Health tech expert Chrissy Farr discusses the rise of DIY medical testing kits, revolutionizing accessibility to healthcare. The podcast delves into the pros and cons of at-home testing, differing perspectives among healthcare professionals, challenges with insurance coverage, and the impact on relationships between patients and doctors.
Home diagnostics industry growing rapidly, expected to double in market size in 8 years.
DIY kits offer convenience for testing food allergies, fertility, and thyroid function, making healthcare more accessible.
Deep dives
Growth of Home Diagnostics Industry
The home diagnostics industry has seen significant growth, with a market generating $5 billion annually and expected to double in the next eight years. DIY kits now test for various conditions like food allergies, fertility, and thyroid function, offering convenience to consumers looking for quick health insights.
Accessibility of Healthcare through At-Home Testing
At-home testing is making healthcare more accessible by providing easy-to-use tests that can be purchased in retail stores like Walmart or Target. The COVID-19 pandemic accelerated the comfort with in-home testing, allowing consumers to get quick answers without facing potential hurdles in traditional healthcare systems.
Impact on Trust in Healthcare Professionals and Insurance Coverage
At-home diagnostic testing raises concerns about promoting consumer distrust in healthcare professionals while empowering individuals to take control of their health decisions. The affordability of tests remains a barrier due to insurance coverage limitations, but efforts are being made to make testing more accessible and affordable, particularly for younger generations open to out-of-pocket expenses for their healthcare needs.
What if receiving a medical diagnosis was as simple as shopping online? The growing home diagnostics industry says it can be. At-home testing was widespread during the COVID-19 pandemic, but more health tech companies also offer DIY kits that test for food allergies, fertility and thyroid function, among other things. Some medical experts are wary of this on-demand model, but health tech investors say it can make health care more accessible. Marketplace’s Lily Jamali spoke to Chrissy Farr, author of the Second Opinion newsletter, and Anarghya Vardhana, a partner at the Maveron venture firm, about the prospects of the industry and how it affects relationships between patients and doctors.
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