023-2030).
The global cholesterol testing products market is segmented on the basis of product, test type, end user, and region. North America is expected to contribute significantly to the market growth because of its huge healthcare sector and a high acceptance rate of sophisticated healthcare technologies. Major players in the market include Abbott Laboratories, F. Hoffmann-La Roche AG, Siemens Healthineers, Danaher Corporation, Bio-Rad Laboratories Inc., ACON Laboratories Inc., Lepu Medical Technology, SD BIOSENSOR INC., Ciga Healthcare, and SpectraCell Laboratories Inc.
Cholesterol testing findings guide treatment options to help control and lower cholesterol levels and minimize the risk of related health concerns. For example, PTS Diagnostics developed CardioCheck Home in 2021, a cholesterol testing kit that includes a meter, test strips, and lancets that enable patients to test their cholesterol levels at home.
Increasing awareness of the health hazards associated with high cholesterol levels, such as cardiovascular disease, stroke, and diabetes, drives the market for cholesterol testing kits. As a result, healthcare providers, patients, and individuals who want to monitor their cholesterol levels at home have increased demand for cholesterol testing products, and the market is expected to grow due to lifestyle diseases, increased awareness of cholesterol monitoring and management, and technological advancements in cholesterol testing products.
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Raising the Prevalence of Lifestyle Diseases
The rising incidence of lifestyle illnesses is likely to boost market expansion. Obesity, sedentary lifestyles, and bad diets are all key risk factors for high cholesterol levels, and their prevalence is increasing. This has increased the demand for cholesterol testing kits since early diagnosis and treatment of excessive cholesterol levels are crucial in avoiding the beginning of cardiovascular illnesses.
There is an increasing focus on the significance of frequent cholesterol screening and management since there is a growing awareness of the importance of cholesterol monitoring and control and a deeper knowledge of the relationship between high cholesterol levels and cardiovascular illnesses. Consequently, demand for cholesterol testing kits has surged, both in clinical settings and at-home monitoring.
Development of Technological Testing Products
Technological improvements in cholesterol testing products have led to the creation of more accurate and efficient cholesterol testing solutions, expanding market prospects. Some modern products, for example, need fewer blood samples, produce findings faster, and have more accuracy than previous generations of cholesterol testing tools. As a result, more healthcare practitioners and people are using these items.
In recent years, there have been significant technical advances in cholesterol testing technologies, including point-of-care testing (POCT), which refers to the capacity to do diagnostic testing at or near the patient’s location, frequently utilizing portable or handheld equipment. POCT has been extensively used in cholesterol testing because it allows for rapid and easy testing in clinical settings or at home.
Non-invasive cholesterol testing solutions employ non-traditional blood testing techniques such as saliva or urine samples. These items may be less intrusive and more convenient than standard blood testing procedures.
The high cost of cholesterol testing products and strict regulatory requirements are impeding market expansion. Cholesterol testing kits are costly, particularly in areas with limited access to healthcare and lower disposable income, restricting their affordability and uptake among low-income people. Cholesterol testing products are subject to regulatory restrictions and standards that may be time-consuming and expensive, limiting smaller firms’ ability to compete with bigger ones.
Although cholesterol monitoring and control are becoming more essential, many individuals are still unaware of the dangers and advantages of routine screening. This lack of knowledge and education may restrict the demand for cholesterol testing products and impede market expansion.
Russia – Ukraine Conflict Analysis
The conflict between Russia and Ukraine has substantially influenced the development of the cholesterol testing products industry. The war between Russia and Ukraine greatly influences the global economy, particularly the market for cholesterol testing goods. Supply chains have been disrupted due to the war, especially for enterprises that depend on supplies or components from Russia or Ukraine. As a result, several cholesterol testing items are in limited supply, and manufacturers’ prices have risen.
The international community’s economic sanctions on Russia have impacted the whole economy, including the healthcare business. This has influenced the demand for cholesterol testing products.
Recent Industry Developments
- NewAmsterdam Pharma firm N.V., a clinical-stage firm focusing on discovering and developing breakthrough oral medicines for major cardiometabolic disorders, released a corporate update and financial highlights today in May 2023.
- In April 2021, Abbott announced the release of the Afinion 3 Analyzer, a new point-of-care testing equipment. The gadget is intended for primary care settings since it provides accurate and trustworthy cholesterol testing results in minutes.
As per the research analysis, the global cholesterol testing products market is segmented by product into devices, test kits, and others; by test type into total cholesterol, low-density lipoprotein (LDL) cholesterol, high-density lipoprotein (HDL) cholesterol, triglycerides, and very low-density lipoprotein (VLDL) cholesterol, and by end-user into hospitals, diagnostic centers, home healthcare, and research laboratories.
The devices segment accounted for the most significant market share, accounting for nearly 52.4% of the cholesterol testing products market in 2022, due to the availability and affordability of current handheld meters and automated analyzers used most regularly for cholesterol testing. These devices provide precise and dependable findings and are frequently used in clinical and home care settings.
Furthermore, the rising frequency of cardiovascular disorders, a significant factor driving the need for cholesterol testing products, propels the device segment forward. According to the World Health Organization, cardiovascular disease is the leading cause of mortality globally, and its prevalence is quickly growing, especially in emerging nations.
The global cholesterol testing products market is segmented into North America, Europe, South America, Asia Pacific, and Middle East & Africa.
North America Cholesterol Testing Products Market
The United States is North America’s biggest cholesterol testing product market. The rising incidence of cardiovascular disorders and the need for point-of-care diagnostic tools drive market expansion. North America is likely to lead the growth of the cholesterol testing products market because of its huge healthcare sector and a high acceptance rate of sophisticated healthcare technologies.
According to the American Heart Association, cardiovascular illnesses are the leading cause of mortality in the United States, increasing demand for cholesterol testing products. Non-invasive testing devices, such as non-invasive cholesterol monitors, are also propelling the North American market forward.
The key players included in the global cholesterol testing products market are Abbott Laboratories, F. Hoffmann-La Roche AG, Siemens Healthineers, Danaher Corporation, Bio-Rad Laboratories Inc., ACON Laboratories Inc., Lepu Medical Technology, SD BIOSENSOR INC., Ciga Healthcare, and SpectraCell Laboratories Inc.
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The Full Report has the below insights.
- The report offers a comprehensive evaluation of the market in terms of Market Value (US$) and Y-o-Y Growth Rates (%). It does so via in-depth qualitative insights, historical data (2020-2021) and verifiable market size projections (2022-2029).
- Visualize the composition of the global cholesterol testing products market segmentation product, test type, end user, and region, highlighting the key commercial assets and players.
- By Product: Devices, test kits, and others
- By Test Type: Total cholesterol, low-density lipoprotein (LDL) cholesterol, high-density lipoprotein (HDL) cholesterol, triglycerides, and very low-density lipoprotein (VLDL) cholesterol
- By End User: Hospitals, diagnostic centers, home healthcare, and research laboratories By Region: North America, Europe, South America, Asia-Pacific, and Middle East and Africa.
- Identify commercial opportunities in the global cholesterol testing products market by analyzing trends and co-development deals.
- The report also covers data insights on various industry forces such as porter’s five forces, regulations in each country, reimbursement scenario, technological advancements, PEST analysis and pricing analysis.
- Excel data sheet with thousands of the global cholesterol testing products market-level 4/5 segmentation data points.
- PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.
- Product mapping in excel for the key product of all major market players.
The report will provide access to approximately 50+ market data tables, 40+ figures and close to 180 pages.
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