Home Diagnostics Market Will Progress at a CAGR of Around 5% During Forecast Period 2021 to 2031
250 Pages Home Diagnostics Market Survey by Fact MR, A Leading Business and Competitive Intelligence Provider
According to Fact MR’s recent market research, sales of Home Diagnostics to swell at propelled CAGR through 2031, as investment towards expansion of healthcare infrastructure continues rising. The goal of the survey is uncover growth opportunities, key trends, growth drivers, and challenges. It also provides recommendations to assist businesses in preparing for unforeseen challenges.
Focus on improving overall patient care will remain a chief growth driver. Besides this, Home Diagnostics market will continue gaining from increasing willingness among patients and families to spend on advanced healthcare.
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To offer an in-depth overview, the report provides sales projections for over 20 countries. It also identifies segments exhibiting maximum growth.
Digital Transformation in Healthcare Presenting Opportunities for Home Diagnostics Market Growth
Healthcare organizations around the world are deploying digital tools to accommodating changing consumer preferences. They are pressing on solving the long-standing challenge pertaining to care model innovation.
Considering this, the focus on making healthcare affordable and more transparent will increase. Adoption of care model innovation in healthcare will have a profound impact on the Home Diagnostics market.
The market study done by Fact.MR gives exclusive information about how the market will grow. The study identifies crucial trends that are determining the growth of Home Diagnostics market. This newly published report sheds light on vital dynamics, such as the drivers, restraints, and opportunities for key market players as well as emerging players associated with the production and supply. The latest report by Fact.MR provides detailed Market Analysis of Home Diagnostics
The report offers actionable and valuable market insights of Home Diagnostics. The latest report by Fact.MR provides details on the present scenario of the market across various regions along with the historic data and forecast of the market. The report also includes information on the sales and demand of Home Diagnostics Market across various industries and regions.
This newly published and insightful report sheds light on Market Insights of Home Diagnostics, key dynamics, their impact on the overall value chain from suppliers to end-users and Growth of Home Diagnostics Market.
Home Diagnostics Market Segmentation by Category
|Regional Market and Country-wise Segmentation||
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Home Diagnostics Market- Scope of the Report
A recent study by Fact.MR on the home diagnostics market offers a 10-year forecast for 2020 to 2030. The study analyzes crucial trends that are currently determining the growth of this sector. This report explicates on vital dynamics, such as the drivers, restraints, and opportunities for key market players along with key stakeholders. The study also provides the dynamics that are responsible for influencing the future status of the market over the forecast period.
A detailed assessment of value chain analysis, business execution, and supply chain analysis across regional markets has been covered in the report. A list of prominent companies operating in the home diagnostics market, along with their product portfolios enhances the reliability of this comprehensive research study.
The study offers a comprehensive analysis on diverse features, including demand, product development, revenue generation, and sales across the globe.
A comprehensive estimate on the home diagnostics market has been provided through an optimistic scenario as well as a conservative scenario, taking into account sales during the forecast period. Price point comparison by region with global average price is also considered in the study.
Fact.MR, in its latest market study, opines thatthe home diagnostics market will grow at a healthy 3.5% value CAGR, surpassing US$ 6.3 million by 2026.
According to the report, sales will remain buoyant in developed regions, with North America and Europe collectively accounting for over 50% revenue share of the market. The Fact.MR study remains bullish on the prospects of home diagnostics market players in developing countries, as growing focus on health & wellness, and emergence of many Asian countries as medical tourism hubs creates opportunities.
Increasing preference for self-diagnosis continues to be a trigger for home diagnostics sales, whereas a combination of industry-specific and regulatory factors continue to influence the strategies of market players. Governing bodies such as the U.S. Food and Drug Administration (FDA) and the European Commission regulate home diagnostics with stringent quality control regulations and labeling requirements. Gaining EU CE mark, FDA 510(k) clearance, and FDA approved Premarket Approval Application (PMA) continues to be a primary focus for home diagnostics manufacturers who are looking to scale up their presence in developed markets. For instance, Abbott Laboratories, a leading pharmaceutical company in the U.S., recently got an FDA approval for marketing its FreeStyle® Libre 14 day Flash Glucose Monitoring system in the U.S. ACON Laboratories, another prominent player in the home diagnostics market announced that it has received FDA clearance of Mission® U120 urine reagent strips. According to the report, compliance to ever-evolving regulations and gaining regulatory approval remains both an opportunity and challenge for market players.
The report also finds that home diagnostics manufacturers are focusing on incorporating advanced technology to differentiate their offerings in the market. For example, Abbott Laboratories adopted next-generation sensor technologies to upgrade its FreeStyle Libre system (10 day) to the FreeStyle® Libre 14 day Flash Glucose Monitoring system with improved accuracy and better mean absolute relative difference.
The Fact.MR study finds that glucose monitoring devices will continue to witness robust demand and dominate the home diagnostics market with over than 80% revenue share in the market. According to the World Health Organization (WHO), the number of people suffering from diabetes reached 422 million in 2014, and it will soon become a leading cause of death. Increasing prevalence of diabetes worldwide and the growing need for monitoring sugar levels among diabetes patients is likely to boost adoption of glucose monitoring devices during the assessment period. Home diagnostics market players are aware of the surging demand for glucose monitoring devices, and are focusing on increasing their product portfolio in this segment. The other lucrative segments in the home diagnostics market include pregnancy tests and ovulation prediction kits.
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Report Benefits & Key Questions Answered
- Home Diagnostics Category and segment level analysis: Fact MR provides a detailed analysis of the factors influencing sales growth across key segments. It highlights key growth drivers and provides useful information for identifying sales prospects at the regional and local level.
- Home Diagnostics Historical volume analysis: The report provides a comparison of Home Diagnostics’s historical sales and projected sales performance for 2021-2031.
- Home Diagnostics Manufacturing trend analysis: The report offers a detailed analysis of manufacturing trends in the Home Diagnostics market. It carefully gauges the impact of changing healthcare needs of key demographics globally
- Home Diagnostics Consumption by demographics: The report investigates consumer behavior affecting Home Diagnostics demand outlook for the assessment period. Effect of their keenness for digital trends on Home Diagnostics market is carefully analyzed
- Post COVID consumer spending on Home Diagnostics: Healthcare industry has been largely influenced by COVID-19 pandemic. The Fact MR Market survey analyzed consumer spending post COVID-19. It assesses how current trends that will influence expenditure on healthcare services, thus affecting Home Diagnostics market growth.
More Valuable Insights on Home Diagnostics Market
Fact.MR, in its new report, offers an unbiased Market Analysis of Home Diagnostics, Sales and Demand of Home Diagnostics, analyzing forecast statistics through 2019 and beyond. The study reveals growth projections on the basis of various criteria.
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