Point of Care Lipid Test Market Research, 2031
The global point of care lipid test market size was valued at $284.9 million in 2021, and is projected to reach $426.6 million by 2031, growing at a CAGR of 4.1% from 2022 to 2031. Point of care testing (POCT) is a type of medical diagnostic testing that enables doctors and other healthcare professionals to obtain lab-quality diagnostic data quickly and accurately in real time. To evaluate whole blood, point-of-care testing devices use immunoassays and lateral flow chromatography principles. POCT includes drug abuse screening, pregnancy testing, fecal occult blood analysis, rapid coagulation testing, blood gas and electrolytes analysis, and rapid cardiac markers diagnosis.
Point of care lipid tests are used to calculate the blood's triglyceride, lipoprotein, and cholesterol levels. High cholesterol level goes undetected, yet it can have serious health repercussions. When blood cholesterol levels are excessively high, plaque (deposits of fat and other substances) are formed in the arteries. The buildup of plaque causes the arteries to become more constricted, which lowers and delays the blood flow to the heart. A heart attack can happen if the blood flow to any region of the heart is cut off. A doctor can use the point of care lipid test to measure and analyze the blood's fat content.
Historical overview
The market was analyzed qualitatively and quantitatively from 2018-2020. The point of care lipid test market size grew at a CAGR of around 4-6% during 2018-2021. Most of the growth during this period was derived from the Asia-Pacific owing to the improving health awareness, rising disposable incomes, as well as well-established presence of domestic companies in the region.
Market dynamics
Growth & innovations in the pharmaceutical industry for the manufacturing of point of care lipid test products, owing to massive pool of health-conscious consumers, create an point of care lipid test market opportunity. The growth of the point of care lipid test market is expected to be driven by high potential in untapped, emerging markets due to availability of improved healthcare infrastructure, increase in unmet healthcare needs, rise in prevalence of cardiovascular disease, and surge in demand for point of care lipid test instruments and consumables.
Furthermore, the healthcare industry in emerging economies is developing at a significant rate owing to rise in demand for enhanced healthcare services, significant investments by government to improve healthcare infrastructure, and development of the medical tourism industry in emerging countries which further responsible for point of care lipid test market growth. The demand for point of care lipid test products is not only limited to developed countries however is also being witnessed in the developing countries, such as China, Brazil, and India, which fuels the growth of the market.
In addition, increase in number of key strategies by different key players such as acquisition, collaboration, product development and product launch further boost the growth during point of care lipid test market forecast. For instance, in May 2020, Nova Biomedical announced the addition of C-reactive protein (CRP) testing to its Allegro capillary blood analyzer for point-of-care (POC) testing in primary care settings.
The overall growth of the point of care lipid test market is anticipated to be hampered by high product development costs. The product design must take into account a variety of technical applications and technological breakthroughs depending on the type and nature of the sample or test. As a result, a stronger connection between the two components is needed when integrating the cartridge with the testing instruments. This is known to raise the overall cost of product creation, which hinders the growth of the market. In addition, the pricey and complex biomolecules employed in the creation of POC lipid tests are expected to impede the growth of point of care lipid test market.
COVID-19 Impact Analysis-
The COVID-19 pandemic had a negative impact on the point of care lipid test industry, as majority of the point of care lipid test centers experienced a broad spectrum of difficulties and were affected more in the second wave of the pandemic. Samples arriving at test centers and the availability of instruments & consumables were delayed due to postal delays & unreliability as well as flight cancellations.
Owing to infection, quarantine, or relocation within the healthcare facility, laboratory staff availability was occasionally limited. Home sample collection, second-tier tests, and follow-up were all impacted. These issues were exacerbated by social restrictions and public transportation disruptions. Only a few centers were able to keep their point of care lipid test programs fully operational. However, the market is anticipated to witness recovery in 2022, and show stable growth for point of care lipid test industry in the coming future.
Segmental Overview
The point of care lipid test market is segmented into product type, application, end user, and region. By product type, the market is categorized into devices and consumables. On the basis of application, the market is segregated into endogenous hyperlipidemia, combined hyperlipidemia , familial hypercholesterolemia, and others. By end user, the market is classified into hospitals & clinics, diagnostic laboratories, and others. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
By Product Type: On the basis of product type, the market is segmented into devices and consumables. The devices segment dominated the global point of care lipid test market share in 2021 and is expected to remain dominant throughout the forecast period, owing to increase in geriatric population and healthcare awareness regarding chronic complications and availability of point of care lipid test devices in the market by various key players. In addition, currently, there is a high demand for fully automated devices in the market, as they simplify a task and provide more accurate and reliable results, which further propel the market growth.
By Application: point of care lipid test market is segregated into endogenous hyperlipidemia, combined hyperlipidemia , familial hypercholesterolemia, and others. The endogenous hyperlipidemia segment dominated the global market in 2021 and is anticipated to continue this trend during the forecast period. This is attributed to rising prevalence of hyperlipidemia across the globe. Additionally, the market is expanding due to the growing geriatric population, which is more susceptible to high cholesterol and cardiovascular disorders drives the growth of the market.
By End User: The market is classified into hospitals and clinics, diagnostic laboratories, and others. The diagnostic center held the largest market share in 2021 and is expected to remain dominant throughout the forecast period, owing to diagnostic laboratories performs various tests to determine the cause of the condition. There are different types of labs within this category, including radiology & MRI centers, imaging centers and pathology labs. A diagnostic laboratory has a qualified medical staff to handle health issues and the center also has experienced & skilled radiologists, pathologists, surgeons, and other medical professionals, which further propel the segment growth.
By Region: The point of care lipid test market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. North America accounted for a major point of care lipid test market share in 2021 and is expected to maintain its dominance during the forecast period. This is attributed to the presence of major pharmaceutical and biopharmaceutical companies in the North American region. In addition, it is anticipated that rising demand for preventative healthcare further boosts the market growth. Moreover, increasing government and private sector efforts to promote healthy lifestyles are anticipated to fuel market expansion in the region during the forecast period.
Asia-Pacific expected to grow at the highest rate during the forecast period. The market growth in this region is attributable to presence of pharmaceutical companies in the region as well as growth in the purchasing power of populated countries, such as China and India. Moreover, rise in geriatric population and increase in prevalence of cardiovascular disease such as diabetics drive the growth of the market. Furthermore, the Asia-Pacific region exhibits the high population base, presence of unmet medical needs, and increase in disposable incomes of people in the region.
COMPETITION ANALYSIS
Competitive analysis and profiles of the major players in the point of care lipid test, such as Abbott Laboratories, Callegari, 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. are provided in this report. There are some important players in the market such as Nova Biomedical Corporation, Menarini Group and other Major players have adopted product development, market expansion and agreement as key developmental strategies to improve the product portfolio of the point of care lipid test market.
Some examples of product development in the market
In May 2020, Nova Biomedical announced the addition of C-reactive protein (CRP) testing to its Allegro capillary blood analyzer for point-of-care (POC) testing in primary care settings. The Allegro and its StatStrip companion meter provides 11 clinically important tests to help physicians make therapeutic decisions and adjustments during the patient visit. The Allegro analyzer and this new CRP test are available in CE regulated countries. Allegro will be submitted to the U.S. FDA for CLIA waived use.
Some examples of Agreements in the market
In July 2020, Menarini Diagnostics, part of the Menarini Group, and Skyla Corporation, part of the Lite-On group, was announced that they have entered into a supply and distribution agreement concerning the LINX EVO clinical chemistry analyzer and the LINX DUO multi-assay analyzer.
Some examples of market expansion in the market
In April 2021, Nova Biomedical announced the opening of a new sales, service, and distribution subsidiary in Benelux. The new facility demonstrates Nova’s continued growth in the European market and the expansion of Nova’s biotechnology and clinical products in Belgium, the Netherlands and Luxembourg.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the point of care lipid test market analysis from 2021 to 2031 to identify the prevailing point of care lipid test market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the point of care lipid test market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global point of care lipid test market trends, key players, market segments, application areas, and market growth strategies.
Point of Care lipid Test Market Report Highlights
| Aspects | Details |
 Market Size By 2031 | USD 426.6 million |
 Growth Rate | CAGR of 4.1% |
 Forecast period | 2021 - 2031 |
 Report Pages | 375 |
 By Product Type |
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 By Application |
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 By End User |
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 By Region |
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 Key Market Players | Abbott Laboratories, VivaChek Biotech (Hangzhou) Co.,Ltd , Menarini Group, SD Biosensor, Inc., Mico Bio Med, Callegari, Nova Biomedical Corporation, F. Hoffmann-La Roche Ltd., Zoetis Inc., Sinocare Inc. |
Analyst Review
The utilization of point of care lipid test is expected to witness a significant rise owing to increase in prevalence of cardiovascular diseases and obesity in both developed and developing economies.
Furthermore, key players in the market are focusing on adopting strategies to increase accessibility and utilization of point of care lipid test products in developing economies. Moreover, increase in demand for technological advancements that improve speed, accuracy, and user-friendliness, as well as increasing market penetration rates of technologies such as self-testing handheld devices further propel the market growth.
North America accounted for the highest market share in 2021 due to availability of point of care lipid test products and heavy expenditure by the government on healthcare, followed by Europe and Asia-Pacific. Asia-Pacific is expected to exhibit fastest market growth due to increase in cases of diabetes and heart attack. Pharmaceutical companies have focused on expanding their presence in emerging economies, which is anticipated to drive the market growth.
Point of care (POC) tests are one of the medical tests that assist in identifying chronic complications inside the human body .
increase in prevalence of chronic disease, increase in old age population and improved life expectancy,growing drug failure rate and massive drug shortage across the globe further drive growth of the market globally.
Top companies such as Abbott Laboratories, Callegari, F. Hoffmann-La Roche Ltd., Menarini Group, Mico Bio Med, Nova Biomedical Corporation held a high market position in 2020.
Asia-Pacific is expected to experience the highest growth rate during the forecast period, owing to Increase in geriatric populations, rise in awareness among people regarding physical health, growth in healthcare expenditures, and rise in adoption of point of care lipid test products .
The market value of point of care lipid test marketin 2031 is $426.58 million.
Consumables segment is the most influencing segment owing to increase in use of consumables in many instruments either in laboratories or point-of-care which help buyers to operate these instruments efficiently.
The base year is 2021 in point of care lipid test market
The forcast period for point of care lipid test marketis 2022 to 2031.
The total market value of point of care lipid test market is $284.86 million in 2021.
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