The global Self-Testing Market is estimated to be valued at US$ 21,867.72 Mn or Bn 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:
Self-testing involves testing of medical conditions by individuals privately without requiring laboratory testing or involvement of healthcare professionals. Self-testing products enable the user to perform tests at home to monitor or test health conditions quickly and easily. This has gained popularity due to increased health awareness as well as ease and affordability of such diagnostic products.
Market key trends:
Growing awareness about personal healthcare and regular health monitoring is a major factor driving the self-testing market. Individuals are increasingly taking preventive measures to track minor health abnormalities early on from the comfort of their homes. Rising prevalence of chronic diseases such as diabetes, hypertension, and cardiovascular diseases have fuelled demand for self-monitoring devices to help manage such conditions better. Technological advancements have led to development of smart and portable self-testing devices which provide quick results conveniently. This coupled with ability to share test data digitally with physicians have seen wider acceptance of self-testing products.
Segment Analysis
Self-testing market is segmented into product type, sample type, distribution channel, and region. Based on product type, the self-testing market is dominated by glucose monitoring systems segment as it constitutes majority of the market share. Glucose monitoring systems are commonly used for self-testing of blood glucose levels by diabetes patients. Growing prevalence of diabetes globally drives the demand for glucose monitoring systems segment.
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 prevalence of chronic and infectious diseases. The market size for self-testing market was valued at US$ 21867.72 Mn in 2023.
Regional analysis showed that North America dominates the self-testing market and is expected to continue its dominance during the forecast period. Higher awareness regarding self-testing products along with growing adoption of self-testing due to increasing prevalence of chronic diseases drive the market in the region.
Key players operating in the self-testing market are 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. USA. And True Diagnostics Inc. Key players are focusing on new product launches, acquisitions, and geographic expansions to bolster their market presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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