Cholesterol testing products and services market is primarily driven by the growing burden of high cholesterol and cardiac diseases around the world. The normal cholesterol levels are 200 mg/dl, the range higher than this is referred to as hypercholesteremia. The rise in cholesterol levels increases the risk of stroke and heart disease. The high cholesterol levels are predominant in the geriatric population, the increasing older population around the world another important factor that drives the market growth.
- According to data from World Population Prospects by the United Nations (UN), in 2018, the first time in history, people older than 65 years old have outnumbered the children under five years of age. The number of older people more than 80 years of age is projected to triple from 143 million in 2019 to 426 million in 2050. However, stringent regulatory policies anticipated to impede market growth over the forecast period.
Key Market Trends
The Products Segment is Anticipated to Grow at Significant Rates
There are various cholesterol/lipid profiling devices and test kits that are available in the market. Technological advancements in lipid profile devices and the growing adoption of cholesterol test kits are anticipated to boost the product segment growth over the forecast period.
Among the end user segment, diagnostic devices are expected to have lucrative market growth owing to the growing prevalence of hypercholesteremia and increasing frequency of regular cholesterol checkup without physician intervention. According to the World Health Organization (WHO), overall raised cholesterol is estimated to cause 2.6 million deaths and 29.7 million disability-adjusted life years.
Moreover, the services segment is anticipated to have a significant growth rate, owing to growing affordability and favorable reimbursement policies in many countries around the world.
North America Anticipated to Have Significant Growth
Among the regions, North America anticipated to have a significant growth rate owing to well-established healthcare infrastructure, a growing number of people with high cholesterol levels, and favorable health policies in the region. According to the Center for Disease Control and Prevention (CDC), between 2015-2016, more than 12% of the adults aged more than 20 years are having cholesterol higher than 240 mg/dl. Moreover, growing awareness regarding preventive healthcare and various initiatives taken up by the government and non-government organizations on increasing awareness regarding the cholesterol anticipated to boost regional growth. On the other hand, Asia Pacific anticipated having lucrative market growth, owing to changing lifestyle, growing awareness, rise in the number of diagnostic centers, and recent product launches.
The global cholesterol testing product and services market is moderately fragmented and competitive. Market players are focusing on new product launches, product innovations, and geographical expansion to strengthen its market share. The key market players operating in the market include Quest Diagnostics, SpectraCell Laboratories Inc., Randox Laboratories Ltd, Thermo Fisher Scientific, and Cell Biolabs Inc. among others.
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