The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
LONDON, Nov. 15, 2023 (GLOBE NEWSWIRE) — As per The Business Research Company’s cholesterol test global market report 2023, the global cholesterol test market is poised for significant expansion, with the market size expected to surge from $7.55 billion in 2022 to $8.31 billion in 2023, boasting a remarkable compound annual growth rate (CAGR) of 9.9%. Further, the market is projected to reach $11.57 billion by 2027, driven by factors such as the aging population, increasing cardiovascular diseases, growing demand for home-based healthcare, and supportive government initiatives.
Segments Propelling Growth
The cholesterol test market is multifaceted, segmented based on product type, test type, distribution channel, and end-user:
- Product Type: Test Kits, Test Strips, Other Product Types
- Test Type: Total Cholesterol Test, High-Density Lipoprotein (HDL) Cholesterol, Low-Density Lipoprotein (LDL) Cholesterol, Triglycerides or Very Low-Density Lipoprotein (VLDL) Cholesterol Test
- Distribution Channel: Over the Counter, Prescription Based
- End User: Hospitals, Diagnostic Centers, Other End-Users
Learn More In-Depth On The Cholesterol Test Market
https://www.thebusinessresearchcompany.com/report/cholesterol-test-global-market-report
Home-Based Cholesterol Test Services: A Game-Changer
Companies in the cholesterol test market are strategically focusing on the launch of at-home cholesterol test services. This not only prevents more people from developing cardiovascular diseases but also significantly improves patient outcomes. For instance, Dears Pharmacy in Scotland, UK, and PocDoc, a pioneer in smartphone-based fast disease testing, collaborated to launch PocDoc test, a lipid testing service. This service offers an affordable and accessible testing solution, reducing wait times between testing and result delivery. The PocDoc test involves a simple five-step process, making cholesterol testing more convenient for individuals.
Market Opportunities and Regional Dynamics
The point-of-care (POC) cholesterol test market presents lucrative opportunities, particularly in the test kits segment, expected to gain $105.9 million in global annual sales by 2027. North America emerged as the largest region in the POC cholesterol test market, worth $142.2 million in 2022, accounting for 0.001% of the region’s GDP. The market’s per capita consumption in North America is notably higher than the global average, standing at $0.28.
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Strategic Moves: Mergers and Acquisitions
The industry’s growth is further fueled by strategic moves such as mergers and acquisitions. Notably, in January 2023, SD Biosensor, Inc., a South Korea-based company in diagnostics reagents, and SJL Partners, a Korea-based private equity investment firm, acquired Meridian Bioscience, Inc. for $1.53 billion. This acquisition aims to enhance Meridian Bioscience, Inc.’s capacity to meet diagnostics testing demand and develop innovative solutions in cholesterol testing and cardiac diagnostics.
Industry players can leverage the comprehensive insights provided in the Cholesterol Test Global Market Report to make informed decisions and drive business growth. Understanding market segments, identifying emerging trends, and staying attuned to regional dynamics will empower companies to capitalize on the expanding opportunities within the cholesterol test industry.
Cholesterol Test Global Market Report 2023 by The Business Research Company provides insights on the cholesterol test market size, cholesterol test market segments, cholesterol test market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 6,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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