The global Point-of-Care Cholesterol Monitoring Device Market was valued at USD 428.8 Million in 2021 and is expected to reach USD 514.7 Million by 2028, finds Future Market Insights (FMI) in a recent market survey.
Growing prevalence of target diseases like diabetes, cardiovascular diseases, and dyslipidemia is expected to be the primary factors driving the point-of-care cholesterol monitoring device market. Rising number of obesity and cardiovascular diseases leads to high blood cholesterol and lipoproteins levels, which increases the cholesterol testing requirement leading to growth of the market.
In addition, higher levels of cholesterol leads to buildup of cholesterol, fats and other substances on and around the artery walls, which is known as atherosclerosis. This further leads to conditions like stroke and heart attack, thus, increasing the demand for point-of-care cholesterol testing.
Point-of-care cholesterol monitoring device market holds nearly 5.6% market value share of the Diagnostics Market, which is around USD 7.6 Billion in 2021. The adoption of these point-of-care devices is an economical way, it aids in early diagnosis and reduces the risk of further complications. Thus, the demand for point-of-care cholesterol monitoring kits and device is increasing nowadays.
Moreover, major players in the market are focusing on introduction of new technologically advanced testing kits and devices in order to increase their product portfolio.
For instance, in May 2021 DiaSys announced the availability of LDL-c direct FS, a new homogenous assay for direct determination of LDL-cholesterol (LDL-C).
Driven by this, sales of point-of-care cholesterol monitoring devices are expected to rise at a 2.6% CAGR through 2028.
Point-of-care Cholesterol Monitoring Device Market Outlook:
| Data Points | Market Insights |
|---|---|
| Market Value 2022 | USD 440.6 Million |
| Market Value 2028 | USD 514.7 Billion |
| CAGR 2022 to 2028 | 2.6% |
| Key Players | The key players are F. Hoffmann-La; Roche Ltd.; Abbott Laboratories; Abaxis, Inc. (Sub of Zoetis Inc.); DiaSys Diagnostic Systems GmbH; ACON Laboratories; PTS Diagnostics; Bioptik Technology, Inc.; SD; Biosensor, Inc.; Jant Pharmacal Corporation, Inc.; Nova Biomedical Corporation.; Beckman Coulter Inc. (Sub of Danaher Corporation) and SAMSUNG HEALTH CARE; Inc. |
| Share of Top 5 Countries | 54.5% |
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| Particulars | Details |
|---|---|
| H1, 2021 | 2.61% |
| H1, 2022 Projected | 2.62% |
| H1, 2022 Outlook | 2.52% |
| BPS Change - H1, 2022 (O) - H1, 2022 (P) | (-) 10 ↓ |
| BPS Change - H1, 2022 (O) - H1, 2021 | (-) 9 ↓ |
The point-of-care cholesterol monitoring device market is subject to influence by rise in patient base with chronic disorders and technological developments in accordance with impact of macro and industry factors. As per the comparative analysis by Future Market Insights for market growth rate in 2022, a decreased value of 09 Basis Point Share (BPS) is expected in H1-2022 (O), when compared with H1-2021.
This owes to the relevance of the overall point-of-care diagnostics market as a whole in its nascent stages in developing regions, such as India. H1-2022 outlook period in comparison to H1-2022 projected period showed a negative growth in terms of Basis Point Share by 10 BPS.
Some factors involved in the increase of BPS include the rise in geriatric population having high level of High Density Lipoproteins (HDL) across the globe. Key players have been incorporating strategies of acquiring emerging players to strengthen their manufacturing facilities, as well increasing their investment in R&D in order to develop novel therapies.
Additionally, there has been rise in cholesterol testing at home and also increasing preference towards portable cholesterol detection devices.
Sales of point-of-care cholesterol monitoring device grew at a CAGR of 2.3% between 2013 and 2021.
Rising incidences of cardiovascular diseases and complications due to high cholesterol among the population is triggering the growth of the global point of care cholesterol monitoring device market. Also, the number of deaths because of cardiovascular diseases, and mortality because of the risk factors like smoking, excessive alcohol consumption, hyperlipidemia, hypercholesterolemia and obesity are rising globally.
As a result, there is growing awareness among the people regarding the benefits of the monitoring devices. In recent years, it is witnessed that governments around the world are taking initiatives to raise awareness associated to health problems. This, in turn, is expected to lead to the development of the market.
Moreover, the growing geriatric population is another factor driving the demand for the point-of-care cholesterol monitoring device market. The increasing old aged population is more prone to higher cholesterol level which is increasing the cholesterol related problems such as cardiovascular diseases. Therefore, the cholesterol testing products are increasing in the market for the forecast period.
In addition, advancements and development of smart & improved point of care cholesterol monitoring devices are expected to be the key factors driving the growth of the global market.
Considering this, FMI expects the global point-of-care cholesterol monitoring device market to grow at a CAGR of 2.6% through 2028.
The inaccurate and less reliable results obtained from point of care testing devices is the major factor limiting the growth of the global market. Point of care testing might be helpful in serious situations demanding rapid test results for clinical assessment. However, there are various limitations associated with point of care testing, primarily associated to quality assurance.
The tests carried out in laboratories are performed by trained professionals and ensure accurate results while point of care testing is usually done by untrained professionals as well as patients themselves. Hence, this may result in fluctuation of results due to less accuracy while performing the test, which in turn hampers the market growth.
In addition, stringent regulatory scenarios for new device approval is another factor that is challenging the growth of the market. Various amendments have been made by the regulatory bodies in the recent years to deal with the lack of standardization in device portfolio, which leads to long time period in product approvals, in turn hindering the point-of-care cholesterol monitoring device market.
The USA is estimated to account for around 86.5% of the North America point-of-care cholesterol monitoring device market in 2022.
The rising incidence of cardiovascular disease and growing prevalence of high cholesterol increases the demand for the market. As per the data published by the CDC (Centers for Disease Control & Prevention), it was projected that approximately 34.2 million of the population were suffering from diabetes in the USA in 2020. Key manufacturers of point of care cholesterol monitoring devices in the market are focusing on increasing their portfolio by adding new product features to strengthen their position in the USA
Germany is estimated to account for 23.8% of the Europe Point-of-care Cholesterol Monitoring Device market in Europe in 2022.
The growth of the market in Germany is due to the initiatives undertaken by the government concerning to the expansion of healthcare infrastructure and, and presence of favorable regulations together with the high disease occurrence levels in the country. For instance, about 10% of the people in Germany suffer from diabetes, out of which 98% accounts for type 2 diabetes. Point-of-care monitoring is extensively used in developed nations due to better reimbursement policies and high awareness as compared to the emerging countries.
The Point-of-care Cholesterol Monitoring Device market in China is estimated to be worth USD 38.2 Million in 2022 in the global market.
The primary factors boosting the growth of the market include increasing technological advancement in monitoring devices together with growing adoption of inorganic growth strategies such as agreements and collaborations to manufacture novel devices. Moreover, increasing prevalence of diabetes is another factor supporting the development of the market in China.
Demand for Point-of-care Cholesterol Monitoring Device in India is expected to rise at around 3.0% CAGR over the forecast period.
The growing geriatric population and the increased awareness regarding cholesterol monitoring are some of the major factors that will lead the market development in India. The increasing old aged population is more prone to higher cholesterol level which is increasing the cholesterol related problems such as cardiovascular diseases.
As per the United Nations, report, there were above 138 million persons over 65 years or over of age in India in 2020. This count is expected to almost double by 2050.
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By Product, the testing kits segment is anticipated to hold the maximum share of 63.9% in 2022, expanding at rate of nearly 2.4% during the forecast period.
The segment is expected to further gain traction, owing to increasing adoption of point-of-care testing, availability of rapid testing kits and increased awareness regarding cholesterol monitoring.
The major benefit of point-of-care testing kits is that it does not need any clinical laboratory personnel to perform the test and the results are obtained rapidly. This rapid results can help in determination of the course of the treatment in case of emergency. These advantages of testing kits is anticipated to boost the demand for this segment.
In addition, several technological advancements in these testing kits such as the introduction of home testing kits is expected to add to the growth of the segment.
By technology, reflectance photometry segment will lead the market and is projected to account for 51.6% of the total market revenue share in 2022.
The benefits offered by reflectance photometry over other techniques is leading the segment growth. There are several advantages when the testing is done nearer to the patient rather than far away in a laboratory. In reflectance photometry just a small amount of blood is applied on a strip, then the plasma is removed and the strip is dissolved in the reagents, which results into coloration of the strip, indicating the result by showing the intensity. Hence, this is a rapid technique for cholesterol determination and is widely used.
In terms of application, atherosclerosis segment in projected to account for 32.3% of the total market share in 2022. The rising cases of atherosclerosis is the primary factor leading its rising market share.
Atherosclerosis is the accumulation of cholesterol, fats and other substances on the walls of the arteries. This leads to increase in risk of stroke and heart attack due to decrease in the blood flow to the heart muscles because of the narrowing of the arteries. Thus, the use of point of care cholesterol devices for monitoring of arthrosclerosis cases is leading to growth of the atherosclerosis segment among all applications.
By end user, the diagnostics centers & laboratory segment is anticipated to hold the maximum share of 33.7% in 2022, expanding at rapid rate of 2.3% CAGR during the forecast period.
The segment is growing owing to the well-established infrastructure, installation of technologically advanced analysis equipment and rising number of diagnostic centers and laboratories. In addition, growing awareness regarding early diagnosis of disease and increasing prevalence of cardiovascular diseases are some other factors driving the demand for the segment.
Companies operating in the point-of-care cholesterol monitoring device market are consolidated by nature, with a presence of few players holding major share. These players are involved in a number of strategic alliances. The product launch and acquisition accelerates the manufacturer’s strategy to capitalize on the market share and capture the significant share of market. Some of the recent instances include:
| Attribute | Details |
|---|---|
| Forecast Period | 2022 to 2028 |
| Historical Data Available for | 2013 to 2021 |
| Market Analysis | USD Million for Value |
| Key Countries Covered | USA, Canada, Brazil, Mexico, Germany, UK, France, Italy, Spain, Poland, Russia, China, Japan, South Korea, India, Thailand, Malaysia, Indonesia, Australia, New Zealand, GCC Countries, South Africa |
| Key Segments Covered | Product, Technology, Application, End User and Region |
| Key Companies Profiled | F.Hoffmann-La Roche Ltd.; Abbott Laboratories; Abaxis, Inc. (Sub of Zoetis Inc.); DiaSys Diagnostic Systems GmbH; ACON Laboratories; PTS Diagnostics; Bioptik Technology, Inc.; SD Biosensor, Inc.; Jant Pharmacal Corporation, Inc.; Nova Biomedical Corporation.; Beckman Coulter Inc. (Sub of Danaher Corporation); SAMSUNG HEALTH CARE, Inc. |
| Report Coverage | Market Forecast, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, Strategic Growth Initiatives |
| Customization & Pricing | Available upon Request |
The global point-of-care cholesterol monitoring device market is worth USD 428.8 Million in 2021 and is set to expand 1.2X over the forecasted years.
The sales of point-of-care cholesterol monitoring device in the market have grown at a CAGR of nearly 2.3% between 2013 and 2021.
The point-of-care cholesterol monitoring device market is expected to reach USD 514.7 Million by the end of 2028 with sales revenue expected to register CAGR of 2.6% over the forecast period.
North America is expected to dominate the global point-of-care cholesterol monitoring device market holding nearly 33.1% in 2022 of the global revenue share with USA being the leading contributor in this region having a market value of around USD 126.2 Million in 2022.
Demand of point-of-care cholesterol monitoring device market is expected to register growth in Asia Pacific at rate of 3.4% CAGR during the forecast period.
The point-of-care cholesterol monitoring device in China is likely to observe 1.3x growth during the forecast period with a growth rate of nearly 3.8% CAGR.
Increasing launch of new technological products, inclination towards portable devices, and increasing demand for home based testing for cholesterol are the key trends driving sales of point-of-care cholesterol monitoring device market across the globe.
India’s point-of-care cholesterol monitoring device market is offering lucrative growth opportunities and is expected to exhibit healthy growth of 3.0% CAGR during the forecast period. Japan market is expected to exhibit healthy growth of 3.0% CAGR during the forecast period.
USA, China, Japan, Germany and UK are the top 5 countries that are driving the demand for point-of-care cholesterol monitoring device market.
Leading companies of Point-of-care Cholesterol Monitoring Device are F.Hoffmann-La, Roche Ltd., Abbott Laboratories, Abaxis, Inc. (Sub of Zoetis Inc.), DiaSys Diagnostic Systems GmbH, ACON Laboratories, PTS Diagnostics, Bioptik Technology, Inc., SD, Biosensor, Inc., Jant Pharmacal Corporation, Inc., Nova Biomedical Corporation., Beckman Coulter Inc. (Sub of Danaher Corporation) and SAMSUNG HEALTH CARE, Inc.
| Market Estimated Value (2023) | USD 1.37 billion |
|---|---|
| Market Estimated Value (2033) | USD 2.48 billion |
| Market Value CAGR (2023 to 2033) | 6.1% |
| Market Estimated Size (2022) | USD 568.1 Million |
|---|---|
| Market Size Projected (2029) | USD 786.2 Million |
| Market Value-based CAGR (2022 to 2029) | 4.8% |
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