May 24, 2024

Self-Testing Market Is Expected To Be Flourished By Growing Adoption Of Point-Of-Care Diagnostics

Self-testing refers to diagnostic tests that are performed at home by the patients themselves without the involvement of a healthcare professional. Products associated with the self-testing market include glucose monitoring kits, pregnancy test kits, HIV test kits, ovulation prediction test kits, and drug abuse test kits. Rising prevalence of chronic diseases such as diabetes, cardiovascular diseases, and cancer has contributed significantly to the growing demand for self-testing products. Self-testing kits allow patients to monitor their health conditions conveniently and help in early disease detection.

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:

 

One of the key drivers favoring the growth of the self-testing market is the growing adoption of point-of-care diagnostics. Point-of-care or near-patient testing refers to medical diagnostic testing performed outside a clinical laboratory, in places like ambulance, pharmacy, urgent care clinics and at home. Rising preference for convenient medical screening and early disease diagnosis has boosted the demand for self-testing kits that fall under the umbrella of point-of-care diagnostics. Self-testing empowers patients to take control of their health by monitoring health parameters from the comfort of their home. It allows for continuous health tracking without requiring frequent visits to clinics or hospitals. Growing health awareness among consumers has driven the adoption of self-testing as preventive healthcare approach.

 

Segment Analysis

 

The self-testing market comprises of two main segments- self-monitoring medical devices and telehealth & remote patient monitoring. Currently, the self-monitoring medical devices segment dominates the market owing to the rising need for early disease detection and self-monitoring among individuals. Key self-monitoring medical devices include glucometers, pregnancy kits, cholesterol trackers, HIV kits, etc. The telehealth & remote patient monitoring segment is expected to witness high growth during the forecast period due to the increasing adoption of digital healthcare solutions and remote care delivery.

PEST Analysis

Political: Regulations around telemedicine and remote care delivery have been streamlined in many countries to expand access to care. However, data privacy laws continue to evolve which could impact adoption.

Economic: Rising healthcare costs are driving demand for cheaper self-testing and remote care options. Individuals are also willing to pay more for self-monitoring devices to receive early disease detection and management.

Social: Changing lifestyles and growing health awareness have increased the demand for self-care tools. The digital native population prefers convenient digital healthcare solutions over regular clinic visits.

Technological: Advancements in connectivity, artificial intelligence, miniaturization and wearables have enabled the development of easy-to-use self-testing devices and remote monitoring systems. 5G roll out will further boost connected care penetration.

Key Takeaways

The Global Self-Testing Market Demand is expected to witness high growth driven by the increasing focus on self-care, growing chronic disease prevalence and digital healthcare transformation. 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.

Regional analysis

North America’s dominance can be attributed to higher health awareness levels and growing geriatric population. Investments by key players in remote monitoring R&D are further augmenting regional market growth. However, Asia Pacific is slated to offer lucrative opportunities with India and China representing major hotspots. This is due to growing burden of lifestyle diseases, evolving regulations and increasing healthcare infrastructure investments in these nations.

Key players

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. These players are focusing on mergers & acquisitions and launch of integrated digital healthcare platforms to gain a competitive edge in the market.

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