Point of Care lipid Test Market Expected to Reach $426.6 Million by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Point of Care lipid Test Market," The point of care lipid test market size was valued at $284.86 million in 2021, and is estimated to reach $426.6 million by 2031, growing at a CAGR of 4.1% from 2022 to 2031.

Point of care (POC) tests are clinical trials that are used to outline chronic complications inside a patient's body. They help to analyze the issues inside within no time and decrease one’s length of stay in clinic. The point of care tests thus provides healthcare professionals with enough time to analyze the syndrome and provide adequate clinical assistance to patients.

Lipid level in the blood can be estimated by point of care lipid testing, which is utilized to gauge cholesterol, low thickness lipoprotein, high thickness lipoprotein, and fatty oils. With POC tests, the time spent in medical clinics, institutions, ambulances, and patients' homes for post-surgical care is essentially reduced. Point of care testing has become more common due to its usefulness, adaptability, and potential for use in productive environments. These tests are dependent on two location strategies, which include neutralizer based and microbial molecular based. A medical specialist administers the test, examination is performed, and in conclusion the outcomes are recorded. 

The point of care lipid test market trends that drive the growth of the market are rise in geriatric population, increase in number of licensed medical centers, and surge in self-awareness among population regarding the physical health. Moreover, the sedentary lifestyle leading to the development of numerous diseases such as heart disease and increased awareness regarding routine testing and management of healthy lipid levels is further expected to boost the market growth during the forecast period. In addition, growth in number of key strategies by different key players such as acquisition, collaboration, product development and product launch further boost the market growth.

However, absence of pool of medical specialist associated with point of care lipid tests is likely to hamper the growth during point of care lipid test market forecast period. Conversely, rise in investment in R&D activities by major manufacturers for the development of point of care lipid test instruments are expected to provide numerous opportunities for market growth during the forecast period.

By product type, the consumables segment dominated the point of care lipid test market share in 2021 and is expected to remain dominant during the forecast period, 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. By application, the endogenous hyperlipidemia segment dominated the market in 2021 and is expected to remain dominant during the forecast period owing to increase in prevalence of hyperlipidemia due to a high-fat diet and sedentary lifestyle along with the growing awareness' among the population regarding the risks of cardiovascular diseases brought on by prolonged hyperlipidemia.

By end user, the diagnostics laboratories  segment dominated the point of care lipid test industry in 2021 and is expected to remain dominant during the forecast period, owing to increase in number of people being diagnosed with cardiovascular diseases and diabetes. Moreover, regular health checkups without the doctors’ intervention is further driving the segment growth.

Region wise, North America has the highest point of care lipid test market share and is expected to remain dominant during the forecast period. The dominance is due to presence of large patient population, strong presence of key players, well developed healthcare infrastructure, and higher number of research, development, & innovation activities. 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 is projected to register the highest CAGR of 5.4% during the forecast period. Increase in geriatric population, rise in awareness among people regarding physical health, growth in healthcare expenditures, and surge in adoption of point of care lipid test products are the key driving factors that boost the growth during  point of care lipid test market analysis in the region. 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. 

Key findings of the study

• On the basis of product type, the consumables segment dominated the point of care lipid test market size in 2021, and is expected to continue this trend during the forecast period.
• On the basis of application, the endogenous hyperlipidemia segment dominated the point of care lipid test industry in 2021, and is expected to continue this trend during the forecast period.
• Depending on end user, diagnostic laboratories  segment is projected to grow at a CAGR of 3.5% during the forecast period.
• Region-wise, North America garnered the largest revenue share in 2021. However, Asia-Pacific is anticipated to grow at the highest CAGR 5.4% during the forecast period.