NEW YORK, Jan. 21, 2021 /PRNewswire/ -- Award winning market research company Fact.MR's recent report on the home diagnostics market projects a substantial annual increase, reaching an impressive valuation in 2021 over 2020. With an increasing proportion of patients opting for homecare, the market's outlook is anticipated to remain strong over the next 10 years, with a projected CAGR of approximately 5% through 2030.
In recent years, the market has experienced a slew of investments by numerous start-up companies and organizations seeking to introduce novel technological advancements, prompting extensive research and development initiatives. For instance, Belgian start-up Indigo Diabetes has raised € 38 million capital for developing its Multi-Biomarker Sensor for diabetic patients in July 2020. Likewise, London-based Thriva secured a £ 4 million extension to its Series-A blood-testing funding round which is expected to widen its presence in the global market.
Furthermore, the market received credible impetus from the COVID-19 pandemic, as a paradigm shift towards preventive healthcare was witnessed. Declining footfalls across hospitals amidst fear of possible infection has compelled patients with chronic ailments to seek home-based treatment alternatives. In addition, global healthcare expenditure has risen significant in the last two decades, reaching over US$ 8 trillion by 2018, according to a report published by the World Health Organization. Owing to these trends, growth prospects for home diagnostics are expected to reach an all-time high.
"Manufacturers are effectively leveraging technological advancements by incorporating smart solutions, including big data analytics, artificial intelligence and cloud computing with respect to data assimilation and disbursement of treatment, leading to significant disruptions in the landscape," remarks a Fact.MR analyst.
Key Takeaways from the Home Diagnostics Market Study
- By test type, glucose monitoring devices are likely to retain lucrativeness, attributed to surging diabetes cases
- Diagnostic cassettes to experience substantial growth, expected to account for around three out of ten sales
- By sample type, urine collection is expected to yield over 2/5th revenue share throughout the forecast period
- Wide berth expected for pregnancy testing kits in the future, followed by infection testing
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Penetration Likely to Deepen Across Emerging Economies
Presently, the developed world is witnessed enhanced home diagnostics adoption, with the United States contributing approximately two out of five sales of essential kits and equipment, propelled by increased prevalence of obesity, diabetes and cancers. A similar trend has been observed across the U.K, which predicts that the geriatric population is slated to surpass 8 million over the next 50 years.
However, manufacturers are discovering lucrative expansion potential across emerging markets, particularly in Asia. India is expected to yield immense expansion opportunities, given the exponential population growth experienced in the past few years. Initiatives such as the Pradhan Mantri Jan Arogya Yojana (PMJAY) have helped disburse more than US$ 7 billion in health insurance to over 100 million families annually since 2018. This is likely to encourage families to opt for home diagnostics in the future.
Opportunities are also bright across China, Japan and South Korea, with specific breakthroughs achieved in automated home diagnostics systems. The Japanese Ministry of Health, Labor and Welfare, for instance, has compiled guidelines to ensure delivery of accurate diagnostic results while using automated solutions. LPixel is a pioneering technology in this regard, which aids in detecting neurological anomalies.
Prominent players profiled by Fact.MR include Abbott Laboratories, BTNX Inc., ARKRAY Inc., ACON Laboratories Ltd., Becton Dickinson & Company, Bionimine Corporation, Zoetis Inc., Roche Holdings AG, Thermo Fisher Scientific Inc. and Siemens Healthineers among others.
In December 2020, Roche Holdings unveiled its PIKC3A Mutation Test for patients suffering from metastatic breast cancer, a PCR-based test administered in vitro to detect possible malignancies of the PIKC3A gene which is responsible for nearly 40% of the patients suffering from the disease.
Likewise, ACON Laboratories Inc., received FDA approval for its Distinct Early Detection Pregnancy Test Kits for over-the-counter exchange across the U.S market. The test performs qualitative detection of human chorionic gondatropin (hCG) in urine and determine pregnancy as early as within 6 days.
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More 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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