Home Diagnostics Market Forecast Based on Industry Trends and Growth Factors during 2018 to 2026
In a recent business intelligence study, Fact.MR presents the nitty-gritty of the global home diagnostics market considering 2013-2017 as the historic year and 2018–2026 as the stipulated timeframe. The business report highlights the drivers, restraints, opportunities and trends affecting home diagnostics market growth. Further, all the market shares associated with the market as well as the segments are expressed in terms of value and volume.
The home diagnostics market study outlines the key regions – Latin America, North America, MEA, Europe and APEJ – along with the countries contributing the most in the respective regions. The report presents detailed insights about each market player, including SWOT analysis, main market information, market share, revenue, pricing and gross margin. Prominent players covered in this research are ACON Laboratories Inc., Abbott Laboratories, Assure Tech, Becton Dickinson & Company and many more.
The home diagnostics market report addresses the below-mentioned queries:
- Why are vendors shifting away from traditional methods of manufacturing home diagnostics?
- How does the global home diagnostics market looks like in the next five years?
- Which end use industry is expected to surpass segment by the end of 2026?
- What innovative products are being introduced by the players in the global home diagnostics market?
- Which regions are showing the fastest market growth?
Rising health awareness has driven adoption of personalized medicines and home diagnostics among consumers. Sensing the requirements of end-users, home diagnostics market players are focusing on enhancing efficiency, accuracy, reliability, and convenience. The investments have invariably shifted to incorporation of advanced technology in the manufacture of home diagnostics. Through adoption of wearable technologies, Internet of Things (IoT), and Artificial Intelligence (AI), market players are working on enhancing the performance features of home diagnostics. For instance, Siemens Healthcare and Abbott Technologies, are introducing various types of digital home diagnostics that can be integrated with smartphones, which may become an emerging market trend in the upcoming years.
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Low Penetration of Home Diagnostics in Emerging Markets: A Longstanding Challenge
Developed countries are witnessing rising adoption of advanced technologies to develop highly-efficient home diagnostics with the increasing focus on R&D Consumers are becoming more aware of the availability of home diagnostics that can enable them to conduct in vitro diagnosis tests at home without the need for any professional assistance. However, lower health awareness in developing nations, especially in Asia and the Middle East & Africa, is restricting the adoption of home diagnostics. Despite the larger consumer base and growing number of deaths caused due to chronic diseases, penetration of home diagnostics remains low in emerging markets.
Rising Incidences of Diabetes and Other Lifestyle Diseases Fueling Demand for Home Diagnostic Solutions
The number of patients suffering from diabetes across the world has increased from 108 million in 1980 to around 422 million in 2014, which the World Health Organization (WHO) predicts to become a leading cause of death by 2030. Anticipating the rapidly increasing prevalence of diabetes, leading manufacturers in the home diagnostics market are adopting strategies to provide glucose monitoring devices, which may witness higher demand in the coming future. Further, the number of Americans suffering from hearing loss has doubled in last fifteen years, which is encouraging stakeholders in the home diagnostics market to introduce hearing assessment kits.
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The FactMR report helps readers to track the salient developments in strategies adopted by their competitors in the home diagnostics market and plan their upcoming strategies accordingly. The report covers all the leading stakeholders in the home diagnostics market and provides detailed information including the company revenues as well as their business plans for the coming future. Market players in the home diagnostics market that are featured in the report include Abbott Laboratories, ACON Laboratories Inc., BTNX Inc., ARKRAY Inc., Assure Tech (Hangzhou) co. Ltd., Becton Dickinson & Company, Bionime Corporation, Roche Holding AG, Quidel Corporation, and True Diagnostics Inc.