Home Diagnostics Market Set to Witness Explosive Growth 2033

According to the Market Statsville Group (MSG), the Global home diagnostics Market was valued at USD 5920 million in 2023 and is expected to grow from USD 6233 million in 2024 to USD 9870 million by 2033, by exhibiting a CAGR of 5.3% during the forecast period (2024-2033)

The home diagnostics market essentially covers every home-use diagnostic device and test kits that are available for self-management of different health issues. This market is benefiting from technological development, rising consciousness about health and fitness, and do-it-yourself testing, especially in the current situation of COVID-19. The reasons for such growth include the growing incidence of chronic diseases, enhanced consumer knowledge, growing demographics, and patient preference for efficient and fast diagnosis techniques. Continuous developments in the field are helping home diagnostic tools become more credible. Incorporating diagnosing apparatus with applications and online health solutions for timely tracking and monitoring. Increase in the health consciousness of the consumer and their focus on the aspects of check-ups and prevention.

However, initiatives by health organizations and companies to educate consumers about the benefits and proper use of home diagnostic tools. The COVID-19 pandemic has significantly increased the demand for home diagnostics, particularly for infectious diseases. Accelerated innovation and development of rapid, easy-to-use test kits for home use. The aging global population is driving the demand for home diagnostics to manage chronic conditions such as diabetes, hypertension, and cardiovascular diseases. Innovation in home diagnostic devices, which could be user-friendly for the elderly population. Regulation of approval processes of home diagnostic devices to ensure their safety and efficacy. Standards and guidelines related to quality will be established in cooperation with manufacturers; supplying reliability in products.

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Scope of the Home Diagnostics Market

The study categorizes the home diagnostics market based on product type, distribution channel, application, and end-user area at the regional and global levels.

By Product Type Outlook (Sales, USD Million, 2019-2033)

Blood Glucose Monitoring Devices

Pregnancy and Fertility Tests

Infectious Disease Test Kits

Cholesterol Test Kits

Blood Pressure Monitors

Others

By Distribution Channel Outlook (Sales, USD Million, 2019-2033)

Online Retail

Offline Retail

By Application Outlook (Sales, USD Million, 2019-2033)

Diabetes Management

Cardiovascular Health

Fertility and Pregnancy

Infectious Disease Detection

General Wellness Monitoring

By End-User Outlook (Sales, USD Million, 2019-2033)

Individual Consumers

Healthcare Providers

By Region Outlook (Sales, USD Million, 2019-2033)

North America

US

Canada

Mexico

Europe

Germany

Italy

France

UK

Spain

Poland

Russia

The Netherlands

Norway

Czech Republic

Rest of Europe

Asia Pacific

China

Japan

India

South Korea

Indonesia

Malaysia

Thailand

Singapore

Australia & New Zealand

Rest of Asia Pacific

South America

Brazil

Argentina

Colombia

Rest of South America

The Middle East & Africa

Saudi Arabia

UAE

South Africa

Northern Africa

Rest of MEA

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Blood Glucose Monitoring Devices segment accounts for the largest market share by Product Type

Based on the product type, blood glucose monitoring devices are the dominant and most rapidly expanding segment in the home diagnostics market. Such growth is primarily influenced due to the prevalence of diabetes as well as the need for an efficient disease management solution. Here’s an in-depth look at why blood glucose monitoring devices are the leading segment, including details on the types of devices, market trends, consumer preferences, and key players. Diabetes is a global health crisis, affecting millions of individuals worldwide. According to the International Diabetes Federation, the prevalence of diabetes is rising due to factors such as aging populations, sedentary lifestyles, and increasing obesity rates.

The increasing population of patients maximizes the demand for devices such as glucose monitoring apparatuses to manage blood sugar levels in the best possible way. For any patient with diabetes, blood glucose levels should be kept under check so that the condition does not produce complications and other related health issues. Glucose monitoring devices are very accurate, and this accuracy and precision enable diabetic patients to make informed decisions regarding the intake of insulin, diet, and lifestyle adjustments. Accessing glucose monitoring devices requires a person to prick his finger where blood is collected for assessment.

North America accounted for the largest market share by Region.

Based on the region, in 2020, the U.S. had committed approximately $50 billion of renewable energy investment in mainly solar and wind projects. EVs currently stand at an estimated 10% in new car sales in Canada, with a very aggressive drive to increase this by providing incentives and erecting alternative fueling stations. According to IEA, installed capacity as of 2023 in Canada is about 130 GW. Hydroelectric power constitutes the largest percentage share of about 78% of installed capacity.

Canada spent roughly about $10 billion on renewable energy projects in the year 2020, DCCEEW. The focus was on hydro, wind, and solar power. Federal incentives for electric vehicles, combined with the building of a charging infrastructure, constitute some 5% of sales of new cars. In 2023, according to The World Economic Forum, Mexico had about 50 GW in renewable energy capacity, with solar and wind among the biggest contributors. As of 2020, the country had invested around $8 billion in renewable energy. Another area- electric vehicles-will take a much smaller piece of the pie, but there is also still ample room for growth as policies and infrastructure evolve.

Competitive Landscape: Home Diagnostics Market

The home diagnostics market is the most prominent competitor and highly competitive in the industry. It is using approaches such as partnerships, product releases, acquisitions, agreements, and expansion to strengthen their positions in the market. Most industries of firms are more interested in expanding their activities globally and developing enduring partnerships.

Major players in the home diagnostics market are:

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

DarioHealth Corp.

Siemens Healthineers

OraSure Technologies

iHealth Labs Inc.

BioSure (UK) Ltd.

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Recent Development

In June 2024, DexCom, Inc., the global leader in real-time continuous glucose monitoring for people with diabetes, announced today that the Dexcom G7 Continuous Glucose Monitoring (CGM) System now connects directly to Apple Watch* in the United States. Dexcom G7 is the first and only CGM available with Direct to Apple Watch, offering users the freedom and convenience of real-time glucose readings on their wrist even when their iPhone isn’t with them.†

In November 2020, the U.S. Food and Drug Administration issued an emergency use authorization (EUA) for the first COVID-19 diagnostic test for self-testing at home which provides rapid results. The Lucira COVID-19 All-In-One Test Kit is a molecular (real-time loop-mediated amplification reaction) single-use test that is intended to detect the novel coronavirus SARS-CoV-2 that causes COVID-19.