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Cholesterol Testing Services Market worth 17.5 Billion USD by 2021

02-02-2017 01:20 PM CET | Health & Medicine

Press release from: Markets and Markets

Cholesterol Testing Services Market worth 17.5 Billion USD

The record "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", that analyzes and studies the major market drivers, restraints, opportunities, and challenges in North America, Europe, Asia, and the Rest of the World (RoW).

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.

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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 noninvasive 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 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. 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.

Based on region, the cholesterol testing services market is segmented into North America, Europe, Asia, and the Rest of the World (RoW). In 2016, North America is expected to dominate the market, followed by Europe. However, the cholesterol testing services market in the Asian region is expected to witness the highest CAGR during the forecast period mainly due to large population in the region, increased prevalence of cardiovascular diseases, increasing awareness in masses for preventive healthcare, and large number of testing facilities available in the Asian region.

Prominent players in the 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).

About MarketsandMarkets

MarketsandMarkets is the largest market research firm worldwide in terms of annually published premium market research reports. Serving 1700 global fortune enterprises with more than 1200 premium studies in a year, M&M is catering to a multitude of clients across 8 different industrial verticals. We specialize in consulting assignments and business research across high growth markets, cutting edge technologies and newer applications. Our 850 fulltime analyst and SMEs at MarketsandMarkets are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors.

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