Self-testing Market is forecast to expand at a significant CAGR of 5.6% to reach US$ 11.55 Billion by 2030
Self-Testing is opening new ways to monitor, diagnose, and address patients and their treatment. Manufacturers are developing testing kits for wellness and prevention strategies, ranging from chronic disorder management and acute infection diagnoses to detect the potential risks of ailments.
Testing for drugs of abuse in the medical field is constructing new inroads into the domain of pain management, primarily owing to the increased usage of opioids for the treatment of chronic diseases as well as mortality and morbidity related to misuse of these drugs. Self-testing kit sales are estimated to be worth $7.49 billion globally. The market is expected to grow at a significant 5.6% CAGR to reach US$ 11.55 billion by 2030.
North America is likely to hold a hugely lucrative market. The lucrativeness is to be supported by the role of home kits in value-based care. Furthermore, testing backlogs, reagent shortages, and restricted access to hospitals are likely to contribute to inadequate testing of COVID-19 in North America. On the other side, U.S. Food and Drug Administration (FDA) is rapidly granting approvals for COVID-19 self-testing kits. Europe followed by Asia-Pacific is likely to add fuel to the market due to the large population and growing awareness about the convenience and acceptability of self-testing kits.
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.
Request sample @
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.
Request Customization of the report @
Key Segments of Self-Testing Industry Survey
Self-testing Market by Product:
- Digital Monitoring Instruments
- Self-testing Cassettes
- Self-testing Midstreams
- Self-testing Strips
- Self-testing Cups
- Self-testing Dip Cards
- Self-testing Panels
Self-testing Market by Application:
- Blood Glucose Testing
- Pregnancy & Fertility Testing
- Cancer Testing
- STD/ STI Testing
- Drug of Abuse Testing
- Cholesterol Testing
- HIV Testing
- Thyroid Testing
Self-testing Market by Sample:
- Vaginal Swabs
Self-testing Market by Distribution Channel:
- Retail Pharmacies
- Drug Stores
- Online Pharmacies
Get Discount on the Report @
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
Future Market Insights,
Unit No: 1602-006,
Jumeirah Bay 2,
Plot No: JLT-PH2-X2A,
Jumeirah Lakes Towers,
United Arab Emirates
For Sales Enquiries: email@example.com
LinkedIn| Twitter| Blogs