Point of Care Lipid Test Market Size to Surpass USD 453.90 Mn by 2033

Prathamesh

1 month ago

The global point of care lipid test market size surpassed USD 294.70 million in 2023 and is expected to be worth around USD 453.90 million by 2033, growing at a CAGR of 4.41% from 2024 to 2033.

Key Points

North America held a significant share of in the point of care lipid test market in 2023 with 38.6%.
Asia Pacific is anticipated to experience the highest growth in the upcoming years.
By product, the consumables type segment has accounted market share of 57% in 2023.
By application, in 2023, the endogenous hyperlipidemia segment dominated the market with 46% revenue share.
By end use, the diagnostic centers segment has held largest market share of 56% in 2023.

Point of Care Lipid Test Market Size 2024 to 2033

The Point of Care Lipid Test Market refers to the segment of the healthcare industry focused on rapid lipid testing at or near the point of patient care, providing immediate results for healthcare professionals. Lipid tests are crucial for assessing an individual’s risk of cardiovascular disease (CVD), which remains one of the leading causes of morbidity and mortality globally. These tests measure various lipid parameters such as cholesterol, triglycerides, and high-density lipoprotein (HDL) levels, aiding in the early detection and management of dyslipidemia and related conditions.

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Growth Factors:

Several factors are driving the growth of the Point of Care Lipid Test Market. Firstly, the increasing prevalence of cardiovascular diseases worldwide, coupled with the growing awareness of the importance of early detection and management, is fueling the demand for rapid and convenient lipid testing solutions. Additionally, advancements in technology have led to the development of innovative point-of-care lipid testing devices that offer accurate results within minutes, thus enhancing patient care and clinical efficiency.

Region Insights:

The market for point-of-care lipid tests exhibits significant regional variation. Developed regions such as North America and Europe dominate the market, attributed to factors such as the high prevalence of cardiovascular diseases, well-established healthcare infrastructure, and favorable reimbursement policies. However, emerging economies in Asia Pacific and Latin America are witnessing rapid market growth due to increasing healthcare expenditure, rising awareness about preventive healthcare measures, and expanding access to point-of-care diagnostics in remote areas.

Point of Care Lipid Test Market Scope

Report Coverage	Details
Global Market Size in 2023	USD 294.70 Million
Global Market Size in 2024	USD 307.71 Million
Global Market Size by 2033	USD 453.90 Million
Growth Rate from 2024 to 2033	CAGR of 4.41%
Largest Market	North America
Base Year	2023
Forecast Period	2024 to 2033
Segments Covered	By Product Type, By Application, and By End-user
Regions Covered	North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa

Point of Care Lipid Test Market Dynamics

Drivers:

Several key drivers are propelling the growth of the Point of Care Lipid Test Market. One major driver is the emphasis on preventive healthcare strategies by governments and healthcare organizations worldwide, aiming to reduce the burden of cardiovascular diseases and associated healthcare costs. Furthermore, the growing adoption of point-of-care testing solutions by healthcare providers, driven by their convenience, rapid results, and potential to improve patient outcomes, is driving market expansion.

Opportunities:

The Point of Care Lipid Test Market presents numerous opportunities for market players to capitalize on. For instance, there is a growing demand for integrated point-of-care testing platforms that can perform multiple tests, including lipid panels, glucose monitoring, and cardiac biomarker testing, in a single device. Moreover, expanding market penetration in emerging economies presents untapped opportunities for manufacturers to introduce affordable and user-friendly lipid testing solutions tailored to the needs of these regions.

Challenges:

Despite the promising growth prospects, the Point of Care Lipid Test Market faces several challenges. One such challenge is the regulatory complexity associated with obtaining approvals for point-of-care lipid testing devices, particularly in regions with stringent regulatory frameworks. Additionally, ensuring the accuracy and reliability of rapid lipid testing devices remains a concern, as inaccuracies could lead to misdiagnosis and inappropriate clinical decision-making, undermining patient care and trust in point-of-care diagnostics.

Recent Developments

In October 2022 Genes2Me Pvt. Ltd launched Rapi-Q- Point of Care RT PCR solution for human papillomavirus (HPV) and tuberculosis. The device is easy to use and gives faster results in less than 45 minutes. This CE-IVD-marked POC solution delivers superior performance, high sensitivity, and stable detection.
In March 2022, Visby Medical announced that it received funding of USD 25.5 million from the U.S. Biomedical Advanced Research and Development Authority to develop a rapid flu-COVID-19 PCR test for home use. At present, the test is in the under-developing phase, and the design is ready as a PCR device that can detect COVID-19, influenza A, and B from a single sample.
In March 2022, Canada-based Company BioLytical Laboratories Inc. received a CE marking for the iStatis COVID-19 Antigen Home Test.
In May 2022, Qiagen Inc. launched the NeuMoDxHSV 1/2 Quant Assay for the quantification and differentiation of herpes simplex virus type 1 (HSV-1) DNA and herpes simplex virus type 2 (HSV-2) with approval from the European Commission. The emergence of this assay is allowing the company to expand its product portfolio in laboratory testing, which ultimately helps the market grow owing to the innovative tests.
In March 2022, Mindray launched the BC-700 Series, a hematology analyzer series that assists in both blood count and erythrocyte sedimentation rate tests.