February 25, 2024
Self-Testing Market

Rising Awareness Regarding Early Disease Detection To Fuel Growth Of Self-Testing Market

The global Self-Testing Market is estimated to be valued at US$ 21867.72 Mn in 2023 and is expected to exhibit a CAGR of 8.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

The self-testing market comprises test kits and devices that enable individuals to perform medical tests independently and interpret results without the involvement of a healthcare professional. Some common examples include glucose monitoring kits for diabetes, pregnancy test kits, HIV self-test kits and urine drug test kits. Self-testing helps in early detection of diseases, improves treatment outcomes and reduces burden on healthcare systems. It offers privacy and convenience to users as tests can be performed at home. Advancements in technologies have made self-testing simpler, painless and highly accurate. Portable devices with easy to understand digital read-outs are popular.

Market key trends:

The self-testing market is expected to witness significant growth during the forecast period owing to rising awareness about early disease detection and growing preference for self-managed healthcare. According to the American Diabetes Association, over 30 million people in the U.S. have diabetes of which around 25% remain undiagnosed. Self-testing helps identify diabetes at an early stage and manage it effectively through timely treatment and lifestyle changes. Similarly, regular pregnancy and HIV screening through home use kits helps curb transmission rates. Favorable regulatory norms and reimbursement policies in developed nations promoting use of self-testing devices and kits is another key trend fueling market revenue. Growing access through online sales, discounted pricing and easier interpretation of results will further aid the market expansion during the forecast period.

Porter’s Analysis

Threat of new entrants: The self-testing market has moderate threat of new entrants due to the requirement of large capital investments for R&D and regulatory approvals. However, established players leverage their brand and resources to maintain their market position.

Bargaining power of buyers: The bargaining power of buyers is high in the self-testing market owing to the availability of alternative test options and price sensitivity of buyers. Buyers can choose from various players offering similar products.

Bargaining power of suppliers: The bargaining power of suppliers is moderate given the availability of substitute raw materials. Established players try to develop long-term relationships with suppliers to ensure steady supply.

Threat of new substitutes: Threat of new substitutes is moderate as hospital or lab testing provide accurate diagnostic results. However, self-testing offers advantage of convenience, affordability and speed.

Competitive rivalry: The self-testing market witnesses fierce competition due to presence of large multinational and regional players. Players compete based on product innovation, quality and pricing.

Key Takeaways

The Global Self-Testing Market Size is expected to witness high growth, exhibiting CAGR of 8.7% over the forecast period, due to increasing preference for home healthcare solutions. Rising awareness about early disease detection and growing geriatric population supplement the market growth.

Regional analysis: North America dominates the self-testing market owing to rising healthcare costs and focus on preventive healthcare in the US. Asia Pacific exhibits highest growth due to growing medical tourism, health awareness, and increasing disposable income in developing countries like India and China.

Key players: Becton, Dickinson and Company, Abbott, ACCESS BIO, CELLTRION INC. and Siemens Healthcare GmbH are the prominent players in the self-testing market. Players focus on new product launches, collaborations and geographic expansion to gain higher market share and cater to the rising demand.

*Note:
1.      Source: Coherent Market Insights, Public sources, Desk research
2.      We have leveraged AI tools to mine information and compile it