In 2022, the worldwide home blood testing devices market was estimated to be worth US$ 14.76 billion. This market is predicted to generate US$ 16.35 billion in revenue by 2023, and US$ 45.6 billion by 2033, with a CAGR of 10.8% from 2023 to 2033.
| Data Points | Key Statistics |
|---|---|
| Expected Market Value in 2023 | US$ 16.35 billion |
| Expected Market Value in 2033 | US$ 45.6 billion |
| Growth Rate (2023 to 2033) | CAGR of 10.8% |
The majority of the anticipated growth in the home blood testing devices market can be attributed to factors such as the expansion of home blood testing devices for the diagnosis of diseases at home, the rise in chronic disease pervasiveness, improved health consciousness, rising spending power, and the long-standing existence of local businesses in the region.
The public's growing awareness of home care testing has contributed to the market's potential growth. Due to an increase in disease outbreaks, the general public's focus has shifted away from curative drugs and toward preventative healthcare. It provided manufacturers in this sector with several options. Changes in demography and growing spending on healthcare per person as a consequence of higher living standards both contributed to the market's robust development. For an early diagnosis of sickness and to save healthcare costs, diagnosis is essential at home.
Due to the growth in the incidence of diabetes and the creation of the latest home blood testing devices and kits, there is a growing need for rapid testing kits, which creates a market opportunity for at-home testing. Increased demand for diabetes testing kits, HIV testing kits, and other kits, as well as increased awareness of the advantages offered by home testing equipment, are also projected to support the growth of the home blood testing devices market.
The market is also expanding as a result of self-testing kits becoming easily accessible from internet merchants and pharmacies even without a prescription. Additionally, the use of personalized self-assessment kits for the prognosis of HIV disease has grown, which has led to a rise in R&D activities in the area of home blood testing kits or medical devices enhanced medical care services, as well as sizeable investments by the government to upgrade healthcare infrastructure. This is supposed to improve the market for home blood testing even more. As there is a desire for home blood testing not only in developed countries but also in less developed ones like Brazil, China, and India, and hence it is in these nations that the home blood testing market is expanding.
North America accounted for a sizeable share of the home blood testing devices market in 2022, and it is expected that it will hold this position throughout the forecast period. The growth in the usage of self-testing kits spurred on by the pandemic, as well as a greater understanding of the importance of HIV diagnosis as well as an increase in the incidence of diabetes in the region, are the main drivers of the market's expansion. Also, U.S.-based businesses have continually worked to create novel products with increased sensitivity and accuracy levels as well as to lower the overall cost of these tests, making them more affordable for a wider range of people in this region.
Key players are developing new products, bearing in mind the convenience of the customers. For instance, Athelas's main home blood testing tool is the Athelas Home. For people who are on clozapine as well as other immunosuppressed medications, this FDA-cleared gadget helps to streamline and improve the blood monitoring procedure. A quick finger prick may be performed at home, eliminating the need for a blood sample, and the gadget can provide a neutrophil as well as white blood cell count in only a few minutes. Such developments are expected to boom in the coming years along with rapid market growth from 2023 to 2033.
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With increasing prevalence of global incidences of heart conditions, oncological conditions, cholesterol levels, blood sugar levels among others highlight the growing importance of blood tests requirements. This trend can be a major push factor in the global home blood testing devices market.
Increasing demand of people to become self-sufficient for general well-being and routine health check-up can drive the demand in the global home blood testing devices market. Ease of access and usability coupled with faster results will also led the global home blood testing devices market to grow steadily.
Versatility of blood test in terms of detecting abnormality in functioning of heart, thyroid gland, kidneys together with detecting sexually transmitted diseases, total blood count, basic metabolic panel, lipid profile, enzyme profile can drive the global home blood testing devices market.
Lastly, technological advancements making home blood testing devices more patient-friendly would further spur the growth of the global home blood testing devices market. Lack of sophistication and technology illiteracy among the population of third world countries can hinder the growth of global home blood testing devices market.
Unawareness about the existence of such remote home blood testing devices could also slow the growth momentum of the global home blood testing devices market.
Blood test is the most basic diagnostic method used to determine the malfunctioning of human bodily systems. Regular blood tests are easiest way of keeping track of one’s health. It is imperative to have regular blood tests for well-being in general and to make informed decisions about health in particular. Blood tests are also pivotal in reducing risk of various diseases or complications associated with it.
Hence, home blood testing devices hold a very important role in this changing times of increased accessibility and independence.COVID-19 pandemic has been known to affect different people with varying severity. People with already compromised immune system are most certainly at higher risk of mortality. For such vulnerable population visiting hospital even for a simple blood test could be counter-productive and can put them at a high risk.
Home blood testing devices could come in very handy for people with such problems and eliminate the danger of cross-infection. Thus, COVID-19 can be expected to have a positive impact on the global home blood testing devices market.
There is a growing prevalence of diseases like diabetes, heart conditions, cancer, bacterial infections worldwide which would require blood test for diagnosis and treatment resulting in overall growth in the global home blood testing devices market.
Based on indication type, heart condition testing can be expected to growth fastest in the global home blood testing devices market owing to the fact the cardiovascular diseases are the leading cause of death globally. Cancer testing segment in the indication type may be expected to be the second most lucrative segment as cancer related prevalence come second only to cardiovascular disorders globally.
Based on the distribution channel type, drug store type can be expected to register maximum growth in the global home blood testing devices market as it can be expected to witness high patient footfall.
Principal Consultant
North America can be estimated to the dominant market in the global home blood testing devices market owing to growing elderly population together with greater awareness among people for regular health check-ups. Europe can be pegged as the second most attractive market in the global home blood testing devices market because of the growing geriatric population.
South Asia and East Asia will also be lucrative market for the global home blood testing devices market due rising awareness and affordability for healthcare in the regional population.
The key players operating in the global home blood testing devices market are
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The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain.
The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
The global home blood testing devices market is segmented based on the indication type, distribution channel and region.
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