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Report on How AI is Driving Market TransformationThe home blood testing devices market size is forecast to increase by USD 2.96 billion, at a CAGR of 4.66% between 2023 and 2028. The market is experiencing significant growth, driven by several key factors. The increasing prevalence of contagious diseases and the need for early diagnosis and treatment have led to a surge in demand for convenient and accessible testing solutions. Technological advancements in home blood testing devices, such as wireless connectivity, mobile applications, and point-of-care diagnostics, have made testing more convenient and user-friendly. Additionally, stringent regulatory frameworks ensure the safety and accuracy of these devices, instilling confidence in consumers.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2023 to 2028, as well as historical data from 2018 to 2022 for the following segments
The hospital pharmacies segment is estimated to witness significant growth during the forecast period. The market is experiencing notable growth due to the rising prevalence of chronic diseases, increasing health consciousness, and improving patient-friendly technology. With the demographic shift towards an aging population and the increasing spending power, there is a growing demand for home care testing solutions. These devices enable individuals to self-test for various conditions, such as diabetes, HIV, and heart conditions, from the comfort of their homes. Early diagnosis of these conditions is crucial, as it can lead to better treatment outcomes and improved patient quality of life.
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The hospital pharmacies segment accounted for USD 4.39 billion in 2018. Hospital pharmacies collaborate closely with healthcare professionals to ensure patients receive appropriate testing devices based on their medical needs. Moreover, the remote testing feature of these devices offers convenience and reduces the risk of infection associated with routine tests and medical checkups. The market for home blood testing devices also includes micro sampling devices and self-collect blood samples, making it easier for patients to test for infectious disorders, such as blood infections and sepsis, from home. The blood collection market is expected to grow significantly due to the increasing demand for home blood testing devices and the convenience they offer.
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North America is estimated to contribute 43% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. Home blood testing devices have gained significant traction in recent years due to the increasing patient awareness and convenience they offer for diagnosing various health conditions. These devices enable individuals to conduct blood culture tests for infectious diseases such as HIV, diabetes, and diabetes-related tests like glucose testing, A1C testing, and glycated hemoglobin testing, at home. Self-testing has become an integral part of diagnostic routines, particularly for chronic conditions, as it allows for more frequent monitoring and timely intervention. Machine learning (ML) and advanced algorithms are increasingly being integrated into home diagnostic tests to analyze blood test data and provide accurate results. Serology tests and antibody tests are also available for home use, expanding the scope of home-based health assessments. Furthermore, plasma donations can be monitored through haemovigilance systems, ensuring safety and quality. The incidence of various diseases continues to rise, making home blood testing devices an essential tool for disease management and prevention. Clinical laboratory tests are increasingly being complemented by point-of-care testing, offering faster and more accessible diagnostic solutions.
Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The market is witnessing significant growth due to the rise in chronic diseases, increasing health consciousness, and the spending power of consumers. With the demographic shift towards an aging population, there is a growing demand for preventative healthcare and early diagnosis. Home care testing has become increasingly popular as it offers convenience and reduces the risk of infection from hospital visits. Diabetes testing kits are a major segment of the market, with self-collect blood samples gaining popularity for routine tests and medical checkups. Self-blood collecting devices and micro sampling devices are also gaining traction in the market. The market for health assessment products is also growing due to patient awareness and the availability of advanced technologies for infectious disorders such as blood infections, bloodstream infections, sepsis, HIV, and blood culture tests. The blood collection market is expected to grow further as more people opt for at-home health monitoring and self-blood collection for various medical conditions.
Increasing contagious disease outbreaks is notably driving market growth. The global home blood testing devices market is experiencing significant growth due to the increasing prevalence of chronic diseases, heightened health consciousness, and the rising spending power of consumers. Chronic conditions such as diabetes and heart conditions require frequent monitoring, making self-testing an attractive option for patients. Additionally, preventative healthcare and early diagnosis are key priorities for individuals seeking to manage their health. Demographic shifts, particularly an aging population, are also contributing to the market's growth. Home care testing for various conditions, including diabetes, HIV, and cholesterol levels, has gained popularity due to its convenience and patient-friendly technology. Remote testing and self-collecting blood samples at home have become increasingly important, especially during times of health crises, such as disease outbreaks. Cross-infection risks and the need to avoid routine medical checkups and phlebotomy appointments have further fueled the demand for self-blood collecting devices.
Moreover, the market for blood collection devices, including micro sampling devices, is expanding to cater to the needs of local businesses and individuals seeking at-home health monitoring solutions. Infectious disorders, such as blood infections and sepsis, are significant concerns, and home blood testing devices offer a more controlled and safer environment for sample collection and testing. Cardiovascular diseases and cancer testing are other areas where home blood testing devices are gaining traction. In conclusion, the global home blood testing devices market is poised for growth due to the increasing burden of chronic diseases, demographic shifts, and the rising demand for preventative healthcare and early diagnosis. The convenience, safety, and affordability of home blood testing devices make them an attractive option for individuals seeking to manage their health and avoid infection risks associated with healthcare facilities. Thus, such factors are driving the growth of the market during the forecast period.
Technological advancements in home blood testing devices is the key trend in the market. The home blood testing devices market is experiencing significant growth due to the increasing trend towards preventative healthcare and the diagnosis of chronic diseases. With rising health consciousness and spending power, local businesses are responding by offering home care testing solutions for various health conditions. Self-testing kits for diabetes, HIV, and other health disorders are becoming increasingly popular, enabling individuals to monitor their health from the comfort of their homes. Technological advancements, such as patient-friendly technology and remote testing, are driving the market's growth. For instance, devices like Athelas Home's blood monitoring system allow users to self-collect blood samples for tests on cholesterol levels, blood sugar levels, neutrophil count, and more. These advancements are particularly beneficial for individuals with heart conditions, oncological conditions, and other health risks, as they enable early diagnosis and timely intervention.
Additionally, micro sampling devices and cross-infection prevention measures ensure accurate results and minimize the risk of infection during testing. The market for blood collection devices, including self-blood collecting devices, is expected to grow significantly due to the increasing demand for at-home health monitoring solutions for infectious disorders such as blood infections and bloodstream infections, including sepsis. Thus, such trends will shape the growth of the market during the forecast period.
Stringent regulatory framework is the major challenge that affects the growth of the market. The market is witnessing significant growth due to the increasing trend towards preventative healthcare and rising health consciousness among consumers. Chronic diseases such as diabetes, heart conditions, and oncological conditions require regular monitoring, leading to an increase in demand for self-testing kits. Demography and healthcare spending also play a crucial role in market growth, as an aging population and higher spending power lead to a greater need for at-home health monitoring. Regulatory bodies, including the FDA and EMA, have stringent guidelines for the accuracy and reliability of home blood testing devices. These regulations require extensive clinical trials and studies to ensure safety and efficacy, which can be a time-consuming and costly process.
However, the benefits of early diagnosis and remote testing outweigh the challenges. Home blood testing devices are available for various conditions, including diabetes testing kits, HIV testing kits, and self-testing kits for cholesterol levels and blood sugar levels. These devices offer patient-friendly technology, allowing for self-collection of blood samples at home, reducing the risk of infection from cross-infection in healthcare facilities. The blood collection market also includes micro sampling devices for infectious disorders such as blood infections and bloodstream infections, including sepsis. Overall, the home blood testing devices market is expected to continue growing as consumers seek convenient and cost-effective solutions for routine tests and medical checkups, reducing the need for phlebotomy appointments. Hence, the above factors will impede the growth of the market during the forecast period
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Becton Dickinson and Co.: The company offers home blood testing devices such as BD Vacutainer UltraTouch, BD Veritor, BD Vacutainer and others.
The market research and growth report also includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
Home blood testing devices have gained significant popularity in recent years due to the rise in chronic diseases, health consciousness, and increasing spending power. These devices enable self-testing for various health conditions, including diabetes, HIV, and heart conditions, among others. The demography of an aging population and the increasing prevalence of cardiovascular diseases and cancer have fueled the demand for home care testing. Early diagnosis is crucial for effective treatment, and home blood testing devices offer the convenience of routine tests and medical checkups from the comfort of one's home. These devices are ideal for individuals with busy schedules or those living in remote areas, where access to healthcare facilities may be limited. Patient-friendly technology, such as self-collect blood samples and remote testing, has made home blood testing devices more accessible and user-friendly.
However, the risk of infection from cross-infection and proper sample collection is a concern. The market for home blood testing devices is expected to grow significantly due to the increasing demand for preventative healthcare and the availability of various self-testing kits, such as diabetes testing kits, HIV testing kits, and self-blood collecting devices. Micro sampling devices have also gained popularity in the blood collection market, making it easier for individuals to monitor their cholesterol levels, blood sugar levels, and neutrophil count. The market for home blood testing devices is expected to grow further due to the increasing prevalence of infectious disorders, such as blood infections and sepsis, and the need for at-home health monitoring for individuals with oncological conditions. Overall, home blood testing devices offer a convenient and cost-effective solution for individuals seeking to manage their health and monitor various health conditions from the comfort of their own homes.
Market Scope |
|
Report Coverage |
Details |
Page number |
206 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.66% |
Market growth 2024-2028 |
USD 2.96 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
3.94 |
Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
Performing market contribution |
North America at 43% |
Key countries |
US, Germany, UK, Canada, and China |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
A and D HOLON Holdings Co. Ltd., Abbott Laboratories, ARKRAY Inc., Becton Dickinson and Co., Beurer India Pvt. Ltd., Bio Rad Laboratories Inc., BioMerieux SA, Bionime Corp., Danaher Corp., F. Hoffmann La Roche Ltd., i-SENS, Inc., LifeScan IP Holdings LLC, Medaval Ltd, Microgene Diagnostic Systems Pvt. Ltd., Minaris Medical America, Inc., Nova Biomedical Corp., PixCell Medical Technologies Ltd., Thermo Fisher Scientific Inc., Trajan Scientific Australia Pty Ltd., and Truvian Sciences Inc. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Technavio Analysis
3 Market Landscape
4 Market Sizing
5 Historic Market Size
6 Qualitative Analysis
7 Five Forces Analysis
8 Market Segmentation by Distribution Channel
9 Market Segmentation by Product Type
10 Customer Landscape
11 Geographic Landscape
12 Drivers, Challenges, and Opportunity/Restraints
13 Competitive Landscape
14 Competitive Analysis
15 Appendix
With the growing adoption of AI across industries, Technavio has analyzed its impact on home blood testing devices market driven by the integration of Artificial Intelligence (AI) with expanding rapidly, driven by increasing consumer demand for convenient, reliable, and accurate health monitoring solutions. AI integration is revolutionizing this market by enhancing product accuracy, user experience, data management, and overall efficiency. This analysis delves into AI's impact on the horse racing market, backed by data and real-world examples.
These insights, available exclusively through Technavio, provide an unparalleled significant impact of AI on the home blood testing devices market, backed by real-world examples and data.
The report provides details of AI's impact on various segment
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