Global Home Diagnostics Market to Witness Elevated Growth during the Assessment Period, 2018-2026

Posted on 2019-02-18 by Mark Hub in Healthcare // 0 Comments

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The “Home Diagnostics Market Forecast, Trend Analysis, and Competition Tracking – Global Review 2018-2026” is the recent market study published by Fact.MR that investigates prominent growth prospects of the market. With the help of indicators of growth such as Y-o-Y growth, CAGR, supply chain analysis, and value chain analysis, the report explains the future prospects of the market for home diagnostics market. The report provides detailed information obtained on analyzing industry-validated data, as well as facts and numbers obtained through an extensive market research. The report provides information about the future prospects of the home diagnostics market in a comprehensive format for the better understanding of readers.

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Market Players Adopt Next-generation Technologies to Improve Existing Home Diagnostic Test Kits

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.

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.

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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 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.

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.

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