June 22, 2024
Self-Testing Market

Self-Testing Market is Expected to be Flourished by Increased Awareness about Personal Health and Wellbeing

The self-testing market allows individuals to test their health condition independently at home without requiring assistance from healthcare professionals. Common types of self-testing kits include glucose monitoring kits for diabetes, pregnancy & fertility tests, HIV testing kits, ovulation predictor kits, and drug & alcohol test kits. Self-testing empowers individuals to closely monitor their health, provides convenience of privacy, and can help in early disease diagnosis. It gives control to people to check various health parameters like glucose, cholesterol, urinary tract infection, etc. in a hassle-free and timely manner.

The global self-testing market is estimated to be valued at US$ 21867.72 Mn in 2023 and is expected to exhibit a CAGR of 6.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

Increased awareness about personal health and wellbeing is one of the major drivers fueling the growth of the self-testing market. Today’s consumers are more informed and proactive about their health and want to take health decisions independently. Self-testing provides an affordable and anytime solution for monitoring health without depending on doctors or medical centers. Another key driver is the technological advancements in diagnostic tools which have made home testing simpler, more accurate, and reliable. Advanced diagnostics via biomarkers are enabling development of easy-to-use tools like urine test strips, glucose meters, breath analyzers, etc. The growing predominance of e-commerce is augmenting sales of self-testing kits through online platforms. Digitization and m-commerce are supplementing market growth by facilitating doorstep delivery of test kits.

Segment Analysis

The global self-testing market is dominated by the glucose monitoring sub segment which accounts for over 60% of the market share. Glucose monitoring devices have seen increased adoption over the past few years due to the rising prevalence of diabetes across regions. Self-testing devices allow patients to conveniently monitor their blood sugar levels at home and share the results with their physicians for effective tracking of sugar levels and determining adjustments if needed in medication or lifestyle.

Pest Analysis

Political: Regulations around self-testing devices differ across regions. While most developing nations have established rules supporting use of self-testing, stringent approval processes in developed markets can delay market entry of new products.

Economic: Developed markets currently dominate self-testing spending. However, growing healthcare budgets and increasing focus on preventive care in developing nations is allowing wider access to self-testing over time.

Social: Changing lifestyles and increased health awareness has pushed demand for self-care solutions. Self-testing helps manage disorders discreetly avoiding stigma while empowering individuals to play active roles in their own health.

Technological: Adoption of newer immunoassay techniques and miniaturization has enhanced accuracy and ease of use of self-testing devices. Connectivity features in devices allow sharing of medical data with doctors remotely for timely medical guidance and intervention.

Key Takeaways

The Global Self-Testing Market Growth is expected to witness high over the forecast period supported by rising disease burden. The global self-testing market is estimated to be valued at US$ 21867.72 Mn in 2023 and is expected to exhibit a CAGR of 6.8% over the forecast period 2023 to 2030.

The Asia Pacific region currently captures over 30% market share on the back of large patient pools and improved access and affordability of self-testing devices. China dominates the Asia Pacific self-testing market followed by India and Japan.

Key players operating in the self-testing market are BNP Paribas, CVS Health, Aviva, Allianz, Humana, Cigna, Aetna, Wellcare Health Plans Inc., UnitedHealth Group Inc., and Nippon Life Insurance Company, among others. Rising investments by players for development of newer integrated diagnostics and digital health platforms will further push market revenues.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it