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:

Self-testing involves use of home collection kits or home screening products and help diagnose medical conditions without requiring consultation from healthcare professionals. It provides several advantages such as cheaper costs, convenience and privacy for conducting medical tests from home. Self-tests are available for various diseases and health conditions such as blood glucose levels, pregnancy, ovulation, urinary tract infection, cholesterol levels etc. The need for home healthcare services is growing steadily owing to benefits like lesser waiting times and hassle free procedures.

Market key trends:

One of the key drivers of the self-testing market is the increased adoption of home healthcare services. The rising demand for convenience, affordability and privacy associated with home sample collection is prompting more individuals to opt for self-testing procedures. Furthermore, technological advancements are enabling development of simplified, hassle free and accurate self-testing kits for various diseases. Growing awareness regarding early detection and prevention is another factor boosting adoption of self-testing solutions. The market players are also launching self-testing kits for infectious diseases like COVID-19 which has further accelerated the market growth in recent past.

Porter’s Analysis

Threat of new entrants: The self-testing market requires huge capital investments in R&D, manufacturing, marketing and brand building. These high barriers limit the threat of new entrants.

Bargaining power of buyers: The bargaining power of buyers is moderate as self-testing kits are used for disease diagnosis and treatment management. Buyers prefer branded products from reputed manufacturers.

Bargaining power of suppliers: The bargaining power of suppliers is low as raw material suppliers are fragmented. Suppliers do not have control over pricing.

Threat of new substitutes: The threat of substitutes is low as self-testing helps in faster diagnosis replacing lab tests and clinics.

Competitive rivalry: The competitive rivalry is high due to presence of global players.

SWOT Analysis

Strength: Easy availability of self-testing kits aids in early disease detection. Accuracy and convenience of use have increased adoption.

Weakness: Accuracy depends on sample collection method. Few tests require lab verification of results.

Opportunity: Rising health awareness and focus on preventive healthcare will boost demand. Untapped rural markets offer scope.

Threats: Stringent regulations may delay product approval. Reimbursement policies impact market growth.

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 preference for home healthcare solutions. North America dominates the market currently due to presence of major players and rising healthcare expenditure.

Regionally, Asia Pacific is expected to witness fastest growth due rising disposable income, large patient pool and improving access to care. China, Japan and India will be major revenue generators.

Key players operating in the self-testing market are Becton, 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. These companies have strong distribution networks and invest extensively in new product launches.

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https://www.newswirestats.com/self-testing-market-share-size-forecast-outlook-2023-2030/