LONDON, Feb. 27, 2023 /PRNewswire/ -- The Global Home Diagnostics Market is anticipated to generate significant revenue over the forecast duration of 2022-2029.
Home diagnostics refers to the process of conducting a health-based diagnosis test at home. Individuals can perform these tests using portable kits or devices without the assistance of any healthcare professional. It is not only affordable in nature but is also easily accessible for the masses. Through these diagnostic entities, people can keep a track of their health status without having to visit any healthcare facility. Pregnancy tests, blood pressure monitoring, COVID-19 tests, and blood sugar monitoring can be easily facilitated at home using rapid test kits and devices.
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Global Home Diagnostics Market Outlook (2022-2029)
The growing prevalence of chronic ailments, surge in the geriatric population base, and escalating demand for point-of-care testing are primarily augmenting the outlook of this business vertical.
Furthermore, increasing health awareness among the masses, rapidly changing lifestyle trends, along with the elevating demand for early disease diagnosis and treatment are creating lucrative opportunities for this marketplace to prosper.
Alongside, rising R&D activities in the field, surging adoption of smart wearables, along with widespread technological advances are adding momentum to the progression of this industry sphere.
Moreover, widespread digitalization in the healthcare sector, increasing popularity of remote healthcare services, and growing emphasis on preventive healthcare are aiding the expansion of the Global Home Diagnostics Market.
Besides, surging disposable income levels and rising trends of personalized healthcare are paving profitable growth prospects for this industry.
On the contrary, some home diagnostic tests have lower accuracy rates and might result in misdiagnosis. This in turn is hindering the remuneration scope of this marketplace.
Competitive Hierarchy
The prominent players characterizing the competitive terrain of the Global Home Diagnostics Market are Abbott Laboratories, BTNX, Inc., Becton Dickinson & Company, ACON Laboratories, Inc., ARKRAY Inc., Roche Holding AG, Assure Tech, SA Scientific, Zeotis Inc., Bionime Corporation, and Quidel Corporation.
Home Diagnostics Companies
Segmental Outlook
By Test Type
- Glucose Tests
- Pregnancy Test
- Infections Disease Test
- HIV Test
- Urinary and Genital Infection
- Other
- Drug Abuse Test
- Ovulation Predictor Test
- Ovulation-LH Test
- Menopause-FSH Test
- Sperm Test
- Cholesterol and Triglycerides Tests
- Other Test Type
By Type
- Cassette
- Strip
- Midstream
- Test Panel
- Dip Card
- Others
By Sample Type
- Blood
- Urine
- Saliva
- Serum
- Others
By Distribution Channel
- Retail Pharmacies
- Drug Stores
- Supermarket/Hypermarket
- Online Pharmacies
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Region-Wise Outlook
North America is currently dominating the market in terms of volume share. This is attributable to the increasing prevalence of lifestyle and chronic diseases, rise in the elderly population base, growing popularity of telehealth services, and technological advancements in the field.
Asia Pacific is reckoned to emerged as one of the fastest growing regions in this marketplace owing to the rising R&D activities in the field, presence of notable players, growing health cognizance of the masses, increasing digitalization in the field, and surging per capita income levels.
Category-Wise Insights
The glucose tests segment is slated to dominate the industry in terms of marker share. This is due to the growing prevalence of diabetes, unhealthy lifestyle trends of the masses, and increase in the geriatric population base.
The cassette segment is poised to amass notable gains over 2022-2029 since cassettes are easily available and affordable in nature.
The blood segment is anticipated to grow rapidly over the assessment timeline. This is attributable to the growing adoption of glucose monitoring devices which require blood based test kits.
The retail pharmacies segment is projected to showcase exponential progression trends over the assessment timeframe. This is ascribed to the increasing number of retail pharmacies across the globe.
Comparing the historical outlook and ongoing trends of this market
This market vertical has been amassing significant gains over the stipulated timeline of 2022-2029 due to the emergence of numerous expansion propellants.
The onset of the COVID-19 pandemic positively swayed the dynamics of this business sphere. Coronavirus is a communicable disease which mainly spreads through human contact. During the peak of the pandemic, regulatory authorities imposed stringent lockdowns to limit the mobility of the masses. People were confined to their homes and could move out only in case of emergencies. People suffering from chronic or lifestyle-based ailments were reluctant to visit healthcare centers to get their regular check-ups done. This increased the adoption of home based health diagnosis and monitoring entities. Through this people could easily perform the require diagnostic tests at home and could also monitor their health status. Apart from that, the emergence of COVID-19 testing kits enabled people to get tested for the virus right at the comfort of their homes and take accurate measures. These factors together bolstered the growth of this industry vertical.
With rapid urbanization and industrialization, people have adopted a busy lifestyle. Long working hours, travels, and growing stress levels have made them highly susceptible to chronic and lifestyle-based diseases. The need for constant health monitoring and tracking has increased dramatically. It is impossible for the employed people to visit healthcare facilities frequently due to their hectic lifestyle. This in turn has elevated the demand for home diagnostic solutions across the globe.
On Special Requirement Home Diagnostics Market Report is also available for below region:
- U.S, Canada
- Germany, France, U.K., Italy, Spain, Sweden, Netherland, Turkey, Switzerland, Belgium, Rest of Europe
- South Korea, Japan, China, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest Of APAC
- Mexico, Colombia, Brazil, Argentina, Peru, Rest of Latin America
- Saudi Arabia, UAE, Egypt, South Africa, Rest Of MEA
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