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:
Self-testing, also known as home-based testing, enables individuals to collect their own specimens and perform diagnostic tests outside of a traditional clinical setting and without the assistance of a healthcare professional. Common types of self-tests include blood glucose monitoring, pregnancy tests, ovulation prediction kits, HIV self-tests, and drug-of-abuse tests. Self-testing provides easier access to healthcare, increased privacy, and real-time results while eliminating travel time and costs associated with visiting diagnostic centers or hospitals. Growing preference for convenient healthcare services and self-monitoring of health conditions is fueling demand for self-testing products globally.
Market key trends:
One of the key trends in the self-testing market is the rising popularity of self-testing kits to manage chronic conditions from home. Self-testing kits allow individuals to regularly monitor health parameters related to chronic diseases such as diabetes and keep the conditions in control. Furthermore, technological advancements are leading to the development of advanced self-testing kits with high accuracy, easy-to-use interfaces, and quick result delivery. This is increasing the reliability of home-based testing. Major players are also focusing on launching affordable self-testing kits to increase accessibility in developing regions. Rapid antigen tests for COVID-19 are another major trend as many governments recommend regular self-testing to limit community transmission of the virus.
Porter's Analysis
Threat of new entrants: The self-testing market poses moderate threat of new entrants due to the requirement of high capital investment and stringent regulations. However, new companies can enter through strategic collaborations or acquisitions.
Bargaining power of buyers: Buyers have high bargaining power attributed to presence of many global and local vendors offering a variety of self-testing products. Buyers can negotiate on price and quality.
Bargaining power of suppliers: Suppliers have moderate bargaining power as self-testing depends on supply of raw materials and components from limited number of suppliers. However, switching cost for buyers is low.
Threat of new substitutes: Threat from substitutes is low as self-testing devices are convenient and offer accurate results in comparison to lab tests. However, substitutes like online consultations could emerge.
Competitive rivalry: The market features strong competition among the top players. Companies compete based on product quality, features, pricing, and branding.
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 preference for home healthcare solutions and rising awareness about early disease detection.
Regional analysis: North America dominates the self-testing market owing to supportive government initiatives and technological advancements in home care diagnostics. Asia Pacific is expected to exhibit the fastest growth over the forecast period attributed to rising healthcare expenditures and increasing focus on preventive healthcare in countries like China and India.
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. The market players compete based on test accuracy, features and convenient usage.
Read More- https://www.trendingwebwire.com/self-testing-market-forecast-value-and-insights/
