A new Future Market Insights’ study on the global sales scenario for point of care cholesterol monitoring devices projects just-under 3% year over year revenue growth for the market estimated to cross US$ 400 million in 2019.
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.
FMI Analyses Key Pull Factors Translating into the Sluggish Revenue Growth of Point of Care Cholesterol Monitoring Device Market
Recently in 2017, FDA approved the SD LipidoCare System launched by SD Biosensor Inc. However, a majority of medical device manufacturers continue to face the challenges to new product launch as a set of certain evolved amendments recently designed by regulatory policies target the lack of standardization across their device portfolios. Local medical device manufacturers exclusively encounter the impediments posed by regulatory-linked issues.
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.
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Global Point of Care Cholesterol Monitoring Device Market Taxonomy: By Product Type, Technology Type, Application Type, End User, and Region
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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.
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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.
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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.
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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.
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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.
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Key Manufacturing Trends Spotted in Point of Care Cholesterol Monitoring Device Market
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Advanced technology integration
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Devices with a portability feature
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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.
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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.
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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.
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ACON Laboratories, Inc. targets the international customer base with the recently released Mission Lipid Data Management Software.