The coronavirus pandemic has led to rapid rise in the demand for home diagnostic equipment. Individuals with health issues such as diabetes and other chronic diseases are likely to be affected by Covid-19 worse than others, and, as such, need to keep their health in check to avoid any complications.
Practice of diagnostic tests at home for periodic health checkups, contagious diseases, flu, and so on has been rising over the years, due to convenience and ease of operation. Technological advancements in automatic analyzers, and advanced devices that give instantaneous results of tests, are augmenting growth of the home diagnostics market, globally.
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Fact.MR’s study predicts that the global home diagnostics market will expand at a healthy CAGR of around 5% through 2030.
Key Takeaways from Report
- There has been an increase in the adoption of digital home diagnostics to improve disease diagnosis. Market players have innovatively introduced digital home diagnostics through various technologies aligned with the growth of smartphone users, which makes accessibility easier.
- The industry faces limitations due to compliance of strict laws laid down by regulatory bodies such as the FDA and EU, so as to keep quality and accuracy in check.
- Home diagnostics are yet to penetrate developing economies on a large scale.
- Glucose monitoring, pregnancy testing, and infection tests are the most widely used types across the world.
- Urine diagnosis is by far the most widely used sampling method for home diagnostic purposes.
- North America leads as far as demand for home diagnosis is concerned, followed by Europe.
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“The COVID-19 pandemic has disrupted several sectors, but has benefitted the home diagnostics market, as people are more inclined to stay indoors and self-test when possible, due to increased risk going to hospitals,” says a Fact.MR analyst.
Collaborative Efforts Top Manufacturers’ Priority
Fact.MR finds that, the number of people suffering from hearing loss has encouraged stakeholders in the home diagnostics market to introduce advanced hearing assessment kits.
Leading market players such as Quidel Corporation are setting the bar high. Roche Holding AG partnered with GE Healthcare to deliver data-driven diagnostics, which include tests that critical care patients can use at home. ARKRAY, Inc. is now in an agreement with leading diagnostics manufacturers to deliver diagnostics in the Indian healthcare system.
Some of the key players in the home diagnostics market are ACON Laboratories Inc, BTNX Inc, Assure Tech (Hangzhou) co. Ltd. Becton Dickinson & Company, Bionime Corporation, and True Diagnostics Inc., who are integrating innovative technologies to further improve performance features, such as efficiency and accuracy, to gain a competitive edge in this space.
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Valuable Insights into the Report
Fact.MR provides a detailed overview of the home diagnostics market, concerning the pivotal drivers impacting the revenue graph of this business. Current trends are based on regional landscape, demand, and growth graph. Based on region, the market is segmented into North America, Latin America, Europe, Asia Pacific, China, and the Middle East and Africa. These markets are divided into four categories, based on test type (glucose monitoring devices, pregnancy tests, HIV test kits, ovulation predictor test kits, cholesterol detection test kits, drug of abuse test kits, and others), form (cassettes, strips, midstream, digital monitoring instruments, test panels, cups, and dip card), distribution channel (retail pharmacies, drug stores, supermarkets, and online pharmacies), and sample type (blood, saliva, and urine).
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