Cholesterol is a type of lipid molecule, which is biosynthesized by all animal cells as it is an essential structural component of the cells. Cholesterol management devices are used to determine a lipoprotein profile and to measure total cholesterol content, high-density lipoprotein (HOL), low-density lipoprotein (LDL), triglycerides, and other fatty substances found in the human body. The global cholesterol management devices market is driven by increasing obese and overweight population base. According to the World Health Organization (2014), worldwide, more than 1.9 billion adults over 18 years were overweight of which over 600 million were obese. Less physical activity due to the desk-bound nature of many forms of work, changing modes of transportation, government support for the research and development, and increasing urbanization have fueled the growth of the market. However, lack of awareness among the people may slow the growth of the market.
The Global Cholesterol Management Devices Industry analysis Expected To Grow At A CAGR Of 8.5% During The Forecast Period (2017-2023).
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Cholesterol management devices is the monitoring devices for the determination of the cholesterol levels in the body. Cholesterol is one of the vital constituent of the cells. However, increase in the cholesterol level may led to atherosclerosis, cardiovascular diseases, heart attack and other disease. The global cholesterol management devices market is driven by rapidly development in the cholesterol monitoring devices, and increasing people suffering from obesity. Moreover, affordability of the devices, poor diet and physical activity, desk-bound nature of work, changing modes of transportation, and increasing urbanization has also contributed in the growth of the market. However, lack of awareness may obstruct the growth of the market. The global cholesterol management devices market is growing at a CAGR of 8.5% during the forecasted period. Cardiovascular diseases gain a huge attention due to increasing prevalence. Furthermore, due to increasing number of death from cardiovascular diseases, number of companies are in a race for the introduction of the better devices and accessories for the treatment.
Diabetes & obesity are the major causes for cardiovascular diseases. Increasing number of patients suffering from these diseases lead to increase in the prevalence of cardiovascular diseases, ultimately increase the demand for the cardiovascular devices which will fuel the growth of the market.
According to the World Health Organization (WHO), in 2015, over 17.7 million people died from cardiovascular diseases, representing 31% of all global deaths. According to findings from the WHO, in 2015, 82% of the total deaths were occurred in low- and middle-income countries.
According to findings from the WHO in 2014, approximately 422 million people suffered from diabetes. Beside this, globally 39% of adults aged 18 years and over were overweight in 2016, and 13% were obese.
Global Cholesterol Management Devices Market - Competitive Analysis
The global cholesterol management devices market is experiencing extreme competition due to major companies are focusing on the development of new and advances monitoring devices to overcome the disadvantages of other available devices. Some major has adopted strategies of acquisitions and strategic alliances for the growth of the market.
Abbott, headquartered in the U.S., is one of the leading healthcare company. The company manufacturers, ARCHITECT, which is a clinical chemistry analyser and provides excellent first-time results. The company performs a number of tests for high density lipoprotein (HOL), low density lipoprotein (LDL), and triglycerides.
Medtronic, headquartered in UK, is a world's largest standalone medical device manufacturer. The company has launched number of portable monitoring devices and monitors used in the hospitals. In 2015, the company has completed its acquisition of Covidien.
Global Cholesterol Management Devices Market - Regional Analysis
Geographically, the global cholesterol management devices market is categorized into Americas, Europe, Asia Pacific and Middle East & Africa. Americas accounts for the largest share in the market followed by Europe. Presence of huge people suffering from obesity and hypercholesterolemia has driven the growth of market in America. According to the Centers for Disease Control and Prevention (2015), over 630,000 Americans die from heart disease each year, which accounted for 1 in every 4 deaths. Furthermore, the reimbursement policies cover more than 75% of the cost of the devices and treatment. For instance, under the Medicare plan in the U.S., if the average cost of the single chamber devices is approximately USD 10,000, then USD 7,500 is reimbursed. Additionally, in developed countries like U.K, Canada, Germany, and other similar reimbursement policies are available.
While, government support for research and development, well developed technology and high healthcare expenditure has uplifted the growth of the market in Europe. Asia pacific experience the fastest growth for the market owing to the presence of rapidly growing economies, huge population base and lot of opportunities for the development of the market. The Middle East & Africa holds the least share of the global market due to limited availability of medical facilities and poor economic condition in the African region. The Middle East holds the major share in the market owing to a well-developed economy, whereas, Africa region is expecting a healthy growth due to the presence of huge opportunity in the market growth.
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