Albany NY, United States, May 13, 2022 (GLOBE NEWSWIRE) -- Disease indications for at-home diagnostics have expanded considerably over the years, propelled increasingly by growing trend of self-care. The home diagnostics market has offered massive revenue gains to kit manufacturers and vendors on the back of growing need for timely interventions in chronic and acute diseases. The global home diagnostics market valuation is projected to reach US$ 8.52 Bn by 2031.
Health systems in numerous countries are gravitating toward leveraging the value of diagnostics for personalized healthcare and medicine, thus expanding the size of potential revenues in the home diagnostics market. The ease of accessing diagnostic information has become a key part of empowering patients in making informed choices, notably in chronic disease management.
Rise in sales of self-diagnostic kits for blood sample collection and analysis is a key trend expanding profitable opportunities, assert a TMR study on the home diagnostics market. Recent trends in the market suggest that spending on wellness and preventive care for lifestyle diseases has grown steadily, especially becoming an integral part of home-based treatment for cancer and obesity.
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Key Findings of Home Diagnostics Market Study
At-home Diagnostics for Acute and Chronic Diseases Advancing Timely Interventions: The demand for home diagnostics for managing acute and chronic diseases especially in elderly population underpins largest opportunity for home diagnostics. On the other hand, in recent years, at-home rapid diagnostic tests for infections diseases have unlocked a promising avenue. Technological advancements have led to constant increase in the efficacy and hence reliability of home diagnostics. The TMR study opines that infectious disease testing is likely to influence future business opportunities in home diagnostics market.
Glucose Monitoring Witness Substantial Uptake in Self-Care: International guidelines and recommendations in the medical sector have endorsed regular self-monitoring of blood glucose levels to reduce morbidity and mortality of diabetes. These aspects have spurred the adoption of glucose monitoring devices in the home diagnostics market. The segment held a leading share in 2020, and is expected to offer massive revenue gains to glucose monitoring device companies.
Many of the medtech companies are expanding the range of assays possible with blood sample. Of note, at-home blood tests are gathering traction in preventing health screening. Kits used for blood tests have been one of the fastest growing markets for home diagnostics.
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Home Diagnostics Market: Key Drivers
- Proclivity toward acceptance of consumer driven testing in management of chronic and acute diseases has stemmed from the need for early disease detection and monitoring
- Growing awareness about adequate ways of collecting and reading of diagnostic results of self-test kits have expanded the avenue for stakeholders in the home diagnostics market. The trend is enriched by the growing focus on preventive care.
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Home Diagnostics Market: Regional Growth Dynamics
Enormous demand for at-home diagnostics in the emerging economies of Asia Pacific will increasingly influence the development of the global home diagnostics market. The Asia Pacific market is projected to advance at CAGR of 5.4% during the forecast period of 2021–2031.
The presence of a vast target population has catalyzed the demand. Growing spending by healthcare tech startups on the regional market has helped expand the outlook of functional preventive care diagnostic services in developed and developing economies of Asia Pacific, observed the authors of TMR study on home diagnostics market.
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Home Diagnostics Market: Key Players
Some of the key players in the home diagnostics market are Abbott, Quidel Corporation, Becton Dickinson & Company, ACON Laboratories, Inc., ARKRAY, Inc., Bionime Corporation, Trinity Biotech Plc., SelfDiagnostics, and F. Hoffmann-La Roche Ltd.
Global Home Diagnostics Market: Segmentation
Home Diagnostics Market, by Type
- Glucose Monitoring
- Cholesterol Detection
- Pregnancy
- Allergies & Intolerances
- Infectious Disease Testing
- Fertility, Ovulation & Sexual Health
- Drug Abuse Testing
Home Diagnostics Market, by Sample Type
- Blood
- Urine
- Others
Home Diagnostics Market, by Distribution Channel
- Retail
- Online
- Others
Home Diagnostics Market, by Region
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Russia
- Switzerland
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Australia & New Zealand
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
Modernization of healthcare in terms of both infrastructure and services have pushed the healthcare industry to new heights, Stay Updated with Latest Healthcare Industry Research Reports by Transparency Market Research:
Hospital Infectious Disease Testing Market: The hospital infectious disease testing market has experienced strong growth in the last decade due to factors such as increased awareness about growth in the incidence of infections globally and development of innovative prevention and treatment solutions. Major factors driving the market are establishment of quality government guidelines and uniform code for prevention of hospital infectious diseases.
Cholesterol Testing Kit Market: The cholesterol testing kit market in North America is estimated to expand at a rapid pace in the near future, primarily, due to structured reimbursement policies, increase in prevalence of obesity & cardiovascular diseases, developed health care infrastructure, and continuous research activities in developing advanced technologies in North America.
Blood Glucose Monitoring Systems Market: Rapid advancements in technology and improvement in the reliability and calibrating methods of non-invasive devices are some of the factors that are expected to augment the growth of the market for blood glucose monitoring systems in the coming years.
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