The Rise of DIY Medicine: Exploring the Home Diagnostics Market

The Ultimate Guide to the Top Home Diagnostics Companies of 2023

Abbott Laboratories

Market Position or History

In 2017, Abbott Laboratories announced the  acquisition of Alere, a diagnostic testing company, for USD 5.3 billion.

Business Overview and  Strategy

The company was established in 1888 by Wallace Calvin Abbott. Its headquarters are located in Illinois, United States. It is known for developing and distributing medical devices, and nutritional products while also providing both home and laboratory diagnostic facilities. It offers a wide range of diagnostic tests that can be conducted at home including pregnancy tests, cholesterol tests, and blood glucose monitors, among others.

Abbott Laboratories is committed to improving healthcare outcomes and is actively involved in initiatives to expand access to healthcare around the world. The company has received numerous awards for its corporate social responsibility and sustainability efforts, including being named one of the World's Most Admired Companies by Fortune magazine.

Strengths

• The company has a strong global presence with its operations in over 150 nations.
• It never compromises on quality which in turn has strengthened its brand position.
• It extensively focuses on its R&D activities to develop high end products for its customer base.
• Abbott Laboratories is backed by a robust distribution network.
• It relies on an affordable manufacturing structure which enables it to develop efficient products at low cost.

Weaknesses

• The company is at a high risk of product recalls.
• It is highly susceptible to economic hardships.
• It operates in a highly regulated industry and faces high risks related to compliance issues.

Quidel Corporation.

Market Position or History

In 2021, Quidel acquired Mesa Biotech, a privately-held molecular diagnostic company, for $450 million. The acquisition gave Quidel access to Mesa Biotech's Accula platform, which provides fast and accurate diagnostic testing for infectious diseases.

Business Overview and Strategy

Headquartered in San Diego, United States, the organization was established in 1979. Dr. David H. Katz is one of the founding fathers of this company. It is one of the world’s largest manufacturers of diagnostic healthcare products. Several diagnostic test kits produced by Quidel Corporation are ideal for in-home testing.

The company focusses on  improving healthcare outcomes and is actively involved in initiatives to expand access to testing and improve patient care. The company has received numerous awards for its innovative products and contributions to the healthcare industry.

Strengths

• The firm is known for having a strong and diverse product portfolio.
• It has built a strong culture of distributors & dealers wherein they promote the company’s products across various channels.
• It has a highly skilled and experienced workforce.

Weaknesses

• The company has gained very limited success outside of its core business.
• It still lacks in innovation and its investments in R&D activities is still low as compared to its competitors.
• It is highly dependent on certain raw materials that are highly susceptible to price fluctuations and trade regulations.

Bionime Corporation

Market Position or History

In 2020, Bionime launched its Rightest Blood Glucose Monitoring System in 2020, which is a compact and user-friendly device that provides accurate glucose readings for people with diabetes.

Business Overview and Strategy

The company was established in 2003 with its headquarters located in Taichung City, Taiwan. It develops, manufactures, and distributes blood glucose monitoring systems, pulse oximeters, and blood pressure monitors. Bionime Corporation’s monitors are affordable, easy to use, and efficient in nature.

It is  committed towards improving the lives of people with diabetes and is actively involved in initiatives to raise awareness about the condition and promote better diabetes management. The company has received several awards for its innovative products and contributions to the healthcare industry.

Strengths

• It is known for developing highly accurate health monitoring systems.
• It invests heavily in research and development to bring new products to market.
• It has a strong global presence with a broad customer base.

Weaknesses

• It has a limited product portfolio.
• It is highly prone to regulatory compliances.
• It solely depends on the blood glucose monitoring category for most of its revenue, making it highly vulnerable to financial loss.

Siemens Healthineers

Market Position or History

In 2017, Siemens Healthineers acquired Epocal, a diagnostic testing company that develops point-of-care blood analysis systems.

Business Overview and Strategy

The company was founded in 2017 with its headquarters in Erlangen, Germany. It specializes in medical technology and healthcare services and provides a wide range of diagnostic and therapeutic systems, equipment, and services to healthcare providers worldwide. It also provides a range of diagnostic products for home use, including blood glucose meters, cholesterol tests, and blood pressure monitors. It also offers telehealth solutions that help people manage their health remotely.

The company has a strong focus on innovation and invests heavily in research and development to bring new products and services to market. Siemens Healthineers is committed to improving healthcare outcomes and is actively involved in initiatives to promote better patient care and support healthcare providers.

Strengths

• It has a firm market leadership position in the medical equipment & supplies sector.
• It provides exhaustive product mix options to the consumers which in turn has helped it to cater to a large customer base.
• The organization has a diverse revenue model since it has expanded its business beyond the medical equipment & supplies industry.
• It makes high R&D investments to develop high end and effective products for the customers.

Weaknesses

• It is highly vulnerable to threat of legal actions.
• It is highly vulnerable to economic downturns.
• Some of its products and services are highly complexed and require specialized trainings for accurate usage. This in turn limits its ability to sell to its products and services to certain customers or markets.

Roche Holding AG

Market Position or History

In 2018, Roche acquired Foundation Medicine, a molecular diagnostic company that develops genomic profiling tests for cancer patients.

Business Overview and Strategy

With its headquarters in Basel, Switzerland,  the company was established in 1896. It primarily operates under two divisions, namely Diagnostics and Pharmaceuticals. The diagnostic products offered by Roche are highly accurate and affordable. Several diagnostic kits and devices produced by the firm are ideal for conducting in-home tests.

The companies strives to bring a positive transformation in the healthcare industry while also focusing on reducing its environmental impact.

Strengths

• It has a successful track record of developing efficient healthcare products.
• It has built a robust base of reliable suppliers.
• It has made high investments on automation technology to scale up its manufacturing and distribution activities.
• It has a diverse and strong distribution network.
• The company has been generating high returns on capital expenditure by creating new revenue streams through the successful execution of new projects.

Weaknesses

• It faces high attrition rate in workforce as compared to its competitors.
• The company is weak at demand forecasting which in turn limits its revenue generation opportunities.
• It gets highly impacted by sudden price fluctuations in raw materials.