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Home Diagnostics Market Key Insights and Supporting Factors till 2026
The FactMR report includes detailed information about the home diagnostics market on thoroughly assessing historical and the latest industry-validated data associated with home diagnostics.


Fact.MR
BriefingWire.com, 3/14/2019 - The purpose of this rich study presented by FactMR is to elaborate the various market projections impacting the global home diagnostics market during the period until 2026. This assessment delivers high-end statistics concerning market size (US$ Mn), Y-o-Y growth and revenue share (US& Mn) linked to different geographies and segmentation types. Readers can acquire precise insights about growth trends along with opportunities that are expected to reshape the overall structure of the home diagnostics market during the forecast period.

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Rising health awareness has driven adoption of personalized medicines and home diagnostics among consumers. Sensing the requirements of end-users, home diagnostics market players are focusing on enhancing efficiency, accuracy, reliability, and convenience. The investments have invariably shifted to incorporation of advanced technology in the manufacture of home diagnostics. Through adoption of wearable technologies, Internet of Things (IoT), and Artificial Intelligence (AI), market players are working on enhancing the performance features of home diagnostics. For instance, Siemens Healthcare and Abbott Technologies, are introducing various types of digital home diagnostics that can be integrated with smartphones, which may become an emerging market trend in the upcoming years.

Developed countries are witnessing rising adoption of advanced technologies to develop highly-efficient home diagnostics with the increasing focus on R&D Consumers are becoming more aware of the availability of home diagnostics that can enable them to conduct in vitro diagnosis tests at home without the need for any professional assistance. However, lower health awareness in developing nations, especially in Asia and the Middle East & Africa, is restricting the adoption of home diagnostics. Despite the larger consumer base and growing number of deaths caused due to chronic diseases, penetration of home diagnostics remains low in emerging markets. Leading manufacturers in the home diagnostics market are home diagnostics market are modifying their marketing strategies to scale up their presence in developing nations and boost regional economic growth in the upcoming years.

As home diagnostics help patients to detect diseases without any professional medical assistance, the accuracy and precision of the results provided by these tests plays an important role in the performance of home diagnostics. Taking into consideration the pervasiveness of home diagnostics, governing organizations across the world are imposing stringent rules and regulations to ensure the quality and reliability of home diagnostics marketed worldwide. Home diagnostics manufacturers need to comply with Section 510(k) of the Food, Drug and Cosmetic Act and get Premarket Approval Application (PMA) approvals established by FDA to enter the US home diagnostics market. In addition, the European Union has imposed regulations, such as Medical Devices Regulation 2017/745/EU and In Vitro Diagnostic Medical Devices Regulation 2017/746/EU that all the stakeholders in the home diagnostics market need to comply with. Strict quality control regulations and labeling requirements may influence growth prospects of the home diagnostics market, as they may make it difficult for market players to reduce manufacturing costs.

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