Home Diagnostics Market - Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017 - 2025
The global home diagnostics market is witnessing a growth and shall continue to expand at a high pace on account of the rising disposable income of people across nations, which enable them to afford products that enable self care. The standard of living is steadily improving in developing countries and also most people are able to use self care and home diagnostic devices due to their increased awareness. People are willing to pay premium prices for high quality brand home diagnostic devices and equipment. This will fuel the growth of the market in the coming years. Income levels of people have not only increased in North America and Europe, but also in Asia Pacific and this is greatly benefitting the global home diagnostics market. The growing geriatric population is another important driver for the global home diagnostics market. Advancements in technology will also play a major role in the growth of this market.
Consumers are now spending extensively on home diagnostic devices and self care medical devices, as they seek comfortable and quality life. A key trend driving the growth of the global home diagnostics market is the aggressive marketing and promotion strategies adopted by players, online. To ensure better visibility of products and creating a heightened awareness among people about their products, manufacturers are making use of online marketing. This has proven to be effective and is driving the sales of home diagnostics. Not only is this beneficial for the growth of this market, but also, manufacturers do not have to spend towards setup, operations, and distribution.
The rapid technological advancements in the detection technology for the development of fast, easy-in-use, safe, and sensitive devices are stimulating the growth of the global home diagnostics market. Home diagnostics systems help patients with self-monitoring and self-diagnosing through an array of devices such as blood glucose monitors, abuse testing kits, cardiac markers, urinalysis testing kits, hematology testing kits, home pregnancy detection kits and ovulation tests, blood pressure monitoring devices, and HIV test kits. The rising prevalence of infectious diseases, particularly in developing regions is working in favor of the growth of the market.
The research report provides a detailed evaluation of the global home diagnostics market. It does so by meticulously examining the various critical parameters of the market including its dynamics, competitive landscape, and geographical segmentation. It serves as a reliable business tool for existing as well as new players.
The rising awareness about the importance of self-monitoring and self-diagnosis of diseases among consumers is the cardinal force driving the global home diagnostics market. The increasing initiatives by governments and healthcare organizations are escalating the growth of the market. Moreover, the growing incidence of lifestyle-associated diseases such as obesity, cardiovascular disorders, and hypertension is propelling the demand for home diagnostics systems.
Despite the significant boost provided by technological advancements, the growth of the market is inhibited by the high cost associated with production and product up-gradation. This increases the pricing pressures on consumers, which is further compounded by the lack of favorable reimbursement policies. However, the rising consumer disposable income in emerging economies such as India, China, and Brazil is creating immense growth opportunities for home diagnostics systems manufacturers.
The regional markets studied in the research report are North America, Asia Pacific, Europe, and Rest of the World. North America and Europe account for a substantial combined share in the market. The growth of these regions is fuelled by the rising awareness about personal health and hygiene, rapidly growing geriatric population, and conducive socio-economic conditions. Moreover, the advent of innovative and accurate testing kits is augmenting the growth of the regions.
Asia Pacific is likely to exhibit a noteworthy CAGR during the forecast period. The expanding patient base coupled with the increasing prevalence of lifestyle-associated and infectious diseases is translating into the greater uptake of home diagnostics systems in the region. The growth of the region is also supplemented by the growing investments by governments and private organizations and cheap procurement and production facilities.
Several players in the global home diagnostics market are focusing on launch of new products in order to diversify their product portfolio. Moreover, the market is witnessing rising partnerships and collaborations among the majority of players as a part of their primary growth strategy to consolidate their presence. Some of the key players in the market are Bayer AG, Roche Diagnostics Ltd., Abbott Laboratories, Siemens AG Inc., Abaxis Inc., Beckman Coulter Inc., Alere Inc., Trinity Biotech Plc, Becton Dickinson & Company, and Danaher Corporation.
This study provides a particularized anatomy according to the L.E.A.P mechanism
The regional analysis offers market assays across:
The study, prepared through the L.E.A.P mechanism adds a dimension of infallibility and assures precise information on all the growth dynamics.
Latest Trends and Cardinal Growth Prospects
The study assists in burnishing the knowledge of the stakeholder in terms of the emerging trends. The study provides an expansive coverage on the latest developments and novel profit-yielding sources that augur well with the market. A dedicated and determined team of experts conduct an out-and-out research on diverse aspects to offer ultimate breakthroughs in the market.
Existing and Future Insights in Growth
The interfusion of ubiquitous primary and secondary research through modern tools invites perfection and accuracy in every aspect. Primary research is circumspectly conducted through exhaustive interactions and interviews of experts. These valuable opinions are then neatly inducted in the report to allow the stakeholder for reaping the benefits. A treasure of secondary data is extracted via famed paid sources, yearly estimates and statements, renowned journals, and government documents. These sources assist in creating a robust database comprising existing and subsequent growth dynamics.
Ascensions in Technology
Diverse technological advancements and cutting-edge innovations in the market have been covered in this study to assist the stakeholder in research and development activities. Recent upgrades have also been added in the study, thus helping the stakeholder to paint the strokes of growth on the canvas of the market.
The study presents a plethora of challenges and obstacles that can hinder the growth of the market to allow the stakeholder to prepare their strategies accordingly.
The world ushered in the new decade with the shadow of the COVID-19 pandemic. The outbreak has damaged the growth prospects of several businesses and has crippled the entire economy. The study is in tandem with the changing dynamics of the market due to the SARS-CoV-2 outbreak. The study focuses on the coronavirus pandemic and analyses every aspect that impacts the growth positively or negatively.
An aerial perspective of the regions covered in this study enables the stakeholder to design strategies accordingly. The 360-degree assessment of every aspect associated with growth offers information on a rainbow of growth opportunities available across the market.
The exhaustive study motivates the stakeholder to take the 'LEAP' of faith and achieve success!
This report is the key to questions such as:
What are the prominent factors that will help in reshaping the market growth?
Which trends have the potential to bring expansive growth for the market?
What are the necessary strategies to overcome the ill-effects of the COVID-19 pandemic?
Which regions will emerge as champion growth contributors for the market?
Which aspects will serve as game-changers for the market?
What are the latest innovations in the market?
Which factors will hinder the growth of the market?
Flat 10% discount on Single User License if you prebook this report
Flat 10% discount on Multiple User License if you prebook this report
Flat 10% discount on Corporate License if you prebook this report