Global OTC Tests Market is expected to grow at a CAGR of 11.01% during the forecast period 2020-2027
A new research report published by Fior Markets with the title OTC Tests Market By Product (Cholesterol Monitoring Test, Urine Analysis Test, Drug Abuse Test, Infectious Disease Testing, Fecal Occult Test, & Glucose Monitoring Test), Application (Cardiology, Oncology, Glucose Monitoring, Pregnancy & Fertility, Infectious Disease, Toxicology and Others), End User (Hospital & Clinic, Home Care, Diagnostic Laboratory and Others) Regions And Global Forecast 2020-2027.
The global OTC test market is expected to grow from USD 13.20 billion in 2019 to USD 30.44 billion by 2027, at a CAGR of 11.01% during the forecast period 2020-2027. North America witnessed for the most substantial share of the OTC test market. The large percentage of this region can be associated with the increasing predominance of lifestyle diseases, a rising number of product approvals, and rising government actions in this area. The Asia Pacific is expected to arise at the most significant CAGR throughout the projection period. The considerable growth in this regional segment is associated to the growing number of patient base and the increasing predominance of contagious diseases. The European region consider to be the home for key players. However, MEA and rest of the world is rising as the emerging market of the OTC test.
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Some of the most proficient players of the global OTC test market are Bio-rad Laboratories, Inc., Cepheid, Inc., Hologic, Inc., Meridian Bioscience, Inc., OraSure, Technologies, Inc., Quidel Corporation, Roche Diagnostics Akers Biosciences, Inc., Alere Inc. and Becton, Dickinson and Company. They are mostly focussed on bringing the new technologies & expanding their territories to grab the significant market share in the future.
Coronavirus Test-makers increase the production: The difficulty of testing people who may have COVID-19 has become a hard to settling the coronavirus pandemic in the U.S. But, soon, this barrier should be achieved with multiple drug and diagnostic organisations regarding their Covid-19 tests relinquish the health regulator’s muster.
The OTC Test market, by product, has been segmented into glucose monitoring tests, cholesterol tests, pregnancy & fertility tests, drugs-of-abuse tests, coagulation monitoring tests, urinalysis tests, infectious disease tests, and other tests. The contagious disease tests segment is expected to rise at the highest CAGR in the projection period. Based on the application the market is segmented into cardiology, oncology, glucose monitoring, pregnancy & fertility, infectious disease, toxicology and others. Among the other segments the infectious disease has the most substantial share in the global OTC test market. Moreover, the pregnancy & fertility has the high but constant demand in the market. The end user of the global OTC test market includes hospital & clinic, home care, diagnostic laboratory and others. However, the hospital and clinics has the highest share of the global OTC test market. The diagnostic laboratory has the second most substantial share of the global OTC test market.
About the report:
The global OTC test market is analyzed on the basis of value (USD Billion), volume (K Units), export (K Units), and import (K Units). All the segments have been analyzed on global, regional and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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- CDN Newswire