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:
The self-testing market involves diagnostic medical devices and test kits that
enable individuals to collect samples and interpret results by themselves,
without requiring a healthcare professional. Some common types of self-tests
available include glucose monitoring, HIV testing, pregnancy testing, fertility
testing, cholesterol testing, coagulation monitoring, and drug abuse testing.
Self-testing provides advantages such as convenience, accessibility,
affordability, and confidentiality.
Market Dynamics:
Growing awareness about early disease diagnosis and rising focus on preventive
healthcare are expected to drive the growth of self-testing market. According
to the U.S. Centers for Disease Control and Prevention, around 37.3 million
people were living with HIV globally in 2020. However, self-testing allows
individuals to test discreetly and provides an opportunity to seek treatment
when detected at an early stage. Furthermore, increasing geriatric population
has augmented the need for convenient health monitoring devices. According to
the United Nations World Population Prospects, by 2030, one in six people in
the world will be over age 65. Self-testing devices allow the elderly
population to monitor health parameters independently from the comfort of their
homes.
Segment
Analysis
The self-testing market is dominated by infectious disease testing segment.
This segment holds the largest share owing to increasing prevalence of
infectious diseases such as HIV, malaria, etc. across the globe along with
growing awareness regarding early disease diagnosis among people.
PEST Analysis
Political: Governments of various countries are undertaking initiatives to
spread awareness about critical health issues which is favoring market growth.
For instance, HIV self-testing project by WHO aims to extend HIV testing
services.
Economic: Rising disposable income levels combined with growing medical
expenditures is fueling the demand for self-testing products. These tests offer
cost-effective solutions for preliminary health screening.
Social: Changing lifestyles and increased health consciousness among public has
boosted adoption of self-administered tests for scanning various health
parameters from the comfort of home.
Technological: Rapid technological evolution in measurement technologies like
immunoassays aids development of user-friendly self-testing kits with high
accuracy and minimal turnaround time. Introduction of smartphone-based kits
extends convenience.
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 early detection of chronic
and infectious diseases.
The market size for 2023 is US$ 21867.72 Mn. North America commands the largest
share in the regional analysis, owing to rising incidence of lifestyle-induced
chronic illnesses and growing elderly population undergoing self-monitoring
their health regularly.
Key players operating in the self-testing market include 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. And True Diagnostics Inc. Focus on new product
launches and expanding geographical reach are some key strategies by these
players.
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