Market Trends of Global Cholesterol Testing Products and Services Industry
This section covers the major market trends shaping the Cholesterol Testing Products & Services Market according to our research experts:
Test kits Segment is Anticipated to Have a Significant Market Share Over the Forecast Period
The test kit segment commanded the majority of the market. Patients now have better access to cholesterol testing due to the development of cutting-edge testing kits. Due to technological advancements, cholesterol testing kits are expected to become the fastest-growing segment.
According to the study article titled "Cardiovascular disease (CVD) burden: Italian and global perspectives," published in March 2021, stated that Italy has an almost two-fold increase in the CVD prevalence than the rest of the world (12.9 percent vs. 6.6 percent), while age-standardized figures are similar (6.2 percent vs. 6.3 percent). This high prevalence of cardiovascular diseases and associated risk factors such as hypertension and diabetes are expected to drive early diagnosis and treatment demand. Patients with a history of heart attacks require cholesterol screening regularly to monitor the effectiveness of their treatment. hence, with the rising burden of cardiac diseases, the segment is expected to grow over the forecast period.
In addition, the increasing product launches by the key market players are anticipated to boost market growth over the forecast period. For Instance, in October 2021, Boditech Med launched ichorma LDL Cholesterol Direct, and ichroma AST has obtained the export licenses. Both are indicators of preventing lifestyle diseases such as arteriosclerosis, high blood pressure, diabetes, stroke, liver disease, etc., and we have started sales worldwide. Moreover, the services segment is anticipated to have a significant growth rate, owing to growing affordability and favorable reimbursement policies in many countries worldwide.
North America Anticipated to Have Significant Growth Over the Forecast Period
North America is anticipated to have a significant growth rate owing to a well-established healthcare infrastructure, a growing number of people with high cholesterol levels, a rise in the prevalence of heart diseases, and an increasing burden of obesity in the region. In September 2020, the Centers for Disease Control and Prevention (CDC) notified that adult obesity prevalence is increasing and racial and ethnic disparities persist owing to the current circumstances of work from home, less physical activities, and financial and other stress among the adult population. The CDC stated that obesity remains high, and currently, twelve states have an adult obesity prevalence at or above 35%, including Alabama, Arkansas, Indiana, Kansas, Kentucky, Louisiana, Michigan, Mississippi, Oklahoma, South Carolina, Tennessee, and West Virginia, which is high when nine states reported 35% obese population. The growing burden of obesity in the region is expected to boost the demand for cholesterol testing, thereby boosting market growth.
Furthermore, the rise in the prevalence of diseases drives the demand for cholesterol testing anticipated to boost the market growth. According to the American College of Cardiology (ACC), on March 6, 2020, people who have an underlying cardiovascular disease have a higher mortality rate when it comes to COVID-19 (10.5%) than people who have an underlying chronic respiratory disease (6.3%). Thus, the increased burden of heart disease increases demand for cholesterol testing and services, thereby boosting market growth.
Several companies are starting various strategies like collaborations, new product launches, and mergers and acquisitions to maintain and increase their market shares. For instance, in September 2021, Verv Technologies and a Sudbury company developed an at-home blood test. A user can get their cholesterol level, for example, on their smartphone in as little as 15 minutes. Thus, all aforementioned factors are anticipated to drive segment growth over the forecast period.
