Published Date : 27 Jun 2022
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.
Scope of the Report
|Market Size in 2021||USD 5.42 Billion|
|Revenue Forecst by 2030||USD 8.15 Billion|
|CAGR||4.6% from 2022 to 2030|
|Key Players||Abbott Laboratories, BTNX, Inc., Becton Dickinson & Company, ACON Laboratories, Inc., ARKRAY Inc., Roche Holding AG, Assure Tech, SA Scientific, Zeotis Inc., Bionime Corporation, Quidel Corporation|
COVID-19 Impact Analysis:
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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