Home Diagnostics Market Size to Surpass USD 8.15 Bn by 2030

0
65

Ottawa, Dec. 23, 2021 (GLOBE NEWSWIRE) — According to Precedence Research, the global home diagnostics market was estimated at USD 5.2 billion in 2020. The global home diagnostics market is primarily driven by the growing need for the diagnostics due to the rising prevalence of various chronic diseases and growing geriatric population across the globe. The technological advancements had resulted in the increased adoption of the diagnostic kits for at-home use. The home diagnostics market is driven by various factors such as rising penetration of telemedicine, reduction on healthcare costs, and increased convenience owing to at-home use.

Get the Report Sample Copy for more [email protected] https://www.precedenceresearch.com/sample/1424

Moreover, the increased adoption of the home diagnostics can reduce the burden on the healthcare systems. The increasing number of diabetes cases among the population at an alarming rate is boosting up the demand for the home diagnostics.According to the World Health Organization, around 1.5 million deaths were directly linked to the diabetes in 2019 and around 2.2 million deaths were linked to high blood glucose in 2012. According to the International Diabetes Federation, around 700 million people will have diabetes around the globe, by 2045. Similarly, home diagnostics demand is burgeoning owing to the rising need for monitoring cancer survivors and pregnancy among the women.

Report Scope of the Home Diagnostics Market

Report Coverage Details
Market Size In 2030 USD 8.15 Billion
Growth Rate From 2021 to 2030 CAGR of 4.6%
Fastest Growing Market Asia Pacific
Largest Market North America
Base Year 2021
Forecast Period 2021 to 2030
Companies Covered Abbott Laboratories, Assure Tech, BTNX, Inc., Becton Dickinson & Company, Bionime Corporation, ACON Laboratories, Inc., ARKRAY Inc., Zeotis Inc., Roche Holding AG, SA Scientific, Quidel Corporation

Regional Snapshot

North America dominated the global home diagnostics market in 2020. Around 60% of the US population is suffering from at least one chronic diseases and the geriatric population is also on rise in US. These are two prominent factors that boosts the adoption of the home diagnostics among the North American population. US holds a market share of around 90% in North America, owing to the increased disposable income of the consumers, increased awareness regarding the home diagnostics, and rising incidences of chronic diseases. Further, the increased penetration of retail pharmacies in the region has significant contributions in the distribution of the home diagnostics. The increased investments of the market players on the advertisements have fueled the demand.. For instance, Ancestry.com, an online provider of genetic testing kits, invested around US$ 109.0 million on TV ads in US, in 2016.

View Full Report [email protected] https://www.precedenceresearch.com/home-diagnostics-market

Asia Pacific is projected to be the fastest-growing market during the forecast period. The rising prevalence of chronic diseases and growing geriatric population coupled with increased health consciousness is expected to propel the market growth. According to the WHO, around 80% of the global geriatric population will be living in the low and middle income countries by 2050.

Market Dynamics

Driver

Rising number of cancer survivors and increasing prevalence of chronic diseases

The globe is witnessing a surge in the prevalence of various chronic diseases such as cancer, diabetes, cholesterol, and many others, which needs to be frequently monitored in order to manage the health. As per the data published by the US National Cancer Institute, the number of cancer survivors is expected to reach over 22 million by 2030 in US. .According to the International Agency for Research on Cancer, in 2020, around 19.3 million new cancer cases and 10 million cancer deaths were reported across the globe. The global cancer cases are estimated to grow by 47% from 2020 to 2040. It is expected that 28.4 million cases will be recorded in 2040, globally. The cancer survivors need to be monitored frequently. Hence, the growing need for monitoring cancer survivors is expected to drive the market during the forecast period.

Restraints

Low affordability in the low and middle income countries

The high cost of home diagnostics and low affordability of the consumers in the underdeveloped and developing nations are the major factors that may restrict the market growth during the forecast period.

Opportunities

Introduction of AI

The rapid growth and popularity of the latest technologies like artificial intelligence (AI) in the home diagnostic kits is expected to provide personalized services to the users and hence is anticipated to drive the market growth in the forthcoming future.

Challenges

Lack of awareness in the underdeveloped and developing nations

There is a lack of awareness among the population regarding the home diagnostics especially in the underdeveloped and developing nations. The high capital investments involved in the advertisements is a key challenge for the market players.

Ask here for [email protected] https://www.precedenceresearch.com/customization/1424

Report Highlights

  • Based on the test type, the glucose monitoring devices segment dominated the market in 2020. This can be attributed to the increased adoption of home diagnostics among the diabetic population to regularly monitor blood glucose levels. According to the International Diabetes Federation, around 700 million people are estimated to be living with diabetes by 2045. Hence, an alarming rise in the diabetic population owing to unhealthy food habits is fostering the growth of this segment.
  • Based on the form, the cassettes segment dominated the market in 2020. Cassettes is the most commonly and extensively used form of home diagnostics device owing to the increased awareness regarding it among the global population. It also offers ease of use and low cost, which had resulted in its dominance.
  • Based on the distribution channel, the online pharmacies segment is estimated to be the most opportunistic segment during the forecast period owing to the surging penetration of online pharmacies across the globe. Moreover, rapidly surging internet users and growing adoption of smartphones has a significant role to play in the market growth. Further, the easy payment and home delivery options offers convenience to the consumers.

Segments Covered in the Report

By Test Type

  • Glucose Monitoring Devices
  • Pregnancy Test
  • Ovulation Predictor Test Kits
  • HIV Test Kits
  • Cholesterol Detection Kits
  • Infection Testing Kits
  • Drug of Abuse Test Kits
  • Others

By Form

  • Cassettes
  • Midstream
  • Instruments
  • Strips
  • Test
  • Digital Monitoring
  • Dip Cards

By Distribution Channel

  • Retail Pharmacies
  • Drug Stores
  • Hypermarket & Supermarkets
  • Online Pharmacies

By Geography

  • North America
  • Europe
  • Asia Pacific
  • Rest of the World

Click Here to View Full Report Table of Contents

Buy this Premium Research [email protected] https://www.precedenceresearch.com/checkout/1424

You can place an order or ask any questions, please feel free to contact at [email protected] | +1 9197 992 333

About Us

Precedence Research is a worldwide market research and consulting organization. We give unmatched nature of offering to our customers present all around the globe across industry verticals. Precedence Research has expertise in giving deep-dive market insight along with market intelligence to our customers spread crosswise over various undertakings. We are obliged to serve our different client base present over the enterprises of medicinal services, healthcare, innovation, next-gen technologies, semi-conductors, chemicals, automotive, and aerospace & defense, among different ventures present globally.

For Latest Update Follow Us:

https://www.linkedin.com/company/precedence-research/

https://www.facebook.com/precedenceresearch/

https://twitter.com/Precedence_R