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Home Testing Products Market Forecast to 2024 scrutinized in New Research
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The global home testing products market is anticipated to grow at a steady rate during the forecast period. Major factors driving the global home testing products market are these are quick and provide results within minutes. Additionally, home tests do not require frequent visit to physicians and laboratories, thereby making them preferable for patients across all age groups. Furthermore, growing awareness among people about home testing products for diagnosis of infectious diseases, increasing prevalence of infectious diseases, ease of use, and unhealthy lifestyle are the factors likely to propel the growth of the global home testing products market. According to the WHO, the global diabetes population will increase to 366 million by 2030. This is likely to positively impact the global home testing products market during the forecast period.
The global home testing products market has been segmented based on application, specimen, and region. In terms of application, the global home testing product market has been divided into pregnancy and fertility, cholesterol, blood glucose, infectious diseases, and others. The blood glucose segment held the largest share of the global home testing products market driven by higher prevalence of chronic illnesses such as diabetes, increase in awareness among patients about self-testing, rise in geriatric population, and unhealthy lifestyle. The pregnancy and fertility segment is expected to witness strong growth from 2016 to 2024 due to ease of use and rapid results. Based on specimen, the global market has been segmented into blood, urine, saliva, and others.
Geographically, the global home testing products market has been segmented into North America, Europe, Latin America, Asia Pacific, and Middle East & Africa. North America dominated the global home testing product market in terms of value and volume, followed by Europe. North America is expected to continue to lead the market from 2016 to 2024 due to growing awareness among people about home based tests, unhealthy lifestyle, and increased prevalence of infectious diseases such as HIV, syphilis, and hepatitis and chronic illnesses. The market in Asia Pacific is expected to register highest growth rate owing to factors such as increase in population, rise in prevalence of infectious diseases, unhealthy lifestyle leading to chronic illnesses, and awareness about the technologies. Prevalence of infectious disease and emergence of new diseases in countries in Africa are likely to drive the home based testing products market in Middle East & Africa during the forecast period.
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Major players operating in the global home testing product market are Abbott Laboratories, OraSure Technologies, Inc., F. Hoffmann-La Roche Ltd., Alere, Beckman Coulter, Inc., Siemens Medical Solutions USA, Abacus Diagnostics, Inc., Bio-Rad Laboratories, Inc., Trividia Health, Inc., Nipro, and bioMérieux SA among others. Key companies in the global home testing product market are expected to adopt strategies such as the launch of cost effective products and mergers.
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