LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global point-of-care (POC) lipid testing market to grow at a CAGR of more than 6% during the forecast period, according to their latest report.
The research study covers the present scenario and growth prospects of the global POC lipid testing market for 2017-2021. To calculate the market size, Technavio analysts consider the generated from sales/volume/value of POC lipid testing products.
The global POC lipid testing market is driven by numerous factors such as the increasing rate of unhealthy lifestyles, which increases the prevalence of NCDs, especially CVDs. Other key factors such as high consumption of alcohol, hypertension, smoking, diabetes, and broader patient accessibility to advanced treatments that deliver faster results drive the growth of the global POC lipid testing market.
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Technavio healthcare and life sciences analysts highlight the following three factors that are contributing to the growth of the global POC lipid testing market:
Increasing healthcare expenditure and reimbursements
An organized reimbursement structure in low and middle-income countries is an effective measure to reduce the healthcare out-of-pocket expenditure of individuals. There has been a continuous effort taken by governments to reduce the length of hospital stay and curb the healthcare expenditure. The average length of stay (ALOS) in hospitals is often seen as an indicator of efficiency.
Srinivas Sashidhar, a lead in-vitro diagnostics research analyst at Technavio, says, “The availability of reimbursement policies for POC lipid profile testing is another driver that drives the market growth. Reimbursements for POC lipid testing can be obtained through the accreditation of the Clinical Laboratory Improvement Amendments.”
Growing rate of unhealthy lifestyle
The rise in unhealthy lifestyle and growing number of CVDs around the world drive the market for POC lipid testing. According to the CDC, 73.5 million adults (31.7%) in the US have high LDL, which is the main cause of high cholesterol in the blood. Such individuals are approximately twice at the risk of heart disease as people with normal levels.
“The prevalence of CVDs such as myocardial infarction, heart failure, hypertensive heart disease, rheumatic heart disease, cardiomyopathy, heart arrhythmia, and others is also a major cause for the growth of the global POC lipid testing market,” adds Srinivas.
Broader patient accessibility with immediate outcomes
POC lipid screening of asymptomatic or carrier adults at wellness events such as corporate workplaces, pharmacies, and schools offers several advantages over conventional laboratory testing. Here, they can access their results immediately without any hindrance.
According to PTS Diagnostics, the advantage of POC lipid testing over conventional laboratory testing is that it requires less than 5 minutes to perform and cholesterol and triglycerides tests can be carried out during consultation for the screening and diagnosis of hypercholesterolemia and CVDs.
- F. Hoffmann-La Roche
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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