Home Blood Testing Devices Market to Grow by USD 2.96 Billion from 2024-2028, Driven by Disease Outbreaks, AI's Impact on the Market Landscape - Technavio Report

NEW YORK, Sept. 12, 2024 /PRNewswire/ -- Report with market evolution powered by AI- The global home blood testing devices market size is estimated to grow by USD 2.95 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 4.66% during the forecast period. Increasing contagious disease outbreaks is driving market growth, with a trend towards technological advancements in home blood testing devices. However, stringent regulatory framework poses a challenge. Key market players include 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..

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Key Market Trends Fueling Growth

The home blood testing devices market is experiencing significant growth due to technological advancements. Point-of-care testing devices enable users to conduct tests at home with minimal training, providing quick and accurate results. These user-friendly devices are driving more individuals to utilize home blood testing solutions. Additionally, AI technologies are being integrated into home blood testing devices, enhancing accuracy and data interpretation. For instance, PixCell Medical Technologies Ltd.'s HemoScreen is a portable point-of-care real-time blood diagnostic solution with AI-assisted Viscoelastic Focusing technology. Modern home blood testing devices offer connectivity options, allowing users to sync test results with mobile applications or healthcare platforms for better health monitoring and communication with healthcare providers. Bionime Corp.'s home blood testing device automatically records and integrates blood glucose readings into hospital data management systems. These technological advancements are transforming the home blood testing landscape by increasing testing speed, accuracy, and convenience, thereby fueling market growth.

The Home Blood Testing Devices market is experiencing significant growth due to increasing patient awareness and the convenience of self-testing. Home diagnostic tests allow individuals to monitor their health and manage chronic diseases like diabetes through Glucose, A1C, and Glycated Hemoglobin testing. Machine learning and advanced technology enable accurate results from home. Diabetes and other chronic diseases drive demand for these devices, with Diabetes testing kits leading the market. Market trends include Point-of-care testing for Serology tests and Antibody tests, Plasma donations, and Haemovigilance systems. Demography, health consciousness, spending power, and healthcare spending also influence market growth. Early diagnosis through home care testing is a key trend in preventative healthcare. Companies like Athelas Home and Blood monitoring are leading the way in this space. Local businesses and clinical laboratory tests continue to play a role in this evolving landscape.

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Market Challenges

• The global home blood testing devices market is subject to a rigorous regulatory environment. Authorities like the US Food and Drug Administration (FDA) and the European Medicines Agency (EMA) impose stringent rules and regulations on medical devices, including home blood testing devices. Manufacturers must conduct extensive clinical trials and studies to prove their products' safety and efficacy, which can be costly and time-consuming. Regulatory bodies demand high accuracy and reliability from home blood testing devices, making compliance a significant challenge. Changes in regulations, such as the EU Medical Device Regulation (MDR) implemented in January 2023, further increase the time and cost of bringing new products to market. This regulatory landscape can hinder market growth by limiting innovation, increasing costs, and delaying product launches.
• The Home Blood Testing Devices market is experiencing significant growth due to increasing diagnosis needs for chronic diseases, rising health consciousness, and improving spending power. Local businesses and self-testing kits are becoming popular for preventative healthcare, especially for conditions like diabetes, HIV, and heart diseases. Demography plays a role as an aging population requires more healthcare spending and early diagnosis. Challenges include ensuring patient-friendly technology, remote testing, and addressing the risk of cross-infection. Products like Athelas Home, blood monitoring devices, and self-collecting devices are gaining traction in the blood collection market. Micro sampling devices are also important for infectious disorders, such as blood infections, sepsis, and HIV. Blood culture tests are essential for diagnosing infectious diseases. Overall, the market for home care testing, self-testing kits, and at-home health monitoring devices continues to grow, offering opportunities for innovation and improvement.

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Segment Overview

This home blood testing devices market report extensively covers market segmentation by

1. Distribution Channel
• 1.1 Hospital pharmacies
• 1.2 Online
• 1.3 Drug stores
2. Product Type
• 2.1 Glucose monitors
• 2.2 Cholestrol kits
• 2.3 Coagulation test kits
• 2.4 Others
3. Geography
• 3.1 North America
• 3.2 Europe
• 3.3 Asia
• 3.4 Rest of World (ROW)

1.1 Hospital pharmacies- The hospital pharmacies segment is a significant contributor to the global home blood testing devices market. These pharmacies play a vital role by supplying various home blood testing devices, including glucose monitors, cholesterol testing kits, and coagulation test kits. Patients can monitor their health conditions from home, ensuring better adherence to treatment plans. Preventive healthcare's growing emphasis encourages regular monitoring of health parameters, further boosting market growth. Hospital pharmacies collaborate closely with healthcare professionals to provide patients with suitable home blood testing devices based on their medical needs. This partnership aids in customizing treatment plans and tracking patient progress, collectively fueling the expansion of the hospital pharmacies segment in the home blood testing devices market.

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Research Analysis

The Home Blood Testing Devices market is witnessing significant growth due to the increasing diagnosis of chronic diseases, heightened health consciousness, and the rising spending power of consumers. With local businesses entering the market, home care testing is becoming more accessible and convenient for individuals seeking preventative healthcare. Demography plays a crucial role, as an aging population requires more frequent medical checkups and routine tests. Self-collecting blood samples at home for various tests, including diabetes and infectious disorders, has become increasingly popular due to the risk of infection and the need for early diagnosis. The market for blood collection devices, including micro sampling devices, is expanding, catering to the demand for at-home health monitoring and self-blood collecting devices. Health assessment products and patient awareness campaigns are further driving the market growth. Infectious disorders such as HIV, sepsis, and blood infections are being diagnosed through advanced blood culture tests, adding to the market's potential.

Market Research Overview

The Home Blood Testing Devices market is experiencing significant growth due to the rise in chronic diseases, increasing health consciousness, and spending power. With local businesses entering the scene, home care testing has become a popular trend in preventative healthcare. Demography and healthcare spending are also driving factors, as early diagnosis of conditions such as diabetes, heart conditions, and oncological diseases becomes increasingly important. Self-testing kits for diabetes, HIV, and other infectious disorders are leading the market, with patient-friendly technology allowing for remote testing and reducing the risk of infection. Blood monitoring for cholesterol levels, blood sugar levels, and other health assessments is also on the rise. Machine learning (ML) and data analysis are being integrated into home diagnostic tests for more accurate results. The market for self-collect blood samples and at-home health monitoring devices is expected to continue growing, with micro sampling devices and point-of-care testing gaining popularity. The blood collection market, including blood culture tests and haemovigilance systems, is also expanding to ensure safe plasma donations and prevent infectious diseases such as sepsis and blood infections.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Distribution Channel
• Hospital Pharmacies
• Online
• Drug Stores
• Product Type
• Glucose Monitors
• Cholestrol Kits
• Coagulation Test Kits
• Others
• Geography
• North America
• Europe
• Asia
• Rest Of World (ROW)

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio

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