Home Testing Kits Segment is the largest segment driving the growth...

Home Testing Kits Segment is the largest segment driving the growth of Self-Testing Market

Posted 2023-11-08 11:06:28

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 kits allows people to collect samples and conduct medical tests privately at home. These tests help in early detection and diagnosis of conditions like pregnancy, HIV, diabetes, cancer and others. Home collection of samples provides convenience to users by saving time and costs involved in visiting diagnostic centers or hospitals.

Market key trends:
One of the key trends in the self-testing market is the rising demand for point-of-care testing. Point-of-care testing enables conducting medical tests near the site of patient care instead of sending samples to a laboratory. This helps in faster diagnosis and treatment decisions. Growing preference for self-monitoring of health conditions is another trend. Widespread adoption of telehealth and remote patient monitoring during the pandemic has further accelerated the demand for home use medical devices and test kits. Availability of Bluetooth enabled smart home testing devices connected to mobile applications and doctors is a emerging trend in developed markets.

SWOT Analysis
Strength: The self-testing market offers convenience to users as tests can be done in the privacy of one's home without visiting hospitals or clinics. This saves time and reduces discomfort.
Weakness: Accuracy and reliability of self-testing kits are still a concern area as incorrect use may lead to inaccurate results. Lack of medical supervision is also a limitation.
Opportunity: Growing awareness about preventive healthcare is encouraging people to adopt self-monitoring. Expanding availability of WiFi and Bluetooth enabled smart self-testing devices presents an opportunity.
Threats: Stringent regulations over diagnostics and invasive tests restrict the scope of conditions that can be self-tested. Competition from POC diagnostics performed by professionals also poses a threat.

Key Takeaways
Global Self-Testing Market Demand was valued at US$ 21867.72 Mn in 2023 and is expected to witness high growth, exhibiting CAGR of 8.7% over the forecast period, due to increasing awareness about preventive healthcare and need for instant diagnosis.
North America dominated the self-testing market in 2023 due to the presence of major players, favourable regulatory environment, and early adoption of new technologies. However, Asia Pacific is expected to grow at fastest pace owing to rising healthcare spending and large patient base.
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.