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The home care testing industry is competitive in nature, with various large multinationals and small and mid-sized companies competing in the industry. The development and launch of novel home care products with improved efficiency and cost-effectiveness are key market strategies for home care testing product manufacturers, driving competition and innovation in the industry. This emphasis on innovation aims to address evolving clinical needs and enhance patient outcomes, positioning companies to gain market share and meet the growing demand for novel home care testing.
Some of the eminent market participants operating in the home care testing industry include:
Chembio Diagnostics, Inc, F. Hoffmann-La Roche Ltd., LifeScan IP Holdings, LLC, MP BIOMEDICALS, Nova Biomedical, OraSure Technologies, Inc., Quidel Corp, SA Scientific Ltd, Siemens Healthcare GmbH, and Sterilab Services among others.
North America home care testing market size was USD 4.9 billion in 2023 and is predicted to witness substantial market growth through 2032, driven by the increasing incidence of chronic diseases, such as diabetes, hypertension, and cardiovascular conditions.
Home care testing market size was valued at USD 10.9 billion in 2023 and is estimated to grow at 6.8% CAGR from 2024 to 2032, driven by the rising prevalence of chronic diseases.
The strip segment held a 25.8% revenue share in 2023 and will grow rapidly through 2032, owing to its versatility.