Study on Global Home Diagnostics Market Highlights Key Development Factorrs
Posted by Arslan on December 17th, 2018
Rising health awareness has driven adoption of personalized medicines and home diagnostics among consumers. Sensing the requirements of end-users, home diagnostics market players are focusing on enhancing efficiency, accuracy, reliability, and convenience. The investments have invariably shifted to incorporation of advanced technology in the manufacture of home diagnostics. Through adoption of wearable technologies, Internet of Things (IoT), and Artificial Intelligence (AI), market players are working on enhancing the performance features of home diagnostics. For instance, Siemens Healthcare and Abbott Technologies, are introducing various types of digital home diagnostics that can be integrated with smartphones, which may become an emerging market trend in the upcoming years.
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.
According to the report, although demand for home diagnostics is concentrated in developed countries, home diagnostics market players are putting efforts to boost uptake in developing regions. According to statistics published by WHO, the prevalence of diabetes has been the highest in middle and low-income countries.
Anticipating the burgeoning demand for glucose monitoring devices in emerging Asia, players in the home diagnostics market are shifting their focus towards developing nations, including China and India. ARKRAY, Inc. – a Japanese manufacturer in the home diagnostics market – recently announced that it will strengthen its diabetes testing instrument production capacity in China. Leading manufacturers in the home diagnostics market are modifying their marketing strategies to improve awareness about cost-effective and efficient home diagnostics to leverage lucrative opportunities in the Asia-Pacific region.
The Fact.MR report helps readers to track the salient developments in strategies adopted by their competitors in the home diagnostics market and plan their upcoming strategies accordingly. The report covers all the leading stakeholders in the home diagnostics market and provides detailed information including the company revenues as well as their business plans for the coming future. Market players in the home diagnostics market that are featured in the report include Abbott Laboratories, ACON Laboratories Inc., BTNX Inc., ARKRAY Inc., Assure Tech (Hangzhou) co. Ltd., Becton Dickinson & Company, Bionime Corporation, Roche Holding AG, Quidel Corporation, and True Diagnostics Inc.
Leading market players in the home diagnostics market are adopting collaborative strategies to scale up their presence in the highly competitive environment in the global diagnostics industry. For example, in order to expand its innovative diagnostics portfolio, Quidel Corportation recently acquired Alere Triage® assets including its cardiovascular & toxicology business and B-type Naturietic Peptide (BNP) assay business. Another leading stakeholder in the home diagnostics market – Roche Holding AG entered into a strategic partnership with GE Healthcare to deliver in-vivo and in-vitro data-driven diagnostics, which include tests that critical care patients can use at home.
Japan’s largest diagnostics company – ARKRAY, Inc. recently entered an agreement to acquire in-vitro diagnostics unit of Span Divergent Ltd. – a leading manufacturer of home diagnostics in the Indian healthcare sector. Furthermore, leading market players, including Abbott Laboratories, True Diagnostics Inc., and ACON Laboratories, are incorporating innovative technologies to further improve performance features, such as efficiency and accuracy, to gain a competitive edge in the home diagnostics market.
Fact.MR study provides thorough information about the growth prospects of the home diagnostics market by conducting a thorough research on the development of the home diagnostics market over the past few years. Analysts at Fact.MR conduct a comprehensive secondary research to understand the historical as well as current industry data about the expansion of home diagnostics market. Further, through an extensive primary research, where analysts interview leading market players in the home diagnostics market to gather authentic values that define their growth, to verify the information obtained through secondary research. The research methodology followed at Fact.MR to analyze the growth parameters of the home diagnostics market confirms the authenticity of the information to provide accurate information about the market to readers.
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About the AuthorArslan
Joined: December 18th, 2017
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