The growing investments in the healthcare sector will likely
create several opportunities for key players in the industry. The
prospective advancement of the industry is vastly dependent on the
growth of leading players, and hence, this will be the decisive
factor in determining the upliftment of the sector.
WILMINGTON, Del., July 17, 2024 /PRNewswire/ -- The projected size
of the global cholesterol testing product market will
reach USD 49.4 billion by
2034, which will be lifted from USD 21.8
billion, measured in 2023. This development will occur at a
moderate to impressive CAGR of 7.8% through the forecasted
period.
With the growing proportion of obese population across the
world, the rate of heart issues is growing. People have been
struggling to ensure the well-being of the heart, which drives the
demand for suitable measures to arrest such issues.
The demand from medical professionals will likely increase due
to the increased number of patients visiting clinics or hospitals
for check-ups. This is a key driver for the industry, elevating the
growth rate of the sector.
The growing prevalence of cardiovascular diseases will likely
spur the demand for accurate diagnosis and medical examination of
individuals to reduce as well as control the threat of heart
failure. As a result, the cholesterol testing products will likely
gain traction in the industry, upscaling the market.
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With the increasing obese population in the world, the
proportion of cholesterol accumulation along blood vessels will
spur. This threatens people with several heart-related issues,
affecting the quality of life of individuals. The demand for
cholesterol testing products, therefore, will likely elevate,
driving the growth rate of the industry.
The initiatives of governments have helped the healthcare
industries in different countries to become robust. This creates
various opportunities for key players in the industry to explore
different market openings. The scope of innovation also spurs,
inducing a chance for reduced costs of devices, pushing the growth
of the industry.
Key Findings from the Market Report
- With the cholesterol testing product market being divided into
many key segments, the product type segment will likely gain the
highest traction. Test kits are an integral part of the segment,
which is gaining popularity in a wide age group range. The easy
usability and better reliability of such test kits uplift the
demand.
- To calculate the total cholesterol accumulated in the blood
vessels, many patients prefer total cholesterol tests. This
segment, hence, is expected to gain traction during the forecasted
period.
- With the growing investments in the healthcare infrastructure,
the total number of hospitals worldwide is expected to spur. This
will likely surge the demand in the segment, helping the end-user
contribute significantly to the growth of the industry.
- Similar to hospitals, private diagnostics centers are also
increasing, which drives the demand for test kits in such
centers.
Cholesterol Testing Product Market Report Scope:
Report
Coverage
|
Details
|
Forecast
Period
|
2024-2034
|
Base
Year
|
2020-2022
|
Size in 2023
|
US$ 21.8 Bn
|
Forecast (Value) in
2034
|
US$ 49.4 Bn
|
Growth Rate
(CAGR)
|
7.8 %
|
No. of
Pages
|
167
Pages
|
Segments
covered
|
By Product Type, By
Test, By End-user By Region
|
Regional Profile
- The healthcare infrastructure in North America is better. Countries like
Canada and the United States have robust healthcare
support, creating lucrative growth prospects for key players.
- In the case of Europe,
government investments in the healthcare sector and the
nationalized healthcare services in countries like the United Kingdom (NHS) will help the region
contribute substantially to the development of the market.
- With the growing population in Asia-Pacific, the demand for check-ups will
likely spur. This will elevate the contribution of the region
during the forecasted era.
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Key Developments in the Cholesterol Testing Product Market
- In November 2023, Ngaio
Diagnostics collaborated with Randox. The said initiative helped
the latter business to bring products to the New Zealand market.
- In January 2024, Abbott
Laboratories launched PROTALITY. The brand promises to provide
nutritional support for adults who are in the pursuit of weight
loss.
Competitive Landscape
The global cholesterol testing product market is highly
cluttered. Different key players occupy a substantial market space,
governing the competitive landscape. Athenese-Dx Private Limited is
a key competitor in producing Alta semi-auto chemistry analyzers,
Alta rapid test readers, Alta ELISA plate readers, and many
more.
- Ngaio Diagnostics is another key player that manufactures mini
digital incubators, AxCCS-5 rapid calf scour test kits,
campylobacter latex, and so on.
- Abbott Laboratories operates in different verticals and
produces cardiovascular devices, neuromodulator kits, and various
diagnostics units.
Key Players
- Athenese-Dx Private Limited
- Ngaio Diagnostics
- Abbott Laboratories
- Thermo Fisher Scientific
- Biogenix Inc. Pvt. Ltd.
- CLIAwaived Inc
- F. Hoffmann-La Roche Ltd.
- PerkinElmer Inc.
- Randox
- Abcam Limited
- Diazyme Laboratories Inc.
- Others
Market Segmentation
Product Type
- Test Kits
- Test Strips
- Chemical Analyzers
Test Type
- Total Cholesterol Test
- High-density lipoprotein (HDL) Cholesterol Test
- Low-density lipoprotein (LDL) Cholesterol Test
- Triglycerides/Very-Low-Density Lipoprotein (VLDL) Cholesterol
Test
End User
- Hospitals & Clinics
- Diagnostic Centers
- Others (Research Institutes, etc.)
Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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