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Despite the mostly promising growth outlook of the market, factors such as high costs of producing and up-grading diagnostics tools and devices to be used in non-hospital setups, which lead to increased cost burden on consumers, could hamper the growth of the market to an extent. This challenge is compounded by the unfavorable reimbursement scenario, especially in developing economies.
From a geographical standpoint, the report covers the market for home diagnostics across regions such as Asia Pacific, North America, Europe, Latin America, and Middle East and Africa. Of these, the Europe and North America markets collectively hold a massive share in the global market. The strong position of these regional markets is attributed to the high level of awareness among the masses about healthcare, rising geriatric population, and favorable socio-economic conditions. Furthermore, the easy availability of highly accurate test kits is also favoring the increased traction in the field of home diagnostics in these regions.
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Over the report’s forecast period, the market for home diagnostics in Asia Pacific is expected to emerge as one of the key contributors of growth opportunities to the global market. Factors expected to benefit the Asia Pacific market for home diagnostics include the rising rate of incidence of a number of lifestyle diseases and rising disposable incomes of the population. Several encouraging initiatives undertaken by government and private institutions with the aim of improving healthcare facilities in developing economies are also supplementing the growth of the Asia Pacific home diagnostics market over the report’s forecast period.
The vendor landscape of the global home diagnostics market features the presence of a large number of companies and is highly competitive. To stay ahead of their peers, companies have started focusing on the introduction of innovative products and geographical expansion. The numbers of strategic collaborations, mergers, and acquisitions are also rising. Some of the leading companies in the market are Danaher Corporation, Bayer AG, Trinity Biotech Plc, Abbott Laboratories, Roche Diagnostics Ltd., Beckman Coulter Inc., Siemens AG Inc., Alere Inc., Becton Dickinson & Company, and Abaxis Inc.
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