Point of Care Lipid Test Market to Reach $426.58 Million, Globally, by 2031 at 4.1% CAGR: Allied Market Research
PORTLAND, Ore., Jan. 25, 2023 /PRNewswire/ -- Surge in obesity in populace, increase in government initiatives to promote healthy lifestyle and increase in prevalence of cardiovascular disease and diabetes drive the growth of the global point of care lipid test market.
A new business intelligence report released by Allied Market Research with title, "Point of Care Lipid Test Market by Product Type (Devices and Consumables), Application (Endogenous Hyperlipidemia, Combined Hyperlipidemia, Familial Hypercholesterolemia, and Others), and End User (Hospitals and Clinics, Diagnostic Laboratories, and Others): Global Opportunity Analysis and Industry Forecast, 2021-2031." According to the report, the global point of care lipid test industry generated $284.86 million in 2021, and is estimated to reach $426.58 million by 2031, witnessing a CAGR of 4.1% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios.
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Drivers, Restraints, and Opportunities-
Surge in obesity in populace, increase in government initiatives to promote healthy lifestyle and increase in prevalence of cardiovascular disease and diabetes drive the growth of the global point of care lipid test market. On the other hand, high cost of product development restrains the growth to some extent. However, growth potential in emerging economies is expected to create lucrative opportunities in the industry.
- Majority of the point of care lipid test centers experienced a broad spectrum of difficulties, and most were affected more in the second wave of the pandemic This factor impacted the market negatively.
- However, the global market for point of care lipid test has recovered slowly and steadily.
The consumables segment to maintain its dominance during the forecast period-
By product type, the consumables segment held the largest share in 2021, garnering nearly three-fourth of the global point of care lipid test market revenue, and is projected to maintain its dominance by 2031. The same segment would also showcase the fastest CAGR of 4.5% during the forecast period. This is driven by the increase in use of consumables in many instruments either in laboratories or point-of-care which help buyers to operate these instruments efficiently.
The endogenous hyperlipidemia segment to rule the roost-
By application, the endogenous hyperlipidemia segment contributed to more than three-fourth of the global point of care lipid test market share in 2021, and is projected to rule the roost by 2031. This is attributed to increase in prevalence of lipid disorders due to a high-fat diet and sedentary lifestyle. The familial hypercholesterolemia segment on the other hand would display the fastest CAGR of 5.2% throughout the forecast period. increase in diagnosis and treatment adoption rate fuel the segment growth.
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The diagnostic laboratories segment to rule the roost-
By end user, the diagnostics laboratories segment contributed to more than two-thirds of the global point of care lipid test market share in 2021, and is projected to rule the roost by 2031. This is attributed to diagnostic laboratories performs various tests to determine the cause of the condition. The others segment on the other hand would display the fastest CAGR of 5.0% throughout the forecast period. It can help someone who is aging and is managing chronic health issues; is recovering from a medical setback; or has special needs or a disability fuel the segment growth.
North America garnered the major share in 2021-
By region, North America held the major share in 2021, garnering more than three-fifths of the global point of care lipid test market revenue, and is expected to dominate by 2031. This is due to the substantial presence of major pharmaceutical and biopharmaceutical companies in the North American region Asia-Pacific, on the other hand, would showcase the fastest CAGR of 5.4% from 2022 to 2031.
Leading Market Players-
- Abbott Laboratories
- F. Hoffmann-La Roche Ltd.
- Menarini Group
- Mico Bio Med
- Nova Biomedical Corporation
- SD biosensor, inc.
- Sinocare Inc.
- VivaChek Biotech (Hangzhou) Co.,Ltd,
- Zoetis Inc.
The report analyzes these key players in the global point of care lipid test market. These players have adopted various strategies such as product development, market expansion and agreement to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, developments, and product portfolios of every market player.
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