Home Diagnostics Market Size to Worth US$ 8.15 Billion by 2030

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Table of Content

The global home diagnostics market size was valued at USD 5.42 billion in 2021 is estimated to worth around US$ 8.15 billion by 2030 and is growing at a CAGR of 4.6% from 2022 to 2030.

 The demand for the diagnostics is rising significantly across the globe owing to the surging prevalence of various chronic diseases such as diabetes, cancer, cardiovascular devices, and respiratory disorders. The growing geriatric population across the globe is expected to drive the demand for the home diagnostics significantly. 

According the United Nations (UN), the geriatric population across the globe is anticipated to reach around 2 billion by the year 2050. The home diagnostics market has gained a rapid momentum owing to the elimination of the medical assistance in the home diagnostic devices and the convenience of use associated with it. It also helps the patient to reduce healthcare costs.

Furthermore, the rising awareness regarding the hospital acquired infections among the consumers is augmenting the growth of the home diagnostics market. Diabetes is a major contributor to the growth of the home diagnostics market as diabetic people needs regular monitoring of their blood glucose levels. According to the International Diabetes Federation, the global diabetic population is projected to reach 783 million by 2045.

Future of Home Diagnostics Market

The integration of the novel technologies like internet of things and artificial intelligence with the home diagnostic devices is expected to shape the future of the home diagnostics market. Moreover, the growing adoption of the telehealth platforms and its integration with the home diagnostic devices is anticipated to drive the growth of the market in the foreseeable future.

Report Highlights:

• Based on the test type, the glucose monitoring devices segment dominated the global home diagnostics market in 2021. The rapidly growing diabetic population is expected to further fuel the market growth. According to the International Diabetes Federation (IDF), around 537 million individuals aged between 20 to 79 years were suffering from diabetes in 2021 and this number is expected to rise to 783 million by the year 2045. Diabetes causes stroke, kidney failure, and blindness, as per the World Health Organization.
• By form, cassettes segment dominated the market in 2021. The low cost, easy availability, ease of use, and high awareness are some of the prominent factors associated with the cassettes that has driven the growth of this segment.
• By distribution channel, the online pharmacies is anticipated to be the most opportunistic segment. The rising penetration of internet, growing adoption of smartphones, and growing popularity of wide number of online pharmacies are expected to have a significant impact on the growth of this segment during the forecast period. According to the International Telecommunication Union, around 63% of the global population had access to the internet at the end of 2021. The rapidly surging number of internet user is expected to drive the growth of the online pharmacies segment.
• North America was the leading home diagnostic market in 2021. The high disposable income, high awareness regarding the availability of home diagnostic devices, and the rising demand for the technologically advanced diagnostic devices in the healthcare sector are the prominent factors that has driven the growth of the North America home diagnostics market.
• Asia Pacific is projected to exhibit the highest CAGR during the forecast period. The rising personal disposable income, rising healthcare expenditure, improved access to the healthcare facilities, and growing trend of receiving healthcare services at home are the prominent drivers of the Asia Pacific home diagnostics market.

Scope of the Report

 

COVID-19 Impact Analysis:

• The lockdown restrictions and fear of getting infected with the COVID-19 infection has significantly boosted the adoption of the home diagnostics across the globe.
• The demand for the home diagnostics increased especially among the diabetic and the respiratory disorder patients across the globe.
• The geriatric patients increasingly adopted the home diagnostics owing to the pandemic restrictions and the convenience associated with the home diagnostics.

Key Developments in the Marketplace:

The market is moderately fragmented with the presence of several top market players and the various developmental strategies such as partnership, acquisition, and new product launches adopted by them significantly impacts the market growth and offers numerous growth opportunities.

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