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 Bn in 2016 and is projected to exhibit a CAGR of 7.8% over the forecast period (2017–2025), as highlighted in a new report published by Coherent Market Insights. Increasing prevalence of high cholesterol level is expected to drive growth of global cholesterol testing services market in the near future.
Browse 27 Market Data Tables and 36 Figures spread through 175 Pages and in-depth TOC on Cholesterol Testing Services Market by Age Group (Geriatric, Adults, and Pediatric), By Service Provider (Hospitals, Diagnostic Laboratories, Ambulatory Care Centers, and Others), and Region (North America, Latin America, Europe, Asia Pacific, the Middle East, and Africa) – Global Forecast to 2025
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According to a research published by National Heart Foundation of Australia, in 2012, around 5.6 million people aged 18 years and above were reported to have high total cholesterol levels in Australia. High blood cholesterol could lead to risk for developing various heart diseases and stroke, owing to which, people are opting for regular cholesterol checkups. This is expected to increase demand for its testing thus, driving growth of the market in the near future. Furthermore, cholesterol level in plasma increases with age, according to a study published in NCBI in 2013. Hence, rising geriatric population and increasing prevalence of obesity are also expected to be factors aiding in market growth. This is due to high susceptibility of obese and geriatric population to increasing cholesterol levels. For instance, according to a study published by World Health Organization (WHO) in 2014, globally, over 1.9 billion adults aged 18 years and above were overweight, from which over 600 million adults were obese. According to National Institute of Health (NIH) in 2016, around 8.5%, which is 617 million of the world population, is aged 65 and above.
New developments in cholesterol testing, through R&D is expected to be a key factor for growth of the market. For instance, in 2013, researchers at John Hopkins University developed new method for calculating LDL, or low-density lipoprotein. This new method, to calculate LDL (bad cholesterol levels) in the blood, has eliminated inconvenient pre-test fasting. This research also provided evidence that the new method of calculating bad cholesterol levels in the blood is more accurate than the conventional method. Furthermore, key players in the market are focusing on launching new devices for cholesterol testing and this is also expected to drive growth of the global cholesterol testing services market in the near future. For instance, in 2013, ACON Laboratories, Inc. launched its mission cholesterol monitoring system for complete lipid panel testing. This cholesterol monitoring system offers cholesterol testing at relatively low costs.
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Key Takeaways of the Cholesterol Testing Services Market:
- The global cholesterol testing services market is expected to exhibit a CAGR of 7.8% over the forecast period (2017–2025), owing to increasing prevalence of high cholesterol level with rising incidence of obesity, and increasing geriatric population.
- North America was the dominant region in the global cholesterol testing services market and is expected to retain its dominance over the forecast period (2017–2025). This is owing to increasing prevalence of high cholesterol levels among the population, especially in adults and aged, in the U.S.
- Key players are focusing on expanding their presence by launching new devices & systems and receiving marketing approvals for their new products in key geographies.
- Major players operating in the 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).
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