According to estimates, the point-of-care cholesterol monitoring devices market share would be valued US$ 514.7 million by 2028, up from US$ 428.8 million in 2021.
In 2021, the market for point-of-care cholesterol monitoring devices is expected to reach US$ 428.8 million, with a year-over-year revenue growth of slightly less than 2.6%, according to a recent Future Market Insights analysis on the global sales scenario.
The FDA recently authorised SD Biosensor Inc.’s SD LipidoCare System, which was introduced in 2017. Though a number of newly developed regulatory policy modifications aim to address the lack of standardisation across their device portfolios, most medical device manufacturers still struggle to introduce new products. Only regional producers of medical devices face obstacles related to regulations.
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More importantly, the inaccuracy of results delivered by point of care cholesterol monitoring devices still persists that makes the entire procedure less reliable and riskier. This continues to linger as a major concern restraining revenue growth of point of care cholesterol monitoring device market.
Increasing CVD prevalence and a growing number of high-cholesterol cases are sustaining the demand for point of care cholesterol monitoring device worldwide. Although a growing patient population is maintaining a decent consumption rate of point of care cholesterol monitoring devices, high per test cost and tightening regulatory norms regarding medical devices launch continue to limit adoption.
Global Point of Care Cholesterol Monitoring Device Market Taxonomy: By Product Type, Technology Type, Application Type, End User, and Region
- According to the product type analysis of point of care cholesterol monitoring device market presented in the report, testing kits are currently more popular but instruments, especially computerized, are gradually gaining ground among end users and thus end use segments.
- The technology type analysis of point of care cholesterol monitoring device market reveals that both the key technologies, i.e. electrochemical biosensor and reflectance photometry currently hold an almost equal share of the market revenue. The overall growth is however sluggish.
- Based on the application type analysis, the point of care cholesterol monitoring device market is likely to witness maximum demand for atherosclerosis patients, whereas sales of point of care cholesterol monitoring devices in the hypercholesterolemia segment is also considerable.
- End user analysis offered in the point of care cholesterol monitoring device market report uncovers considerable product consumption by diagnostic centers, diagnostic laboratories, hospitals, and ambulatory surgical centers. Lucrative adoption prospects for point of care cholesterol monitoring devices have been indicated in home care settings.
- While more than 1/3rd of the global market revenue belongs to North America, Western Europe and APECJ remain the next two key markets for point of care cholesterol monitoring devices. The report forecasts attractive product innovation and penetration opportunities arising in MEA and Latin America for manufacturers.
A Growing Self-testing Trend Boosts Point of Care Cholesterol Monitoring Device Demand in Home Care Settings
The point of care cholesterol monitoring device market is currently witnessing a rapid consumer shift to self-testing at home. While home testing of cholesterol level is highly convenient, it also offers the result in a matter of a few minutes. Patients are increasingly aware about the significance of early risk detection that further helps prevention of complications related to the level of cholesterol and thereby heart conditions.
The demand for point of care cholesterol monitoring devices in home care settings is thus witnessing a gradual surge in recent years, and the FMI study points to a higher yearly growth in the revenue of devices designed for home testing.
Key Manufacturing Trends Spotted in Point of Care Cholesterol Monitoring Device Market
- Advanced technology integration
- Devices with a portability feature
- Convenient applicability for home testing
Besides these prominent trends, leading industry manufacturers are investing in strategic acquisitions for a broader approach to the businesses opportunities in global landscape. Moreover, companies are concentrating on product innovation and value chain expansion with an intent to achieve enhanced market positions.
- Abbott’s acquisition of Alere Inc. has been helping the former securing a leading position in the point of care testing space, as the company through this deal expanded its global diagnostics portfolio.
- The recent M&A deal between Abaxis Inc. and Zoetis intends to broaden the manufacturing and marketing scope of point of care veterinary diagnostic instruments.
- ACON Laboratories, Inc. targets the international customer base with the recently released Mission Lipid Data Management Software.
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Point-of-care Cholesterol Monitoring Device Market by Category
By Product
- Instruments
- Table-top Analyzers
- Hand-held Analyzers
- Testing Kits
By Technology
- Electrochemical Biosensor
- Reflectance Photometry
By Application
- Dyslipidemia
- Atherosclerosis
- Hypercholestrolemia
- Hypocholesterolimea
- Others
By End User
- Hospitals
- Diagnostics centers & Laboratory
- Ambulatory surgical centers
- Home care sittings
Author By:
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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