The Global Self-testing Market growth will be 5.5% CAGR during 2020-2030
30-50% of consumers prefer using at-home diagnostics for various conditions, and global self-testing kits market revenues are set to grow 2x by 2030 – these are the findings of a new study by Future Market Insights (FMI).
Key Findings of the Study
- Global revenues will grow at 5.5% CAGR over forecast period, 2020-2030
- Blood glucose testing to hold prominent share in self-testing market, owing to high prevalence rate of diabetes
- Self-testing kits for testing urine and blood samples to account for greater demand through 2030
- Retail and online pharmacies, will collectively capture nearly 60% revenue share
- High-growth markets in APAC to witness heightened activity
“Lack of trust on accuracy and quality and reluctance of individuals to address health issues are key challenges before self-testing market players. Bringing regulations to effect, abidance with prevalent accreditations, and developing transparent solution to fulfil diagnostic requirements of individuals are the order of the day,” says analyst at FMI.
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COVID-19 Impact on Self-testing Market
In wake of the COVID-19 pandemic, movement restrictions (lockdown) and mass testing have become key measures to control the virus contagion. To achieve the objective, self-testing kits are emerging as a cost-effective way to reach wider sections of society.
Realizing their potential, government agencies such as the Food and Drug Administration (FDA) are granting rapid approvals to at-home COVID-19 test kits, for instance,
- LabCorp – company that has network of medical labs across the US – has developed at-home COVID-19 test kit that will bring coronavirus testing to doorsteps of every household.
- Everlywell – a health and wellness company – has designed at-home COVID-19 testing kit that enables individuals to self-collect nasal samples at respective homes and send them to designated laboratories for diagnostic testing. The offering has received emergency use authorization from the FDA.
Authorization of COVID-19 at-home collection kits that will be used with multiple tests at multiple labs offers better patient access to tests as well as protects people from potential spread.
Self-testing for COVID-19 as a novel clinical pathway will demand for proactive monitoring and analysis for efficiency. However, realizing the existing restricted state of access to testing for significant number of individuals, risk of inaction will be a major concern.
Self-testing Market – Competitive Intelligence
The global self-testing market is highly consolidated with top 5 years accounting for over three-fourths of total market revenue. Leading players are highly focusing on mergers & acquisitions (M&A) to remain competitive in global landscape. Case in point,
- Procter & Gamble (P&G) has acquired This is L. Inc. – which is among fastest growing feminine care brands in the US – in order to further its commitments to support women and girls as well as its existing feminine care portfolio.
- Ascensia Diabetes Care Holdings AG has teamed up with POCtech Co. Ltd.to co-develop and distribute continuous glucose monitoring systems.
- bioMérieux – global leader in vitro diagnostics – has entered into an agreement with Baxter International Inc. – world leader in acute care – to design future biomarkers with the aim to rapidly recognize and offer treatment for acute kidney injury.
- Siemens Healthineers has taken -based Fast Track Diagnostics (FTD) (Luxembourg), which is global supplier of molecular diagnostic tests.
Want more insights?
Future Market Insights, in its new study, provides compelling insights about the self-testing market that encloses industry analysis for 2015 – 2019 and opportunity assessment for 2020 – 2030. The report offers unbiased assessment on self-testing market through five different categories – product type, application, sample type, distribution channel, and region. The global self-testing market research study delivers insights of pricing by different life cycle analysis, product life cycle, major market trends and technologies that are being utilized in the development of self-testing products and product adoption in various end users.
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Key Questions Answered by the Report
- What is the self-testing market size?
The global self-testing market size will value around US$ 6.8 Bn in 2020. The growth rate for self-testing market will be 5.5% CAGR during 2020-2030.
- Which is the largest market for self-testing?
North America represents the largest market for self-testing kits, globally, followed by Europe, owing to well-established healthcare infrastructure and supportive government policies.
- Which are the top companies in global self-testing market?
Abbott Laboratories, ACON Laboratories Inc., BTNX Inc, ARKRAY Inc., and Assure Tech (Hangzhou) Co. Ltd. are among the key players in self-testing market.
- For which application are self-testing kits available?
Companies generally offer self-testing kits for various applications including, blood glucose testing, pregnancy & fertility testing, and cancer testing, to name a few. While adoption in blood glucose testing will remain high, usage in thyroid testing will gain momentum in coming years.
- What is the outlook of East Asia self-testing market?
Self-testing kits in East Asia are witnessing huge demand, given rising trend of home diagnosis as well as surging investments in upgradation of healthcare infrastructure.
- Which distribution channel is highly lucrative for self-testing kits manufacturers?
Market players continue to reap substantial revenues from retail pharmacies. However, they are also exploring new revenue streams in online pharmacies and supermarkets/hypermarkets.
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