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Lipid Panel Testing Market Overview, Industry Growth And Forecast To 2024-2033
Lipid Panel Testing Market Overview
According to The Business Research Company's, The lipid panel testing market size has grown strongly in recent years. It will grow from $10.28 billion in 2023 to $11.17 billion in 2024 at a compound annual growth rate (CAGR) of 8.7%. The growth in the historic period can be attributed to increased incidence of cardiovascular diseases, growth in awareness of preventive healthcare, government initiatives for cardiovascular health, lifestyle changes and dietary patterns, aging population and chronic diseases.
The lipid panel testing market size is expected to see strong growth in the next few years. It will grow to $15.13 billion in 2028 at a compound annual growth rate (CAGR) of 7.9%. The growth in the forecast period can be attributed to genetic testing and personalized medicine, focus on early detection and prevention, expansion of home testing kits, focus on value-based care models, increased screening in high-risk populations. Major trends in the forecast period include point-of-care testing, integration with electronic health records, genetic lipid testing, home-based testing kits, telemedicine integration, educational initiatives for lipid management.
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Market Drivers and Trends:
The increasing number of cardiovascular and diabetic diseases is expected to boost the lipid panel testing market going forward. Cardiovascular disease is a group of conditions that affect the heart and blood vessels, whereas Diabetes is a metabolic disorder that affects the body's ability to produce insulin effectively, leading to high blood sugar levels. Lipid panel testing is an essential diagnostic tool for identifying individuals at high risk of developing cardiovascular diseases or already developed cardiovascular disease. It is also be used to monitor the effectiveness of treatment in individuals who have already developed cardiovascular or diabetes disease, allowing healthcare providers to adjust treatment plans as needed to achieve target lipid levels and reduce the risk of another ailment. For instance, in September 2023, according to the World Health Organization, a Switzerland-based specialized agency of the United Nations, there were 17.9 million deaths from cardiovascular diseases. Furthermore, in 2022, according to the Centers for Disease Control and Prevention (CDC) National Diabetes Statistics Report, a US-based government agency, diabetes cases in US is increased to reach 37.3 million in 2022. Therefore, improving cardiovascular and diabetic diseases will drive the lipid panel testing market forward.
Product innovations are a key trend gaining popularity in the lipid panel testing market. Major companies operating in the lipid panel testing market are focused on developing innovative products to sustain their position in the market. For Instance, in October 2022, Boston Heart Diagnostics, a US-based biotechnology company released LipoMap, a panel of 33 lipid, lipoprotein, and apolipoprotein tests, with most comprehensive assessments of lipid metabolism commercially available. It uncovers treatable and reversible lipid abnormalities that cause cardiovascular disease (CVD), allowing for greater personalization of treatment and follow-up testing.
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Major Key Players of the Market:
Abbott Laboratories; Beckman Coulter Inc.; F. Hoffmann-La Roche Ltd.; Randox Laboratories Ltd.; Thermo Fisher Scientific Inc.; PTS Diagnostics; Quest Diagnostics Incorporated; Alere Inc.; EuroMedix International; Boston Heart Diagnostics Corporation; Eurofins Scientific SE; Spark Diagnostics Pvt Ltd.; Everlywell Inc.; Horiba ABX SAS; Siemens Healthcare GmbH; Avanti Polar Lipids Inc.; Nova Biomedical Corporation; Bio-Rad Laboratories Inc.; Cepheid Inc.; Danaher Corporation; DiaSorin S.p.A.; EKF Diagnostics Holdings plc; Grifols S.A.; Hologic Inc.; Illumina Inc.; Luminex Corporation; Meridian Bioscience Inc.; Myriad Genetics Inc.; Natera Inc.; Ortho Clinical Diagnostics LLC
Lipid Panel Testing Market 2024 Key Insights:
• The lipid panel testing market will grow to $15.13 billion in 2028 at a compound annual growth rate (CAGR) of 7.9%.
• Rising Incidence Of Cardiovascular And Diabetic Diseases Propels Growth In The Lipid Panel Testing Market
• Innovative Products Transforming The Landscape Of Lipid Panel Testing Market
• North America was the largest region in the lipid panel testing market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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