Cholesterol Testing Product & Services Market Outlook 2031
The Cholesterol Testing Product & Services Market size was USD 20.06 Billion in 2022 and is likely to reach USD 39.77 Billion by 2031, expanding at a CAGR of 7.9% during the forecast period, 2023–2031.
The growth of the market is attributed to the increasing occurrence of elevated cholesterol levels in patients and prevalence of several disease such as diabetes, heart diseases, and obesity. The sedentary lifestyle of people and limited physical activities are the key factors for increasing cholesterol problems.
Cholesterol is one of the most common organic molecules found in every living organisms. It is biosynthesized from the animal cells present in the body and acts as a structural membrane for the animal cell crystalline solid. It serves as a foundation for the creation of a variety of hormones and vitamins such as steroid hormones and vitamin D. On the basis of lipoproteins, cholesterol can be bifurcated into two category namely the low density lipoprotein (LDL) and the high density lipoprotein (HDL).
Hospitals and healthcare clinics are conducting multiple tests to measure various levels of cholesterol in the patient’s blood. The most common cholesterol is referred to as a lipid profile. A lipid profile is conducted for the measurement of triglycerides and cholesterol in the patient’s blood. The LDL is contemplated to be the “bad” cholesterol as the main contribution of fatty buildups in the arteries that comes under the LDL.
This results in the narrowing of arteries in the patient’s body and thereby risking a patient from stroke, peripheral artery disease, and heart attack. HDL, on the other hand, is considered the “good” cholesterol as a healthy level of HDL can strengthen the arteries next to the patient’s heart, thereby, protecting from fatalities. The main function of HDL is to carry away LDL from the arteries to the liver.
The liver breaks the LDL into the required nutrients and passes the remaining from the body. As per the guidelines by World Health Organization (WHO), people who are above the age of 18 years are advised to conduct testing for examining cholesterol levels and monitor several issues related to cholesterol problems in an interval of five years.
Several researchers and scientists recently pointed out that the COVID-19 virus has the viral gene of accelerating illness of the hosts and a patient of high LDL cholesterol was more susceptible to the virus. This leads to high adoption of the testing procedures in hospitals, clinics, and healthcare laboratories for the prevention and treatment of diseases.
Cholesterol Testing Product & Services Market Trends, Drivers, Restraints, and Opportunities
- Rising awareness of regular checking of cholesterol levels and benefits of testing products to control the levels are the major drivers for the global cholesterol testing product & services market.
- Increasing occurrence of several cholesterol-based health conditions such as obesity and other cardiovascular diseases is expected to boost the market expansion.
- Favorable government regulations and their various healthcare initiatives to encourage regular testing process acts as a key driver for the global cholesterol testing product & services market.
- The outbreak of COVID-19 pandemic has affected the global cholesterol testing product & services market initially. However, upon further studies, patients, having cholesterol problems, are expected to be susceptible to the COVID virus. This is further expected to propel the market.
- High cost of lipid tests and lack of advanced medical facilities in many part of developing regions present key challenges that can hamper the market expansion in the coming years.
Scope of The Cholesterol Testing Product & Services Market Report
The report on the global cholesterol testing product & services market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Cholesterol Testing Product & Services Market- Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Types of Customer (Diagnostic Centers, Physicians/Providers & Hospitals, and Government Agencies)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, Trends, and Revenue Forecast
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Key Players Covered in the Report
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Quest Diagnostics Incorporated; Cell Biolabs Inc; Bio-Reference Laboratories Inc; Eurofins Scientific; Randox Laboratories Ltd; Synlab International GmbH; Thermo Fisher Scientific; and Clinical Reference Laboratory Inc.
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Cholesterol Testing Product & Services Market Segment Insights
Diagnostic centers segment to dominate the market
On the basis of types of customer, the global cholesterol testing product & services market is divided into diagnostic centers, physicians/providers & hospitals, and government agencies. The diagnostic centers held a large market share in 2019 and is anticipated to dominate the market during the forecast period, 2021-2028.
This growth is attributed to the increasing investment of medical funding towards the production of advanced diagnostic centers around the globe. However, the physicians/providers & hospitals segment is anticipated to exhibit a robust CAGR during the forecast period owing to increasing preference for hospitals and inclination towards visiting individual physicians to consult or conduct testing in hospitals.
North America represented a large revenue market share
In terms of regions, the market is classified as Asia Pacific, North Amaerica, Latin America, Europe, and Middle East & Africa. North America generated a large market share in 2018 and is expected to continue this trend during the forecast period, 2021-2028. The presence of major key players and existing advanced healthcare facilities in this region especially in the US. In the United Health Foundation’s annual report, the US was recorded to have the highest obesity rate in the world with 31.6%.
Meanwhile, the market in Asia Pacific is anticipated to exhibit a high CAGR in the global cholesterol testing product & services market during the forecast period as the incidence of cholesterol problems is growing among the population of countries such as India and China.
Segments
The global cholesterol testing product & services market has been segmented in terms of
Types of Customer
- Diagnostic Centres
- Physicians/Providers & Hospitals
- Government Agencies
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
Competitive Landscape
Some of the major players in the global cholesterol testing product & services market are Quest Diagnostics Incorporated; Cell Biolabs Inc; Bio-Reference Laboratories Inc; Eurofins Scientific; Randox Laboratories Ltd; Synlab International GmbH; Thermo Fisher Scientific; and Clinical Reference Laboratory Inc. Most of these players are currently engaged in strategic initiatives including mergers & acquisitions, promoting awareness, and new product development.
Quest Diagnostics Incorporated, in 2017, launched the first non-fasting and novel cholesterol testing method, which showed a more precise and accurate LDL calculation.
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