About Home Diagnostics
Consumers are gradually open to new channels of care particularly at-home diagnostic testing. As the home diagnostic testing has become more accepted, the manufacturers of medical-device have an opportunity to strengthen the relationship they have with consumers and physicians. Increasingly sophisticated tools have the prospective to advance health outcomes through faster diagnoses, 24/7 access to health coaching, and the ability to recognize mood and lifestyle changes that could affect devotion to a treatment plan. The manufacturers are developing tools, tests, and apps along a scale of wellness and prevention extending from acute diagnosis and chronic-disease management to classifying future risks of illness.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies. Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global Home Diagnostics market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Abbott Laboratories (United States), ACON Laboratories Inc. (United States), BTNX Inc. (Canada), ARKRAY Inc. (Japan), Becton Dickinson & Company (United States), Bionime Corporation (Taiwan), Roche Holding AG (Switzerland), Quidel Corporation (United States), True Diagnostics Inc. (United States), Siemens AG (Germany), Abaxis Inc. (United States), Alere Inc. (United States) and Danaher Corporation (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are Trinity Biotech Plc (Ireland) and Assure Tech (Hangzhou) co. Ltd. (China).
Segmentation Overview
AMA Research has segmented the market of Global Home Diagnostics market by Type (Cassette, Strip, Midstream, Digital Monitoring Instrument, Test Panel, Dip Card and Others) and Region.
On the basis of geography, the market of Home Diagnostics has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Distribution Channels, the sub-segment i.e. Offline will boost the Home Diagnostics market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Test Kit Type, the sub-segment i.e. Glucose Monitoring Devices will boost the Home Diagnostics market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Advances in Technology, Such As in Paper Microfluidics and Microfluidic Circuit
Market Growth Drivers:
Rising Incidence of Chronic Diseases and Government Initiatives to Promote Home Healthcare and Increasing Healthcare Costs as well as the Growing Need for Affordable Treatment Options
Challenges:
The issue regarding the Shortage of Home Care Workers
Restraints:
Problem related to Changing Reimbursement Policies
Opportunities:
Increasing Adoption Of Wearable Technologies, Internet of Things (IoT), and Artificial Intelligence (AI) in Health Care
Market Leaders and their expansionary development strategies
In February 2024, Diagnostic and preventive healthcare service provider Thyrocare announced the acquisition of a 100 per cent stake in Chennai-based Think Health Diagnostics for an undisclosed sum.
In March 2023, Cue Health announced it has launched a suite of diagnostic test kits, providing access to accurate, reliable testing from their own homes and making it easier for people to take control of their health.
Key Target Audience
Household Healthcare Manufacturers, Household Healthcare Providers, Nursing Services Providers, Healthcare Industry, Supportive Care Product Manufacturers and Service Providers and Diagnostic Companies
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.