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 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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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).