Lipid Panel Testing Global Market Report 2024

The lipid panel testing market has grown strongly in recent years. It will grow from $10.28 billion in 2023 to $11.17 billion in 2024 at a compound annual growth rate (CAGR) of 8.7%. The expansion observed in the historical period can be attributed to factors such as the increased incidence of cardiovascular diseases, a growth in awareness of preventive healthcare, government initiatives for cardiovascular health, changes in lifestyle and dietary patterns, and the presence of an aging population with a higher prevalence of chronic diseases.

The lipid panel testing market is expected to see strong growth in the next few years. It will grow to $15.13 billion in 2028 at a compound annual growth rate (CAGR) of 7.9%. The anticipated growth in the forecast period can be attributed to factors such as the increasing emphasis on genetic testing and personalized medicine, a focus on early detection and prevention of cardiovascular diseases, the expansion of home testing kits, the adoption of value-based care models, and increased screening in high-risk populations. Key trends expected in the forecast period include the implementation of point-of-care testing, integration with electronic health records, the development of genetic lipid testing, the availability of home-based testing kits, the integration of telemedicine, and educational initiatives for lipid management.

The anticipated increase in cardiovascular and diabetic diseases is poised to drive the growth of the lipid panel testing market. Cardiovascular disease, a cluster of conditions affecting the heart and blood vessels, along with diabetes, a metabolic disorder impacting insulin production and leading to elevated blood sugar levels, collectively contribute to the demand for lipid panel testing. This diagnostic tool is crucial for identifying individuals at risk of developing cardiovascular diseases or those already affected. Additionally, it aids in monitoring treatment effectiveness, enabling healthcare providers to adjust treatment plans to attain target lipid levels and mitigate the risk of further ailments. According to the World Health Organization's data in September 2023, there were 17.9 million deaths attributed to cardiovascular diseases. Furthermore, the Centers for Disease Control and Prevention (CDC) National Diabetes Statistics Report in 2022 indicated an increase in diabetes cases in the US, reaching 37.3 million. Consequently, the escalating prevalence of cardiovascular and diabetic diseases is expected to propel the lipid panel testing market forward.

The rising prevalence of obesity is identified as a significant factor boosting the lipid panel testing market. Obesity, characterized by excessive body fat accumulation with adverse health effects, necessitates effective assessment and management through lipid panel testing. This diagnostic tool plays a crucial role in identifying dyslipidemia, guiding lifestyle interventions, devising personalized treatment plans, monitoring treatment efficacy, detecting metabolic syndrome early, and assessing cardiovascular disease risk. According to the Government Digital Service in May 2023, it was projected that 25.9% of individuals aged 18 and older in England were obese in 2021-2022, reflecting a 25.2% increase. Thus, the growing prevalence of obesity is a driving force behind the lipid panel testing market.

A key trend in the lipid panel testing market is the emphasis on product innovations by major companies. These companies are dedicated to developing innovative products to maintain their market position. For instance, in October 2022, Boston Heart Diagnostics, a US-based biotechnology company, introduced LipoMap - a panel comprising 33 lipid, lipoprotein, and apolipoprotein tests. LipoMap offers one of the most comprehensive assessments of lipid metabolism commercially available, uncovering treatable and reversible lipid abnormalities associated with cardiovascular disease. This innovation allows for greater personalization of treatment and follow-up testing.

Major companies operating in the lipid panel testing market are strategically focusing on advanced solutions, such as smartphone-based diagnostic technologies, to drive market revenues. Smartphone-based diagnostic technologies leverage smartphone capabilities to provide convenient, accessible, and often point-of-care diagnostic solutions. For instance, in January 2022, PocDoc, a UK-based digital health platform, launched a smartphone-based lipid panel test for cardiovascular disease. The PocDoc app enables users to perform a precise, quantitative blood test for cholesterol levels conveniently at home, measuring five essential heart-healthy markers.

In October 2022, CVS Health Corporation, a US-based healthcare company, entered into a partnership with ixlayer Inc. This collaboration aims to enhance global health by making health testing more accessible, affordable, and straightforward through advanced at-home testing kits and digital platforms. ixlayer Inc., a US-based company, provides lipid testing kits, contributing to the expansion of healthcare accessibility through at-home testing.

Major companies operating in the lipid panel testing market report are Abbott Laboratories, Beckman Coulter Inc., F. Hoffmann-La Roche Ltd., Randox Laboratories Ltd., Thermo Fisher Scientific Inc., PTS Diagnostics, Quest Diagnostics Incorporated, Alere Inc., EuroMedix International, Boston Heart Diagnostics Corporation, Eurofins Scientific SE, Spark Diagnostics Pvt Ltd., Everlywell Inc., Horiba ABX SAS, Siemens Healthcare GmbH, Avanti Polar Lipids Inc., Nova Biomedical Corporation, Bio-Rad Laboratories Inc., Cepheid Inc., Danaher Corporation, DiaSorin S.p.A., EKF Diagnostics Holdings plc, Grifols S.A., Hologic Inc., Illumina Inc., Luminex Corporation, Meridian Bioscience Inc., Myriad Genetics Inc., Natera Inc., Ortho Clinical Diagnostics LLC.

North America was the largest region in the lipid panel testing market in 2023. Asia-Pacific is expected to be the fastest growing region in the global lipid panel testing market during the forecast period. The regions covered in the lipid panel testing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the lipid panel testing market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The main products and services related to lipid panel testing include devices, kits, and services. Devices, such as analyzer machines, are the equipment used to perform lipid panel testing. The various prescription modes for lipid panel testing include prescription-based testing and over-the-counter (OTC) based testing. Lipid panel testing is applied in various conditions such as hyperlipidemia, hypertriglyceridemia, familial hypercholesterolemia, hypo-lipoproteinamia, Tangier disease, atherosclerosis, and others. The diverse end users of lipid panel testing products and services encompass hospitals, specialty clinics and physician offices, pathology laboratories, diagnostic clinics, ambulatory surgical centers, reference laboratories, academic and research institutes, and others.

The lipid panel testing market research report provides lipid panel testing market statistics, including lipid panel testing industry global market size, regional shares, competitors with a lipid panel testing market share, detailed lipid panel testing market segments, market trends and opportunities, and any further data you may need to thrive in the lipid panel testing industry. This lipid panel testing market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The lipid panel testing market consists of revenues earned by entities by providing high cholesterol testing and lipoprotein analysis. The market value includes the value of related goods sold by the service provider or included within the service offering. The lipid panel testing market also includes sales of cholesterol test kit, lipid profile analyzer, and cholesterol self-test kit which are used in providing testing services. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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