NEW YORK, Feb. 2, 2017 /PRNewswire/ -- The global cholesterol testing services market is expected to reach USD 17.5 billion by 2021 from USD 11.9 billion in 2016, growing at a CAGR of 8% during the forecast period. This 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. Based on region, the cholesterol testing services market is segmented into North America, Europe, Asia, and the Rest of the World (RoW).
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 and patient-driven testing services are expected to offer high potential for growth during the forecast period. However, rapidly growing home/self-testing and emergence of noninvasive cholesterol testing methods are the major factors that may limit the growth of the market to a certain extent.
In 2016, North America is estimated to account for the largest share of the global cholesterol testing services market. In North America, the U.S. is a major market for cholesterol testing service providers. North America's dominance in the market can be attributed to the increase in Clinical Laboratory Improvement Amendments (CLIA) waivers for certain diagnostic tests (including blood cholesterol), growing geriatric population, increasing efforts by ACOs for population health management and early disease intervention, and the presence of leading market players in the region.
However, Asia is projected to be the fastest-growing region during the forecast period. Factors such as high population, increased prevalence of cardiovascular diseases, and growing number of testing facilities in the Asian region are driving the growth of this market.
Apart from comprehensive geographical analysis, service analysis, and market sizing, the report also provides cost structure & pricing analysis, reimbursement scenario, market share analysis and competitive landscape that cover growth strategies adopted by industry players in the last three years. Also, the company profiles comprise basic views on the key players and their product portfolios, core competencies, developments, and strategies adopted. The above-mentioned market research data, current market sizes, and forecast of future trends will help key players and new entrants make informed decisions regarding service offerings, geographical focus, changes in strategic approach, cost structure and pricing analysis, R&D investments for innovations in services and technologies and levels of output in order to remain successful.
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The report provides insights on the following pointers:
- Market Penetration: Comprehensive information on the service offerings of top players in the cholesterol testing services market. The report analyzes this market by type of customer and region
- Service Development/Innovation: Detailed insights on upcoming technologies, R&D activities, and new service launches in the cholesterol testing services market
- Competitive Assessment: In-depth assessment of market strategies, geographical and business segments, and service portfolios of the leading players in the cholesterol testing services market
- Market Development: Comprehensive information about lucrative emerging markets. The report analyzes the market for cholesterol testing services across regions.
- Market Diversification: Exhaustive information about new services, untapped geographies, recent developments, and investments in the cholesterol testing services market
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