Global Cholesterol Lab Testing Services Market: Overview
The prevalence of sedentary lifestyles of people is expected to boost the demand for cholesterol lab testing services worldwide. Cholesterol is a waxy, fat-like substance present in the bloodstream, nerve fibers, and bodily organs. A person’s level of cholesterol is determined by factors such as heredity, consumption of food with high amounts of saturated fats (for example, animal products), and metabolic conditions such as diabetes, age, gender, and so on. In 2008, about 39% of adults aged 25 and above were diagnosed with high cholesterol levels, according to the World Health Organization (WHO).
The report incorporates complete information about the factors driving market growth as well as those restricting it. The key trends, opportunities, and leading segments of the present and projected periods have been studied. The major players in the global market for cholesterol lab testing services have been analyzed, wherein their market shares, key market strategies, recent developments, and product portfolios are discussed.
Global Cholesterol Lab Testing Services Market: Drivers and Restraints
Raised cholesterol levels pose health hazards such as heightened risk of stroke and heart diseases, accounting for a large number of deaths. Cholesterol lab testing services enable early detection of problems, preventing complications and raising the survival chances of patients. This is expected to fuel the growth of the cholesterol lab testing services market.
Some other major growth drivers of the market are gradual awareness about the dangers posed by cholesterol and education about the importance of these tests, rising incidence of cardiovascular diseases, stroke, and other heart diseases, growing healthcare expenditure, government initiatives, increasing geriatric population, and technological advancements in the area of cholesterol lab testing services. Low fruit and vegetable intake, unhealthy eating habits such as preference for convenience foods and fast foods, and lack of physical inactivity have also been driving the growth of this market.
As the deposits of cholesterol layer up the inner lining of arteries, atherosclerosis is developed. Obesity is another condition related to high cholesterol levels. As the number of such cholesterol-induced diseases increases, the need for these tests will also increase, thereby expanding the market for global cholesterol lab testing services.
On the contrary, the presence of home or self-testing kits might hinder growth, apart from the restriction imposed by the introduction of non-invasive cholesterol testing procedures.
Global Cholesterol Screening Market: Regional Outlook
Based on geography, the global market for cholesterol lab testing services can be segmented into Europe, North America, Asia Pacific, and the Rest of the World. North America is slated to emerge as a key market over the forecast period, with the U.S. at the lead. However, Europe also has a great potential for expansion, due to high number of people with high cholesterol.
Asia Pacific is also expected to expand at a significant rate, displaying a promising CAGR during the forecast period. The growth of this region can be attributed to the rising number of cholesterol lab testing services, ever-increasing population, higher incidence of cardiovascular diseases, and increase in healthcare expenditure.
Companies Mentioned in the Report
Some of the major companies operating in the market for cholesterol lab testing services are Eurofins Scientific, SYNLAB International GmbH, Laboratory Corporation of America Holdings (LabCorp), Spectra Laboratories Inc., and Quest Diagnostics Incorporated. A new service was introduced by Quest Diagnostics in November 2016. Under this service – called QuestDirect, patients can manage their health more efficiently through self-tests, wherein a physician is not required to conduct tests.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.