Cholesterol Testing Products and Services Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Cholesterol Testing Products and Services Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The cholesterol testing products and services market is poised to grow at a CAGR of 7.8% during the forecast period, 2022-2027.

Due to the COVID-19 pandemic, there has been a decrease in cholesterol testing, which saw demand decline even more rapidly to keep pace with the suspected cases of COVID-19. According to the study titled "Trends in cholesterol testing during the COVID-19 pandemic: COVID-19 and cholesterol testing," published in the American Journal of Preventive Cardiology in June 2021, between March and September 2020, cholesterol testing rates in an extensive integrated healthcare system were 39 percent lower than the same period in 2019. As COVID-19 resurfaces across the United States, mechanisms for safely facilitating cholesterol testing and management for high-risk patients have critical scenarios during COVID-19. Thus, during COVID-19, the cholesterol testing and services market was significantly impacted.

The cholesterol testing products and services market is primarily driven by the growing burden of high cholesterol and cardiac diseases worldwide. The average cholesterol levels are 200 mg/dl. The range higher than this is referred to as hypercholesteremia. The rise in cholesterol levels increases the risk of stroke and heart disease. For instance, according to the research study published in November 2020, titled “Lipid Profile in Indian Patients with Type 2 Diabetes: The Scope for Atherosclerotic Cardiovascular Disease Risk Reduction”, 40.0% of people had hyperlipidemia, of which 14.6% had just received a diagnosis. Elevated LDL cholesterol was the most prevalent lipid abnormality and low-density lipoprotein (LDL) cholesterol levels were shown to be correlated with increased A1C and fasting blood glucose values. Similarly, according to the July 2022 update of the Centers for Disease Control and Prevention, the total cholesterol level in about 94 million American individuals aged 20 or older is higher than 200 mg/dL and in the United States, adults with total cholesterol levels greater than 240 mg/dL number 28 million. Thus, an increase in cardiac diseases especially in cholesterol levels is expected to drive the demand for cholesterol testing and services, boosting the market growth.

Furthermore, various critical development in the market supports the growth of the market. For instance, in January 2021, Researchers in China developed a noninvasive skin cholesterol detection system that could be useful in the long-term lipid management of cardiovascular diseases, meeting a critical unmet need. The traditional indicator, low-density lipoprotein cholesterol (LDL-C), is prone to false positives, and lipid levels measured by routine blood cholesterol tests fluctuate based on diet, exercise, and weight. Thus, development help to bolster the market growth over the forecast period. However, stringent regulatory policies are anticipated to impede market growth over the forecast period.

Key Market TrendsTest 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.

Competitive Landscape

The global cholesterol testing product and services market is moderately fragmented and competitive. Market players focus on new product launches, innovations, and geographical expansion to strengthen their market share. The key market players operating in the market include Quest Diagnostics, SpectraCell Laboratories Inc., Randox Laboratories Ltd, Thermo Fisher Scientific, and Cell Biolabs Inc., among others.

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