July 20, 2024
Self-Testing Market

The Self-Testing Market is Estimated To Witness High Growth Owing To Rising Adoption of Home Testing Kits

The 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:
The self-testing market comprises home-based testing kits that enables individuals to collect samples and test results on their own without assistance from healthcare professionals. Such testing kits are used for diagnosing conditions like pregnancy, ovulation cycle tracking, HIV, diabetes, cholesterol level etc. The self-testing kits offer convenience of privacy and help avoid visit to diagnostic centers, thereby driving their adoption.

Market key trends:
One of the major trends fueling the growth of self-testing market is rising cases of infectious diseases globally. For instance, according to WHO, worldwide more than 36 million people were living with HIV/AIDS by end of 2020. Self-testing helps identify new cases in private way and encourage treatment. Furthermore, increasing health awareness regarding early detection of chronic conditions like diabetes and high blood pressure is prompting users to opt for home testing kits. Expanding availability of self-testing kits for wider range of health parameters through online retail channels is also boosting the market growth. Technological advancements are further aiding development of easy-to-use kits with high accuracy, fueling adoption of self-testing in coming years.

Porter’s Analysis

Threat of new entrants: The self-testing market requires high initial investments in R&D and manufacturing facilities. This poses barriers for new companies.

Bargaining power of buyers: Due to increasing self-testing options available, buyers have moderate bargaining power to choose from different products and brands.

Bargaining power of suppliers: Major players control the supply of raw materials and technologies. This gives them significant influence over pricing.

Threat of new substitutes: Alternative rapid diagnostics pose competition. However, the convenience of self-testing makes it a unique proposition.

Competitive rivalry: Major players compete on the basis of technology, pricing and brand recall.

SWOT Analysis

Strengths: Non-invasive nature improves compliance. Rising awareness regarding disease screening boosts demand.

Weaknesses: Accuracy depends on correct sample collection. Lack of medical assistance limits usage to low-risk patients.

Opportunities: Growing geriatric population prone to chronic diseases. Untapped markets in developing nations present scope.

Threats: Stringent approvals delay product launches. Reimbursement policies vary globally affecting revenue.

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.

Regional analysis: North America dominates currently due to rapid technology adoption and awareness. However, Asia Pacific is projected to witness fastest growth amid rising healthcare expenditure in countries like China and India.

Key players: Major 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. They compete on technological advancements and market penetration.

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