According to the report, the global home diagnostics market was valued over US$ 5.34 Bn in 2020. It is projected to expand at a CAGR of 4.4% from 2021 to 2031.
Home Diagnostics Market: Introduction
According to the report, the global home diagnostics market was valued over US$ 5.34 Bn in 2020. It is projected to expand at a CAGR of 4.4% from 2021 to 2031. Home diagnostics, also referred to as at-home diagnostics, enables patients or users to conduct different types of tests directly at home. These test kits are usually used to track a current health condition, diagnose a previously undiagnosed medical issue, or provide information on personal health traits. These tests play an important role in the ongoing attempts to improve people’s engagement in their healthcare. It is critical that the results are accurate and easily accessible to end users.
The prevalence of various lifestyle-associated and infectious diseases such as obesity, hypertension, diabetes, STD, and the recent outbreak of COVID-19 pandemic has boosted the demand for home diagnostics. This is likely to further augment the demand for home diagnostics laboratory testing for early diagnosis. According to the Centers for Disease Control and Prevention, heart diseases account for nearly 655,000 deaths in the U.S. each year. Cancer is a leading cause of death across the world. Majority of cancer cases are caused due to lifestyle-related factors. Various home diagnostic test kits are available to detect health and lifestyle-related diseases.
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Rise in demand for early disease detection & diagnosis and availability of personalized medicines are anticipated to drive the global home diagnostics market. Furthermore, increase in geriatric population that is vulnerable to chronic illnesses is driving the demand for home diagnostics.
The home diagnostics market in Asia Pacific is expected to expand at a CAGR of 5.4% from 2021 to 2031. Increase in awareness initiatives conducted by government organizations to promote genetic research in countries across Asia is anticipated to drive the market in the region.
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Rise in Emphasis on Patient-driven Healthcare to Drive Home Diagnostics Market
Home diagnostics has highly impacted patient care and its cost. Home diagnostics tests are also referred as consumer-driven testing. In the era of the Internet and social media, consumers seek more control over their health and willing to pay for this service. The reasons often cited for ordering online home diagnostic test kits include convenience, preparing for a doctor visit, saving money, privacy, getting a second opinion, and obtaining tests not covered by insurance.
Distribution channels such as retail pharmacies and outlets are the major providers of one-stop healthcare services. These services include onsite testing for glucose and cholesterol. Furthermore, telemedicine kiosks are available in some outlets with access available to physicians either by telephone or Internet. Thus, rise in emphasis on patient-driven healthcare and easy access to patients through the Internet & media are expected to fuel the growth of the home diagnostics market.
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Glucose Monitoring Dominates Home Diagnostics Market
Based on type, the global home diagnostics market has been classified into glucose monitoring, cholesterol detection, pregnancy, allergies & intolerances, infectious disease testing, fertility, ovulation & sexual health, and drug abuse testing. The glucose monitoring segment dominated the global home diagnostics market in 2020. This trend is anticipated to continue during the forecast period. The dominance can be ascribed to the global increase in diabetic patients, rise in consumer awareness, emerging culture of consumer empowerment, and growth in demand for personalized services. The rise in the number of market players offering home diagnostics products is also projected to augment the segment.
Preference for Blood Sample
Based on sample type, the global home diagnostics market has been segregated into blood, saliva, and others. The blood segment held a major share of the global home diagnostics market in 2020. The segment is anticipated to expand at a significant CAGR during the forecast period. Several key players in the market, such as Everlywell, Inc. and F. Hoffmann-La Roche Ltd, are offering blood-based home diagnostics. This is anticipated to boost the segment in the near future.
North America to Dominate Global Market, Asia Pacific to Offer Significant Opportunities
In terms of region, the global home diagnostics market has been split into North America, Europe, Latin America, Asia Pacific, and Middle East & Africa. North America is projected to account for a prominent share of the global home diagnostics market during the forecast period. The rise in the prevalence of various lifestyle-associated and infectious diseases such as obesity, diabetes, cancer, and STDs is estimated to boost the demand for home diagnostics testing for early diagnosis in North America during the forecast period.
The home diagnostics market in Europe is anticipated to expand at a high CAGR during the forecast period. Rising consumer awareness and enhancing lifestyles are projected to fuel the home diagnostics market in the region.
The home diagnostics market in Asia Pacific is projected to expand at a rapid pace in the near future, owing to the increase in awareness initiatives and developments conducted by government organizations to promote genetic research in countries in Asia.
Growth Strategies of Key Players
Key players operating in the global home diagnostics market are SelfDiagnostics, F. Hoffmann-La Roche Ltd., Trinity Biotech Plc, Bionime Corporation, ARKRAY, Inc., ACON Laboratories, Inc., Assure Tech.(Hangzhou) Co., LTD., Abbott, Becton Dickinson & Company, and Quidel Corporation.
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