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 devices allow individuals to collect and analyze samples and interpret test results without the involvement of healthcare professionals. Self-testing devices include glucose monitors, HIV testing kits, pregnancy kits, cholesterol testing kits, and drug abuse testing kits among others. Rising prevalence of chronic diseases and increasing demand for home care are major factors driving demand for self-testing devices.
Market Dynamics:
Rising prevalence of chronic diseases such as diabetes, cardiovascular diseases, and HIV/AIDS is a major factor driving growth of the self-testing market. According to World Health Organization (WHO), cardiovascular diseases are the number one cause of death globally, and diabetes is the 9th largest cause of death. WHO estimates that 422 million people worldwide have diabetes. Increasing home care and patient preference for home care are also driving demand for self-testing devices. Self-testing devices offer advantage of privacy, convenience, and cost-effectiveness over lab tests. Advancements in technology are further facilitating development of easy-to-use and accurate self-testing devices.
SWOT Analysis
Strength: Self-testing provides convenience and privacy to users as they can test themselves at any time and place of their choice without needing assistance. It allows users to avoid long wait times at diagnostic centers. Self-testing kits are also easy-to-use and help in early disease detection.
Weakness: Results from self-testing may not be as accurate as those conducted by healthcare professionals. Improper sample collection or incorrect testing procedures can yield inaccurate results. The testing process may require users to prick their bodies for blood samples which some may find uncomfortable.
Opportunity: Rising awareness about early disease detection and prevention is driving greater adoption of self-testing. Growing preference for non-invasive, cost-effective and hassle-free testing methods also provides opportunities for market expansion.
Threats: Strict regulatory approvals and surveillance over self-testing kits is a challenge. Inaccurate results from self-testing can reduce confidence and adoption.
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 prevalence of chronic and infectious diseases. Growing awareness about early disease detection and demand for accessible healthcare is driving the market growth.
Regional analysis: North America dominated the self-testing market in 2023, accumulating around 35% revenue share. This was attributed to rising healthcare costs, increasing elderly population and presence of leading market players in the region. Asia Pacific is expected to witness fastest growth during the forecast period owing to large population base, increasing disposable incomes, rising healthcare awareness and technological advancements in self-testing devices.
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.These companies are focusing on new product launches, collaborations and geographic expansion to gain leading position in the market.
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