The Rise Of The At-Home Testing Market
January 16, 2020 (Investorideas.com Newswire) Have you heard the term personalized medicine? It's the buzzword in use today thanks to the increase in medical tests being conducted at home. You have probably seen something about this while googling the internet for medical information. After all, if we can diagnose a problem with help from the worldwide web, why waste time at a doctor's office? That is where the at-home testing market got its launch.
So, what exactly is fueling the at-home testing market? Here are a few reasons to consider.
1 - A Level Of Distrust
It may not be as easy to see your family doctor as it once was with workloads increasing as well as demands. However, once you get to your appointment and have a few tests conducted, how do you know if your results have a priority that matches your concern, those of your family and beyond? How do you know if the right tests were done? Well, you don't and with test labs also experiencing massive workloads you just never know if your blood or other bodily fluid will get the same treatment as the few hundred before it. Patient distrust has forced many to take at least some control over their diagnosis and that is where Google and home testing comes into play.
2 - Limited Access To Healthcare Professionals
On a more practical note, at-home testing has become a great thing for patients who have difficulty making appointments to see a doctor. Those reasons are many and include physical disabilities that may hamper timely visits, patients who live in remote areas that require significant travel time to get to the nearest doctor and the convenience of being able to test at home. For some patients, having to fit in a doctor's appointment when you are miles away can eat up a whole day and the movement may complicate things further depending on the purpose of the visit.
3 - The Cost Involved
For many, unplanned medical costs can bring about financial crisis in one form or another. A report that was released by the Federal Reserve revealed that four in ten Americans would not be able to pay for a $400 emergency visit. This creates a huge barrier that will keep many patients who require medical attention away from hospitals and doctor's offices. The affordable alternative in this instance would be at-home testing. Kits are available for various testing purposes and cost significantly less than a visit to the local emergency ward.
4 - Uncertainty About Costs
Still related to finances, some patients are unclear on what the costs will be when tests are conducted at the doctor's office. As a result, tests are skipped which could put the patient at risk. In other words, a lack of transparency compounds the problem and is often not the fault of the medical professional. This forces patients who would rather avoid a test than discover it may be outside of their normal budget to seek alternatives. At-home testing kits, which can cost under $100 to a few hundred dollars, depending on the test, become the go-to choice because pricing is clearly marked.
5 - The Promotion of Health Awareness
Chronic health disorders are to blame for an alarming increase in the number of deaths related to lifestyle diseases. It is because of this that leading health organizations have been heavily promoting the need to be aware of one's health. The World Health Organization (WHO) has gone as far as to release the Essential Diagnostics List which indicates that diagnostics are key to improving health coverage on a global scale. Because of this, at-home testing will become part of the health awareness equation.
6 - Market Leaders Turn To Collaboration
Instead of competing with each other, leading market players in the home diagnostics arena have started to adopt collaborative strategies. This means that there will be a larger spectrum of at-home tests that can be conducted as time passes. Partnerships forming between companies that are in the home diagnostics market will pave the way for this to happen and it is already starting to show with an increase in efficiency and accuracy of the new generation of at-home testing kits that are in the marketplace.
The Existing Categories of At-Home Test Kits
The home diagnostics market is currently divided into six different main categories. They are grouped following the type of tests they are required for. The categories are as follows:
- Glucose Monitoring Devices
- Pregnancy Tests
- HIV Test Kits
- Ovulation Prediction Test Kits
- Cholesterol Test Kits
- Drug Abuse Test Kits
There are several other test types in the at-home testing market including:
- Male Infertility Test Kits
- Urinary Tract Infection Test Kits
- Menopause Test Kits
- Fecal Occult Blood Test Kits
There are also several different form types that the at-home test market is segmented by. They are:
- Test panel
- Dip card
- Digital monitoring instrument
The home diagnostic market has four main distribution channels:
- Drug store
- Retail pharmacies
- Online pharmacies
And finally, there are three different sample types that further segment the arket:
As you can see, many factors are driving the at-home testing market. Plus, it is well-established with multiple kits available for a large variety of different test purposes. For example I recently tried the imaware™ celiac disease test and it was a total breeze. The at-home testing market also meets the needs of many patients providing convenience, affordability, and peace of mind.
If you happen to be one of those people who would rather avoid health care services, the at-home testing market is the ideal solution for you. With more and more partnerships forming between the major players in the market, the number of tests you can conduct in the comfort of your home will increase as a result.
What does this mean for the world of healthcare as we know it? It has been evolving in recent years thanks to technology which has improved the delivery of healthcare in many ways already. At-home testing is just another part of that ongoing improvement.
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