Cholesterol Management Devices Market Expected to Grow at a Remarkable CAGR - Market Research Future

Market Overview:

Between 2022 and 2030, the worldwide Cholesterol Management Devices Market is projected to expand at a healthy CAGR. Cholesterol management devices are becoming increasingly popular due to the growing incidence of cardiovascular ailments such ischemic heart disease and stroke. Market Research Future (MRFR) projects that the global cholesterol management devices market will be worth more than USD 8 billion by 2025.

Market Numbers:

During the period between 2022 and 2030, the global Cholesterol Management Devices Market is expected to expand at a CAGR of 10.6%. As of 2030, the market was worth USD 5,879.6 Million, and experts predict that by 2030, it will be worth $8 billion. Increases in cardiovascular disease, worldwide obesity, preventative healthcare knowledge, and technical progress have all contributed to the booming market for cholesterol management devices. Moreover, the rise in product launches and collaborations by manufacturers is a key factor responsible for the remarkable growth of the market.

Industry Outlook:

The rising prevalence of cardiovascular diseases has attracted the attention of many key players in the market, thus driving its growth. Stakeholders in the cholesterol management devices market can expect promising growth possibilities as the global healthcare industry continues its shift toward preventative care. Major players such as Roche Diagnostics and Abbott Laboratories have been launching innovative products to increase their presence in the market.

To expand their customer base, many players are utilizing various strategies such as acquisition, merger, and product launch. For example, Roche Diagnostics acquired an Indian biotechnology firm known as Sarvas Bioproducts in 2018. Similarly, Abbott Laboratories recently launched its Afinion™ HbA1c Dx instrument, a point-of-care testing device to detect diabetes. Such strategies are allowing the stakeholders of the cholesterol management devices market to capture a larger share of the global market.

Market Segmentation:

Cholesterol management devices are a global industry that may be broken down into submarkets based on product, type, application, and end user.

On the basis of product, the global cholesterol management Devices market has been segmented into Diagnostic Test Kits, Blood Tests, and Finger Prick Test. According to MRFR, the diagnostic test kits segment is projected to be the largest and fastest-growing segment in the cholesterol management devices market over the forecast period. This is owing to their ease of usage and cost-effectiveness.

The global market for cholesterol management devices is split into two submarkets, portable devices and non-portable devices, based on their intended use. Due to the convenience of these compact, handheld devices, the portable devices subsegment is predicted to grow at the fastest rate and eventually dominate the global market.

Geographical Coverage:

Geographically, the global Cholesterol Management Devices Market has been segregated into four major regions of North America, Europe, Asia Pacific, and the Rest of the world.

In 2018, more than 40% of the market for cholesterol control devices was concentrated in North America. The important drivers driving the regional market growth include the presence of well-established healthcare infrastructure, substantial investments in research, and the presence of significant market players like Abbott Laboratories, Quest Diagnostics, and Siemens Healthcare.

Europe is the second-largest market for cholesterol management devices. Rising heart attack rates are largely responsible for the region's booming business, along with high government spending on healthcare, and innovations in diagnostic solutions to reduce the treatment costs.

Additionally, rising rates of cardiovascular disease are expected to fuel substantial growth in the Asia Pacific cholesterol management devices market during the forecast period, and growing awareness about preventative healthcare, besides the rising government initiatives to improve the healthcare infrastructure of the region.

Competitive Landscape:

Key players operating in the global Cholesterol Management Devices Market are Abbott Laboratories, Roche Diagnostics, Siemens Healthcare, DiaTex Llc, Bayshore Diagnostics, ReaMetrix Inc, EKF Diagnostics, PTS Diagnostics, Applied Biotech, Helo LLC, Health Diagnochain, and Immutopics Inc.

Market Forecast:

The current environment suggests that the worldwide Cholesterol Management Devices Market would expand at a substantial CAGR over the forecast period. During the projected period, the global market is expected to develop on account of a number of factors, chief among them the availability of sophisticated healthcare infrastructure, increased knowledge about the value of early diagnosis, and the rising prevalence of cardiovascular illnesses.

Moreover, the emergence of point-of-care diagnostic solutions, introduction of innovative products, and increasing collaboration between the health care providers and diagnostic companies are expected to create positive growth opportunities for the market players over the next few years.

However, the global market could be restrained throughout the forecast time frame by the prohibitive price of cholesterol management devices and stringent regulations enforced by numerous countries. However, throughout the forecast period, the expansion of the cholesterol management devices market is anticipated to be driven by the rising demand for cholesterol management solutions and the rising expenditure in research & development.