Self-testing products enable individuals to test themselves for various health parameters without requiring assistance from healthcare professionals or laboratories. Some of the common self-testing products include pregnancy test kits, HIV self-testing kits, glucose monitoring equipment for diabetes management, and fertility monitors. The demand for self-testing is increasing owing to the advantages such as convenience, minimal time requirement, and privacy. Moreover, self-testing helps in early disease detection and improved management of chronic conditions.
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 6.8% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
Improved disease management is one of the key opportunities driving the growth of the self-testing market. Self-testing allows frequent monitoring of health parameters without requiring frequent doctor visits. This helps in timely detection of abnormal results and taking corrective actions. For example, glucose self-monitoring is crucial for effective management of diabetes as it helps patients make timely changes to diet, exercise or medication. Similarly, regular pregnancy and fertility testing allows women to plan and monitor their pregnancies better. The opportunity for improved disease management through self-care is encouraging more individuals to use self-testing products.
Porter's Analysis:
Threat of new entrants: Low-to-moderate as self-testing market is highly dependent on research and product development, which requires substantial capital investment and resources.
Bargaining power of buyers: High as buyers have several product options from key market players to choose from.
Bargaining power of suppliers: Moderate as key suppliers control intellectual property rights and product differentiation provide negotiating leverage.
Threat of new substitutes: Low as self-testing products provide convenience that is difficult to replace.
Competitive rivalry: High due to presence of many global players offering differentiated product portfolios.
SWOT Analysis:
Strengths: Growing preference for self-monitoring of health conditions. Convenience of self-administered tests.
Weaknesses: Accuracy and reliability concerns for some tests. Need for proper usage and reading of results.
Opportunities: Untapped growth potential in developing nations. Rising incidence of chronic and infectious diseases.
Threats: Stiff competition amongst existing players. Stringent quality regulations.
Key Takeaways:
The Global Self-Testing Market Demand is expected to witness steady growth over the forecast period due to the increasing incidence of chronic illnesses and the growing emphasis on disease prevention and early detection. 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 6.8% over the forecast period 2023 to 2030.
North America dominates the self-testing market currently due to high awareness levels and supportive reimbursement policies for self-testing products in the region. However, Asia Pacific is likely to emerge as the fastest growing market in the future supported by large patient pools, improving access to healthcare services, and rising health expenditures.
Key players operating in the self-testing market are BNP Paribas, CVS Health, Aviva, Allianz, Humana, Cigna, Aetna, Wellcare Health Plans Inc., UnitedHealth Group Inc., and Nippon Life Insurance Company, among others. These players are focusing on new product launches, partnerships, and mergers & acquisitions to strengthen their market presence. For instance, in 2022, F. Hoffmann-La Roche Ltd. launched a self-testing kit for diabetes diagnosis in the European market.
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