The global cholesterol testing services market is expected to reach USD 17.57 Billion by 2021 from an estimated value of USD 11.96 Billion in 2016, growing at a CAGR of 8% during the forecast period.
According to the new market research report “Cholesterol Screening/ Cholesterol Lab Testing Services Market by Type of Customer (Physician/Provider, Hospital, Employer, Health Plan, MCO, Government, ACO, IDN, Patient), Geography (North America, Europe) & Qualitative Assessment – Forecasts to 2021”, published by MarketsandMarkets™, analyzes and studies the major market drivers, restraints/challenges, and opportunities.
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Factors such as increasing incidence of cardiovascular diseases and obesity, physician preference of laboratory testing rather self-testing, growing awareness and adoption of preventive healthcare, government initiatives to improve the quality of testing, and rapid growth in the geriatric population are propelling the growth of this market. Moreover, emerging economies offer significant growth opportunities for players operating in the cholesterol testing services market. On the other hand, rapidly growing home/self-testing and emergence of non-invasive cholesterol testing methods are the major factors that may limit growth of the market to a certain extent.
The cholesterol testing services market is segmented based on type of customer and region. Based on type of customer, the market is segmented into physicians/providers and hospitals; employers, health plans, and Managed Care Organizations (MCOs); government agencies, Accountable Care Organizations (ACOs), and Integrated Delivery Networks (IDNs); and patients. The patient-driven cholesterol testing segment is expected to grow at the highest CAGR during the forecast period, mainly due to increasing awareness and adoption of preventive healthcare, availability of lab test services for patients without any physician intervention thus reducing the waiting time to get appointment from physicians, and online access to reports and readings through smartphones.
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The market for cholesterol testing services is expected to register significant growth in the coming years with the increasing incidence of cardiovascular diseases and obesity, physician preference for lab testing over self-testing, growing awareness and adoption of preventive healthcare, government initiatives to improve the quality of testing, and rapid growth in the geriatric population. On the other hand, the rapidly growing home/self-testing market and emergence of noninvasive cholesterol testing methods are expected to restrain the growth of this cholesterol testing market to a certain extent.
The report categorizes the cholesterol testing market on the basis of type of customer and region. Based on type of customer, the market is segmented into physicians/providers and hospitals; employers, health plans, and Managed Care Organizations (MCOs); government agencies, Accountable Care Organizations (ACOs), and Integrated Delivery Networks (IDNs); and patients. In 2016, the physicians/providers and hospitals segment is projected to account for the largest share of the market. The large share of this segment can be attributed to factors such as dependence of physicians on cholesterol test results for making CVD risk assessments and treatment decisions and reimbursement of tests that are prescribed by physicians/doctors.
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The cholesterol testing market is segmented on the basis type of customer and region. Based on type of customer, the market is segmented into physicians/providers and hospitals; employers, health plans, and Managed Care Organizations (MCOs); government agencies, Accountable Care Organizations (ACOs), and Integrated Delivery Networks (IDNs); and patients. Companies in the market are coming up with innovative offerings to provide accurate and up-to-date diagnostic information to their customers. In November 2016, Quest Diagnostics (U.S.) launched the QuestDirect, a new patient-initiated testing service, in the U.S. This new service will allow the customers better manage their health by ordering certain lab tests directly without any physician intervention.
Based on region, the cholesterol testing services market is segmented into North America, Europe, Asia, and RoW. North America is expected to dominate the global cholesterol testing market in 2016, with the U.S. accounting for a major share. Asia is projected to be the fastest-growing region in terms of CAGR during the forecast period. This is due to the large population base, increased prevalence of cardiovascular diseases, and growing number of testing facilities in the Asian region.
Major players in the cholesterol testing market include Laboratory Corporation of America Holdings (LabCorp) (U.S.), Quest Diagnostics Incorporated (U.S.), Eurofins Scientific (Luxembourg), Spectra Laboratories Inc. (U.S.), Unilabs (Switzerland), SYNLAB International GmbH (Germany), Bio-Reference Laboratories Inc. (U.S.), Clinical Reference Laboratory, Inc. (CRL) (U.S.), ACM Medical Laboratory (U.S.), and Adicon Clinical Laboratory (China).
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