Home Diagnostics Market: Outlook
The home diagnostics market may observe an era of cutting-edge technological developments and an escalated growth rate across the forecast period of 2020-2030. The prominent reason for this growth can be attributed to the novel coronavirus outbreak.
The COVID-19 outbreak has spread its feathers of destruction around the globe with high infected caseloads and a large number of fatalities. People with comorbidities are more prone to contracting COVID-19. Therefore, going to a hospital or clinic for treatment and diagnosis is not recommended for such people. To enable efficient care and quick diagnosis of patients with chronic illnesses, home diagnosis devices are a feasible option. Hence, this factor may prove to be a prominent growth multiplier for the home diagnostics market.
This upcoming report on the home diagnostics market provides a 360-degree analysis of the current market situation. The report covers components like competitive landscape, key players, regional analysis, and ongoing trends. The report also offers thorough research on how the COVID-19 pandemic will impact the home diagnostics market. The segmental study enables an individual to deeply understand the different aspects of the home diagnostics market systematically.
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Home Diagnostics Market: Competitive Analysis
The home diagnostics market can be classified as highly fragmented with a plethora of local and international players in the fray. Novel product launches and thorough research and development activities have led to a good boost in sales, thus bringing great growth across the home diagnostics market. The novel coronavirus outbreak has led to an increase in demand for home diagnostics. Hence, manufacturers in the home diagnostics market are expanding their production capacities.
Mergers, acquisitions, and collaborations form the crux of the growth of the home diagnostics market. These activities help in strengthening the foothold of the players in the home diagnostics market. Some key players in the home diagnostics market are ACON Laboratories, Bionime Corporation, Trinity Biotech PLC, Becton Dickinson and Company, ARKRAY Inc., and Siemens AG.
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Home Diagnostics Market: Investments
Investments enable various startups and players in the home diagnostics market to inculcate novel technologies and conduct expansive research and development activities. Some of the major investments are as follows:
- Indigo Diabetes, a Belgian startup, recently secured $44.6 mn Series B funding for developing a continuous glucose monitoring sensor
- Thriva, an at-home blood-testing startup recently raised a £4 million extension to its Series A funding round; this investment raises Thriva’s total funding value to £11 million
- Tasso recently received $17 mn in funding to ramp up the production of self-administered blood collection devices
Home Diagnostics Market: Novel Initiatives and Developments
The home diagnostics market may thrive on the factor of various initiatives and developments undertaken by numerous nonprofit organizations and subscription services. Here are some major initiatives and subscription plans that may propel the growth of the home diagnostics market.
- AccessMatters, a nonprofit organization, recently partnered with Philadelphia Government for offering free OraQuick, the first FDA-approved oral swab in-house test for HIV; such initiatives bring great growth and raise awareness about home diagnostics products
- Reperio Health, a Portland-based startup, recently commenced its subscription service which will deliver a kit consisting devices for diagnosing various problems at home; the kit will contain varied FDA approved home diagnostics devices including a phonocardiogram, a blood test device, and others
Home Diagnostics Market: Regional Dimensions
The home diagnostics market can be geographically segmented into North America, the Middle East and Africa, South America, Europe, and Asia Pacific. North America may acquire a substantial share of the home diagnostics market across the forecast period due to the awareness about home diagnostics on the grounds of the rising threat of coronavirus pandemic.
Asia Pacific may also bring tremendous growth for the home diagnostics market due to the growing influence of home diagnostics across densely populated countries like India and China.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.