The global Self-Testing Market is estimated to be valued at US$ 21,867.72 Mn 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 products allow individuals to collect samples from the body and test them without the need for a healthcare professional. These tests help identify conditions like pregnancy, sexually transmitted diseases, diabetes, and drugs of abuse at home. Self-testing provides convenience, privacy, and easy accessibility to testing.
Market key trends:
Growing prevalence of chronic diseases around the world is fueling the demand for self-testing products. According to the World Health Organization (WHO), chronic diseases accounted for approximately 60% of all deaths worldwide in 2001. Cardiovascular diseases, cancer, respiratory diseases, and diabetes were identified as the leading causes. Early detection of these conditions through home-based testing can facilitate timely treatment and management of diseases. Furthermore, increasing adoption of telehealth and digital technologies by healthcare facilities is expected to support the self-testing market over the forecast period.
SWOT Analysis
Strength: Self-testing kits provide convenience and privacy to users as tests can be administered at home without requiring direct help from healthcare professionals. The costs of self-testing kits are also lower than clinic visits.
Weakness: Reliability and accuracy of self-testing kits depends highly on the user following instructions properly. Improper sample collection or procedure can lead to incorrect results. Lack of medical supervision in self-testing can cause anxiety in some users.
Opportunity: Growing awareness about personal healthcare and rising cases of infectious and chronic diseases are increasing demand for preventive healthcare screenings at home. The COVID-19 pandemic has further accelerated adoption of self-testing. Development of new self-testing technologies for more diseases will expand the market size.
Threats: Strict regulatory norms and approval procedures can delay market entry of new self-testing products. Competition from clinic-based testing may limit sales growth if users continue perceiving clinic tests as more reliable.
Key Takeaways
The Global Self-Testing Market Size is expected to witness high growth, exhibiting CAGR of 8.7% over the forecast period, due to increasing awareness about preventive healthcare and lifestyle diseases. North America is expected to dominate the self-testing market throughout the forecast period owing to the higher adoption of self-monitoring practices and technological advancements in the region.
Regional analysis
The self-testing market in North America is expected to grow at a significant rate during the forecast period. This is attributed to the increased healthcare spending and rapid technological advancements in self-testing products in the region. The market in Asia Pacific is anticipated to grow at the fastest rate between 2023 and 2030 due to the rising geriatric population, growing penetration of self-testing products, and increasing demand forPOC devices in countries such as China and India.
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.