Self-Testing Market to Reach Market Valuation of USD 11 bn by 2030 as COVID-19 Crisis Fuels Adoption
As per the latest market study by Future Market Insights (FMI), the global self-testing market is projected to record a CAGR of 5.5% amid the forecast period, 2020-2030.
Consumers are swiftly adapting to buy self-testing kits due to early detection of severe allergies or diseases with the assistance of STI/STD self-tests, cancer-tests, and intolerance self-tests. Pharmacies are receiving a positive response online against the conventional approach of buying them from retail pharmacy stores subsequent to seeking medical advice. Market players are formulating these testing kits together with a range of wellness and prevention strategies, scoping from chronic disorder management and acute infection diagnoses to detecting probable risks of diseases.
Moreover, the COVID-19 outbreak and successive ripple effects have obliged retailers to shut down their stores, impacting the profit margins of self-testing kit producers. With brick-&-mortar stores closing down temporarily, players are placing their bets on e-commerce/online platforms to endure pandemic shockwaves.
“Easy accessibility of product via online pharmacies or retail pharmacies is promising the producers to enter into an agreement with distribution and supply chain networks to enter untapped markets and establish a global footprint,” opines FMI analyst.
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Self -Testing Market – Major Takeaways
- The global self testing market is forecasted to reach a valuation of US$ 11 Bn by 2030.
- By product, digital monitoring instruments will continue to be the preferred product category as they help care for ailments ranging from chronic to recovery conditions from acute episodes by gathering important patient data at-home settings.
- Based on the application, around 8 out of 10 users opt for utilizing these kits for testing blood glucose.
- Among distribution channels, the retail pharmacies will remain dominant attaining revenue close to US$ 3.5 Bn, by 2030.
Self -Testing Market – Key Drivers
- Demand for reliable and easy self-testing devices and kits has escalated owing to the fast generation of results along with maintaining the privacy.
- Easy accessibility and advertising schemes are influencing the self-testing market growth, optimistically.
- Growing awareness concerning healthcare and related ailments along with non-profit organizations and government’s encouragement complements the market growth.
Self -Testing Market – Regional Analysis
- North America remains the biggest market for self-testing kits, worldwide, trailed by Europe, due to mature healthcare infrastructure and favorable government policies.
- The European region is anticipated to be the second most lucrative region owing to the increasing occurrence of diabetics and the growing adoption rate.
- East Asia self-testing kits market is foreseeing huge demand, soaring investments in healthcare infrastructure up-gradation in addition to increasing trend of home diagnosis.
Self -Testing Market – Competitive Landscape
Market players extend to reap notable revenues from retail pharmacies. Conversely, they are additionally delving into new revenue streams in supermarkets/hypermarkets and online pharmacies. Prominent players operating in the global self-testing market include ARKRAY Inc., ACON Laboratories Inc., Becton, Dickinson & Company, Assure Tech (Hangzhou) Co. Ltd., Roche Holding AG, Bionime Corporation, True Diagnostics Inc., and Quidel Corporation.
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Self- Testing Market – Taxonomy
- Digital Monitoring Instruments
- Test Panels
- Dip Cards
- Pregnancy & Fertility Testing
- Blood Glucose Testing
- STD/ STI Testing
- Cancer Testing
- Cholesterol Testing
- Drug of Abuse Testing
- Thyroid Testing
- HIV Testing
- Vaginal Swab
- Drug Stores
- Retail Pharmacies
- Online Pharmacies
- North America
- Latin America
- South Asia & Pacific
- East Asia
- Middle East & Africa (MEA)
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Get Valuable Insights into the Self Testing Market
Future Market Insights, in its new offering, provides an unbiased analysis of the global self testing market, presenting historical demand data and forecast statistics for the period from 2020-2030. The study divulges compelling insights on the self testing market, allowing readers to glean qualitative and quantitative information which will enable them to make informed market decisions in the upcoming forecast period