Needle-free Diabetes Monitoring Devices Expand Growth Possibilities in Self Diagnostic Testing Market
Growing health consciousness amongst global population is an ideal measurement to determine the growing popularity of self-testing aids as a means to monitor health status. In present times, the global population not only banks upon advanced diagnostics and therapeutics, but also considerably adheres to effective self-diagnostic measurements to understand underlying disease symptoms and progression.
The global Self-Diagnostic Testing market is anticipated to increase at a 8.7% CAGR to reach value US$ 39,175.0 million in 2030
The millennial population across the globe are walking the extra mile to pursue holistic health. As several developing countries such as India are demonstrating a spike in working population bearing enormous technical awareness and considerably stable disposable income, the trend of home care for self as well as for aging parents is likely to demonstrate substantial rise in forthcoming years. This prevalent rise in self-diagnosis is anticipated to fuel palpable growth in global self-diagnostic testing market in the years to come.
Chronic Disease Conditions and Burgeoning Geriatric Population Lend Growth Fillip
The demands for home based testing kit is unparalleled and is estimated to remain soaring with massive technological advances as well as associated benefits such as cost efficiency, confidentiality, as well as steadfast access. Additionally, a plethora of other notable advantages such as detection of underlying disease conditions such as cholesterol and hepatitis further diversify functional scope of home based testing device. Home based testing and monitoring devices remain exceptionally helpful in detecting pregnancy as well as for periodic and routine diabetes monitoring.
Yet another reason for massive reliance on self-diagnostic testing market is the burgeoning number of lifestyle diseases amongst urban population. According to a recent report by Deloitte, as the number of baby boomers and aging population demonstrates a spike, occurrences of various lifestyle diseases and chronic maladies are poised to proliferate uncontrollably. Therefore, healthcare needs as well as technological advances are likely to increase healthcare spending towards timely monitoring of chronic health conditions. According to a recent report by National Center for Disease Control and Prevention, six adults amongst every ten have symptoms of chronic diseases such as diabetes, cancer, or cardiac disorder. Therefore, periodic health monitoring remains crucially vital and integral, allowing the self- diagnostic testing market to grow favorably.
Health Conscious Urban Workforce with Stable Disposable Income Engage in Self-Monitoring across Emerging Economies
Besides developed countries, emerging ones such as India have also reported considerable rise in incidences of chronic health conditions. Owing to a speedily growing population and concomitant rise in disease occurrences, more emphatically chronic disorders, countries such as India is also exhibiting huge potential in health conscious individuals, more so amongst urban working class who tend to bank upon more on modern therapeutic as well as diagnostic and preventive medical aids to tackle chronic maladies. These factors are estimated to lend hefty growth push towards self-diagnostic testing market. As the number of health conscious individuals burgeon, scope for preventive healthcare and diagnostics is also expected to grow exorbitantly, paving scope not only in wearable but also in home based health diagnostics to enable close monitoring.
Despite flourishing acceptance of home-based testing systems, international organizations such as the FDA routinely revises its regulatory norms concerning home based testing mechanism. In a recent development, the FDA has upgraded novel safety norms concerning home based testing and strictly restricts all testing kits that are not FDA approved. Therefore, all home based testing apparatus such as diabetes measuring strips, pregnancy kit and the like have to strictly adhere to FDA regulations. Equipment that do not comply with FDA regulatory framework may cause irreparable damage to the patients also resulting in severe injuries as well as fatality.
FDA Constantly Upgrades Norms in Self Diagnostic Testing Space to Ensure Safety
In a recent incident, the FDA has hinted about the serious repercussions of using unapproved continuous glucose monitoring (CGM) devices and other insulin measuring aids such as insulin pumps and insulin dosage pumps which could eventually lead to complications such as diabetic ketoacidosis, coma, extremely low sugar count as well as death. Therefore, it becomes crucially vital to employ only FDA approved blood monitoring devices for effective diabetes management.
Pursuing revolutionary advancement in self-diagnostic testing space, leading drug and medical device companies are fast embracing novel technologies to ensure painless monitoring effortlessly in the comfort of one's home. Pricking one's finger to draw blood samples has entailed painful experiences, interfering with routine testing norms.
Sensonics, Roche Undersign Distribution Deal for Marketing Eversense across BRIC Nations
To offset the conditions, companies across Europe are investing in developing novel needle-free testing devices that can enable routine blood tests hassle-free. In a recent development, Sensonics, a UK based sensor company that offers medical as well as scientific aid has unveiled a high performance, subcutaneous implant aimed at routine blood glucose monitoring. The device, Eversense owing to its superlative technological scope and near accurate results has also bagged FDA approval in 2018.
The company therefore is entering into long term commitments to ensure global distribution. In this light, Sensonics has undersigned a deal with Roche to expand diabetes monitoring across BRIC nations. This distribution agreement is likely to extend for the next two years paving sales across geographical belts, marking geographical expansion. This unique diabetes monitoring miniature sensor is implanted underneath the skin in the upper arm region and measures blood sugar concentration with the help of fluorescent polymer that monitors blood sugar concentration and gives numbers in real time.
Further in self-monitoring diagnostic testing market, Enable Biosciences has recently bagged a whopping grant worth $1.5 million from NIDDK to develop new testing methods to examine dried blood samples collected at home to monitor and assess the risks of type 1 diabetes. This home based type 1 diabetes testing method will help in averting the risks of DKA that ultimately lead to fatality. Developments as such are estimated to render major thrust to global self-diagnostic testing market in the coming years.
Further in self-diagnostic testing space, global drug company, Mylan and medical device major Atomo Diagnostics have jointly announced the launch of novel self-diagnostic testing kit which is a mobile in vitro self-testing kit for progressive HIV diagnostics. The self-diagnostic kit has also received prequalification approval from WHO and is designed to detect HIV with the help of blood collected via fingerstick with minimal blood and displaying authentic results within fifteen minutes.
Key Market Movements
• Growing geriatric population and concomitant rise in chronic health conditions such as diabetes to render major growth fillip in global self-diagnostic testing market
• Stringency in FDA regulations to remain crucial in determining efficacy of several diagnostic aids. Manufacturers adhere to stringent regulatory framework to ensure safety
• Health conscious individuals in emerging economies to drive massive reliance on self-testing diagnostics for long term wellbeing
• Technological advances such as needle free painless diagnostic methods to spearhead growth in self-diagnostic testing market
• Novel self-diagnostic test kits spill beyond pregnancy and diabetes diagnosis, ensuring rapid strides in cholesterol and HIV detection
Key Study Deliverables
• Market valuation in terms of value and volume of the global self-diagnostic testing market through the forecast span, 2019-25
• Comprehensive market evaluation across major regions based on market segmentation
• A thorough rundown on market dynamics such as drivers, threats, challenges, opportunities
• A clear analytical review of competition spectrum, highlighting industry forerunners, company as well as product portfolios
• Major highlights on winning marketing strategies adopted by leading players
Self-Diagnostic Testing Market Scope
|Revenue forecast in 2030
|US$ 39,175.0 million
|CAGR of 8.7% during 2020-2030
|By Product Type, By Application, Region.
|North America, Europe, Asia Pacific, South America, Middle East and Africa
|Key Players Profiled
|Becton, Dickinson and Company, Abbott, ACCESS BIO, CELLTRION INC., Siemens Healthcare GmbH, ACON Laboratories Inc., ARKRAY, Inc, F. Hoffmann-La Roche Ltd., OraSure Technologies Inc., Quest Diagnostics, Bionime Corporation, Btnx Inc., iHealth Labs Inc., InBios International, Inc. USA. And True Diagnostics Inc.