Home Diagnostics Market: Outlook
The home diagnostics market may observe an era of cutting-edge technological developments and an escalated growth rate across the forecast period of 2023-2030. The prominent reason for this growth can be attributed to the novel coronavirus outbreak.
The COVID-19 outbreak has spread its feathers of destruction around the globe with high infected caseloads and a large number of fatalities. People with comorbidities are more prone to contracting COVID-19. Therefore, going to a hospital or clinic for treatment and diagnosis is not recommended for such people. To enable efficient care and quick diagnosis of patients with chronic illnesses, home diagnosis devices are a feasible option. Hence, this factor may prove to be a prominent growth multiplier for the home diagnostics market.
This upcoming report on the home diagnostics market provides a 360-degree analysis of the current market situation. The report covers components like competitive landscape, key players, regional analysis, and ongoing trends. The report also offers thorough research on how the COVID-19 pandemic will impact the home diagnostics market. The segmental study enables an individual to deeply understand the different aspects of the home diagnostics market systematically.
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Home Diagnostics Market: Competitive Analysis
The home diagnostics market can be classified as highly fragmented with a plethora of local and international players in the fray. Novel product launches and thorough research and development activities have led to a good boost in sales, thus bringing great growth across the home diagnostics market. The novel coronavirus outbreak has led to an increase in demand for home diagnostics. Hence, manufacturers in the home diagnostics market are expanding their production capacities.
Mergers, acquisitions, and collaborations form the crux of the growth of the home diagnostics market. These activities help in strengthening the foothold of the players in the home diagnostics market. Some key players in the home diagnostics market are ACON Laboratories, Bionime Corporation, Trinity Biotech PLC, Becton Dickinson and Company, ARKRAY Inc., and Siemens AG.
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Home Diagnostics Market: Investments
Investments enable various startups and players in the home diagnostics market to inculcate novel technologies and conduct expansive research and development activities. Some of the major investments are as follows:
- Indigo Diabetes, a Belgian startup, recently secured $44.6 mn Series B funding for developing a continuous glucose monitoring sensor
- Thriva, an at-home blood-testing startup recently raised a £4 million extension to its Series A funding round; this investment raises Thriva’s total funding value to £11 million
- Tasso recently received $17 mn in funding to ramp up the production of self-administered blood collection devices
Home Diagnostics Market: Novel Initiatives and Developments
The home diagnostics market may thrive on the factor of various initiatives and developments undertaken by numerous nonprofit organizations and subscription services. Here are some major initiatives and subscription plans that may propel the growth of the home diagnostics market.
- AccessMatters, a nonprofit organization, recently partnered with Philadelphia Government for offering free OraQuick, the first FDA-approved oral swab in-house test for HIV; such initiatives bring great growth and raise awareness about home diagnostics products
- Reperio Health, a Portland-based startup, recently commenced its subscription service which will deliver a kit consisting devices for diagnosing various problems at home; the kit will contain varied FDA approved home diagnostics devices including a phonocardiogram, a blood test device, and others
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Home Diagnostics Market: Regional Dimensions
The home diagnostics market can be geographically segmented into North America, the Middle East and Africa, South America, Europe, and Asia Pacific. North America may acquire a substantial share of the home diagnostics market across the forecast period due to the awareness about home diagnostics on the grounds of the rising threat of coronavirus pandemic.
Asia Pacific may also bring tremendous growth for the home diagnostics market due to the growing influence of home diagnostics across densely populated countries like India and China.
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