A new report by XploreMR studies the growth drivers, trends, restraints, and highlights of the global home diagnostics market. Presenting exclusive insights into the market from 2018 to 2026, the report projects that the market will witness notable growth during the forecast period. The alarming incidence of lifestyle disorders and the subsequent deaths caused by chronic health diseases is asserting healthcare organizations and governing bodies to adopt effective diagnostic services. The growth of the market is primarily attributed to the rising disposable income of people across the world, improved standards of living in developing economies, and increased usage of self-care and home diagnostic devices on the back of risen awareness. Moreover, health consciousness among consumers enables them to pay premium prices for high-quality home diagnostic equipment. The swift technological advancements in the detection technology have enabled the development of fast, easy-to-use, safe, and sensitive devices that are also complementing the growth of the global home diagnostics market.
Prevalence of Chronic Conditions and Integration of Technologies Bolster Adoption
Increased awareness among consumers regarding health and personalized medicines is driving the demand for home diagnostics. To cater to the growing demand, players in the home diagnostics market are working on improving the accuracy, efficiency, reliability, and convenience of the systems. The emergence of advanced technology has also bolstered in shaping the growth trajectory of home diagnostics. Integration of the Internet of Things (IoT), and Artificial Intelligence (AI), have significantly enhanced the performance of home diagnostics, thereby propelling demand from end-user. On these lines, German-based Siemens Healthcare and US-based Abbott Technologies, are introducing digital home diagnostics that can be integrated with smartphones, and the trend is expected to impel market revenue in the coming years. The high number of diabetic patients across the world is anticipated to act as an important growth driver, as the need for home diagnostics is expected to increase by leaps and bounds. According to the World Health Health Organization (WHO), there are around 422 Mn diabetics in the world, and the condition is expected to metamorphose into the leading cause of death by 2030. On the back of this facet, manufacturers are focusing on developing glucose monitoring devices. Likewise, the burgeoning number of people with hearing loss in the U.S. is encouraging manufacturers to design hearing assessment kits as well. The market players continue to keenly observe the health landscape to discern the needs and strategize growth accordingly.
Low Adoption in Emerging Economies Remains an Adversary
Backed by the adoption of advanced technologies coupled with increased spending on research & development (R&D) activities, the developed economies are expected to account for the majority of market share. These regions are also bolstered by awareness among consumers regarding the availability and usage of home diagnostics. Whereas, the lack of the same is limiting adoption in emerging economies. Although the prevalence of chronic diseases in Asia, Latin America, and Middle East & East stand high, the adoption in these regions is growing at a sluggish pace. To overcome these shortcomings, market players are focusing on developing affordable solutions, and in expanding their geographical footprint.