Global Home Diagnostics Market Projected to Experience Major Revenue Boost during the Period between 2018-2026

Posted on 2018-12-05 by Mark Hub in Healthcare // 0 Comments

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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. Leading manufacturers in the Home Diagnostics Market are modifying their marketing strategies to scale up their presence in developing nations and boost regional economic growth in the upcoming years.

Home Diagnostics Continues to be a Heavily Regulated Industry

As home diagnostics help patients to detect diseases without any professional medical assistance, the accuracy and precision of the results provided by these tests plays an important role in the performance of home diagnostics. Taking into consideration the pervasiveness of home diagnostics, governing organizations across the world are imposing stringent rules and regulations to ensure the quality and reliability of home diagnostics marketed worldwide. Home diagnostics manufacturers need to comply with Section 510(k) of the Food, Drug and Cosmetic Act and get Premarket Approval Application (PMA) approvals established by FDA to enter the US home diagnostics market. In addition, the European Union has imposed regulations, such as Medical Devices Regulation 2017/745/EU and In Vitro Diagnostic Medical Devices Regulation 2017/746/EU that all the stakeholders in the home diagnostics market need to comply with. Strict quality control regulations and labeling requirements may influence growth prospects of the home diagnostics market, as they may make it difficult for market players to reduce manufacturing costs.

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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. Keeping a close look at dynamic prevalence of various health conditions is helping home diagnostics manufacturers to discover useful insights, which are enabling them to plan appropriate business strategies in the near future.

Initiatives by International Organizations to Promote Health Awareness Likely to Boost Adoption of Home Diagnostics

Alarming rise in the number of incidences of lifestyle diseases and deaths causes due to chronic health disorders is influencing health organizations and governing bodies to shift their focus on improving the quality of diagnostic services. As stated by the WHO that “an accurate diagnosis is the first step to getting effective treatment,” awareness about the importance of home diagnostics is increasing among governing bodies. The WHO recently released the Essential Diagnostics List, which recognizes home diagnostics as a vital element to improve global health coverage. As enhancing the quality of diagnosis is one of the priorities of the WHO Thirteenth General Programme of Work (2019–2023) (GPW), the initiates taken by the organization may help stakeholders in the home diagnostics market to boost ales in the upcoming years.

Competitive Analysis

The Fact.MR 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.

Leading market players in the home diagnostics market are adopting collaborative strategies to scale up their presence in the highly competitive environment in the global diagnostics industry. For example, in order to expand its innovative diagnostics portfolio, Quidel Corportation recently acquired Alere Triage® assets including its cardiovascular & toxicology business and B-type Naturietic Peptide (BNP) assay business. Another leading stakeholder in the home diagnostics market – Roche Holding AG entered into a strategic partnership with GE Healthcare to deliver in-vivo and in-vitro data-driven diagnostics, which include tests that critical care patients can use at home.

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