by The self-testing market is estimated to be valued at US$ 21,867.72 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:
Self-testing involves tests conducted by the individuals themselves without involvement of healthcare professionals. It allows individuals to monitor their health conditions and diseases from home. Some common examples of self-testing products include glucose monitoring kits, HIV testing kits, pregnancy testing kits, fertility testing kits, and drug/ alcohol testing kits. Growing awareness about early disease detection and increasing adoption of digital technologies is expected to drive growth of self-testing market over the forecast period.
Market Dynamics:
The self-testing market is expected to witness significant growth owing to two key drivers – growing geriatric population and rising prevalence of chronic diseases. Firstly, growing geriatric population worldwide is more susceptible to various chronic illnesses like diabetes, cardiovascular diseases, and cancers. As geriatric population finds it difficult to frequently visit diagnostic centers, self-testing kits providing convenience of testing from home is gaining popularity. Secondly, increasing cases of lifestyle diseases like diabetes is another factor fueling adoption of self-monitoring glucose kits which allows patients to keep a regular check on their blood glucose levels without visiting labs. Furthermore, technological advancements in testing technologies and growing popularity of online sales channels are also expected to support market growth during the forecast period.
SWOT Analysis
Strength: Self-testing market provides convenient testing from the comfort of one’s home without visiting a lab. It empowers individuals to take control of their health and is more affordable. Testing kits are easy-to-use with clear instructions. Results are available quickly without delays.
Weakness: Accuracy of results from self-testing kits depends highly on following instructions properly. Some tests require drawing blood by pricking fingers which some may find difficult or uncomfortable. Kits availability is limited for rare conditions.
Opportunity: Growing awareness about preventive healthcare and rising incidence of chronic diseases will drive higher adoption rates. Advancing technology is making kits simpler to use with digital indicators. Expansion to new areas like drug abuse and fertility can open up untapped markets.
Threats: Strict regulations by agencies regarding approvals may delay product launches. Quality consistency between different batches needs monitoring. Some may still prefer clinician-led tests believing them to be more reliable. Inaccurate self-diagnosis can lead to improper treatment.
Key Takeaways
Global Self-Testing Market Demand is expected to witness high growth, exhibiting CAGR of 8.7% over the forecast period, due to increasing awareness about preventive healthcare measures.
Regional analysis:
North America dominates the self-testing market currently with a share of over 35% due to availability of advanced products and rising healthcare costs encouraging home use. Asia Pacific is projected to grow at the fastest pace of 10.2% owing to large population scale, increasing affordability and spread of chronic diseases.
Key players analysis:
Key players operating in the self-testing market are Becton, Dickinson and Company, Abbott, ACCESS BIO, CELLTRION INC., Siemens Healthcare GmbH, ACON Laboratories Inc., ARKRAY, Inc, F. Hoffmann-La Roche Ltd., OraSure Technologies Inc., Quest Diagnostics, Bionime Corporation, Btnx Inc., iHealth Labs Inc., InBios International, Inc. USA. And True Diagnostics Inc. Abbott and F. Hoffmann-La Roche Ltd. have the largest market share currently with their diverse product portfolios.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
