India is a growing market in the global home diagnostics industry due to the increasing awareness of various diseases and the preference for self-testing at home, as indicated by a report from Fact.MR, an American research and consulting firm.
The global home diagnostics market, currently valued at $6.21 billion in 2023, is projected to grow at a healthy 5.2 per cent CAGR over the next decade according to the report. “Indian government’s initiatives aimed at bolstering healthcare infrastructure and promoting well-being are expected to drive significant demand for at-home testing kits,” the report said.
This growth, the report said, is expected to drive the market to an estimated value of $10.32 billion by 2033. Home diagnostics refer to diagnostic kits that individuals can use at home without requiring medical expertise.
Several factors contribute to the anticipated growth in the home diagnostics market. These factors include the increasing prevalence of chronic diseases, the need for regular health monitoring, and rising awareness of the benefits of self-testing, the report said. Additionally, an aging population, a preference for home healthcare, and advancements in point-of-care diagnostics are expected to boost sales of various home diagnostic kits, such as cholesterol tests, fertility tests, allergy tests, and sleep apnea tests, from 2023 to 2033, it said.
The report highlighted that international health organizations like the World Health Organization (WHO), the Global Health Council, and UNICEF are expected to play a significant role in shaping the demand for home diagnostics. Guidelines issued by these organizations could impact sales and lead to regulatory changes that affect the industry, the report pointed out.
The report emphasised that new entrants in the home diagnostics market are focusing on developing innovative products for disease identification at home. However, the diagnostics industry faces a stringent regulatory landscape, emphasising precision, reliability, and customer trust. Compliance with strict regulations is crucial, as maintaining a trustworthy reputation is essential for companies operating in the healthcare sector, the report noted.
Glucose monitoring devices and at-home blood glucose tests are anticipated to maintain a strong market presence, driven by the growing global prevalence of diabetes. The popularity of diagnostic cassettes is expected to persist due to their ease of use, simplicity, and affordability, the report said.
Leading home diagnostics providers are expanding their product portfolios by introducing innovative tests and kits that enhance the convenience of at-home testing, the report pointed out.
Canada is also set to witness a surge in demand for home diagnostics, primarily due to its cost-effectiveness and faster results compared to the national healthcare system. As for India, government initiatives aimed at bolstering healthcare infrastructure and promoting well-being are predicted to drive substantial demand for at-home testing kits.
The report further said that United Kingdom is not far behind, with the sales of home diagnostics benefiting from an expanding geriatric population and increased healthcare expenditure. Chronic diseases’ prevalence further adds to the rising demand for home healthcare services.
In terms of specific diagnostics, glucose monitoring devices and at-home blood glucose tests are expected to remain immensely popular due to the growing global prevalence of diabetes. The competitive landscape is also evolving. Leading home diagnostics providers are expanding their product portfolios to introduce innovative tests and kits that enhance the convenience of at-home testing. Business Today