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3. Key Players in the Cholesterol Testing Services Market Pursue Acquisitions, Expansions, Investments, Agreements, and Service Launches as their key Growth Strategies

Prominent players in the cholesterol testing services market include Laboratory Corporation of America Holdings (LabCorp) (U.S.), Quest Diagnostics Incorporated (U.S.), Eurofins Scientific (Luxembourg), Unilabs (Switzerland), Spectra Laboratories Inc. (U.S.), SYNLAB International GmbH (Germany), Bio-Reference Laboratories Inc. (U.S.), Clinical Reference Laboratory, Inc. (CRL) (U.S.), ACM Medical Laboratory (U.S.), and Adicon Clinical Laboratory (China).

The cholesterol testing services market is highly fragmented with a large number of big and small players. Laboratory Corporation of America Holdings (LabCorp) (U.S.) is among the leading players in the cholesterol testing services market. The company’s dominance in the market can be attributed to its strong brand image, robust product portfolio, exhaustive service offerings, and extensive geographical presence. The company majorly focuses on inorganic growth strategies such as acquisitions to maintain and enhance its leading position in the market. In this regard, in November 2014, LabCorp acquired Liposcience, Inc. (U.S.), a leading company specializing in cardiovascular diagnostic laboratory tests. The addition of Liposcience’s NMR LipoProfile test, an advanced method for the assessment of cardiovascular risk, enhanced LabCorp’s services portfolio.

Furthermore, Quest Diagnostics Incorporated (U.S.) is also one of the leading players in this market. To strengthen its position in the market, the company focuses on adopting both organic as well as inorganic growth strategies. In November 2016, the company launched the QuestDirect, a new patient-initiated testing service in the U.S. This new service will allow customers to better manage their health by ordering certain lab tests directly without any physician intervention, thus strengthening the patient-initiated cholesterol testing services segment for the company. Besides service launches, the company focuses on expansions and strategic alliances to increase its market share. In February 2016, Quest Diagnostics acquired the Outreach Laboratory Service business of Clinical Laboratory Partners (CLP) (U.S.), a wholly owned subsidiary of Hartford HealthCare (HHC) (U.S.). This acquisition gave Quest Diagnostics an access to HHC’s vast network of patient service centers and rapid-response clinical laboratories, thus allowing it to offer quality, affordable, and convenient laboratory services to patients and providers.

The key strategies followed by most companies include acquisitions, expansions, investments, agreements, and service launches. These strategies help market players to strengthen their service offerings, cater to the unmet needs of customers, increase their profitability, and expand their presence in the global market.
Laboratory Corporation of America Holdings (LabCorp) (U.S.), Quest Diagnostics Incorporated (U.S.), Eurofins Scientific (Luxembourg), Unilabs (Switzerland), Spectra Laboratories Inc. (U.S.), SYNLAB International GmbH (Germany), and ACM Medical Laboratory (U.S.) are the companies that majorly adopted these strategies.  

Related Reports:

Cholesterol Screening/ Cholesterol Lab Testing Services Market by Type of Customer (Physician/Provider, Hospital, Employer, Health Plan, MCO, Government, ACO, IDN, Patient), Geography (North America, Europe) & Qualitative Assessment - Forecasts to 2021

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