Reports and Insights issued a report recently titled “Self-Testing Market: Opportunity Analysis and Future Assessment 2022-2030” which examines and assesses the market’s status over the forecast period. It is a thorough investigation that focuses on elementary and secondary drivers, leading segments, market size and share, and geographical assessment. The study also provides a comprehensive evaluation at of the leading players, major partnerships and alliances, mergers, and acquisitions, along with the trending innovation and corporate strategies.
Global Self-testing Market, By Product Type (Kits (Self-testing Kits and Self-collection Kits) and Self-Testing Devices), By Application Type (Blood Glucose Testing, Pregnancy Testing, Pulmonary Function Testing, Urinary Tract Infection Testing, Sexually Transmitted Infections (STIs) Testing, Genetic Testing, Vitamin Testing (Vitamin D, Vitamin B, and Others), Mineral Deficiency Testing [Iron, Calcium, and Others], COVID Testing, Allergy Testing (Pollen Allergy, Dust Mite Allergy, and Others), Gastrointestinal Screening, Hormone Testing (TSH Testing, Menopause Testing, and Others), Food Sensitivity Testing (Celiac Disease and Others), and Infectious Diseases), By Sample Type (Blood Sample, Saliva Sample, Nasal Sample, Stool Sample, and Urine Sample), By Test Type (Laboratory Tests and Point of Care Tests/Homecare Tests), By Distribution Channel (Offline (Hospital Pharmacies, Retail Pharmacies/ Drug Stores and Supermarkets And Hypermarkets) and Online (E-commerce, Online Pharmacies and Company’s Own Website)), and By Region (North America, Europe, Asia Pacific, Latin America, Middle East, & Africa) is expected to grow at a significant CAGR for the period between 2022 and 2030.
The self-testing market is estimated to reach at a value of US$ 20,465.0 Mn by the end of 2022 and expected to reach at a value of US$ 38,495.3 Mn by 2030 with a significant CAGR of 8.2%
Self-testing market incorporates an enormous amount of potential as it is paving the way for innovative and new approaches to diagnose, monitor and treat people and their conditions. These self-testing kits are being used at home by oneself for detection of various disorders as a part of persistence of preventive and well-being of individuals ranging from acute contagion illness to chronic condition care in order to identify its potential for health issues.
In recent years, self-testing kits have become more accessible in the market as they are handy and comfortable to use at any time. For instance, with the advent of Covid-19 self-test kits, the self-testing market has increased rapidly since 2021. Various other self-test kits are also available in the market such as, pregnancy self-test kits, HIV self-test kits, infertility self-test kits, STI self-test kits which is expected to increase the global self-testing market. The growing prevalence of chronic diseases which is demanding for early diagnosis of the disease is one of the major drivers which is fostering the growth of the global self-testing market in the following years.
In addition to that, growing popularity and demand for self-test kits among the population is further encouraging governments and regulatory bodies to fund research and development activities to manufacture effective and comprehensible self-testing kits. Such factors are further projected to offer significant thrust to the market growth in the near future.
However, despite the fact that the self-testing kits are available handy and easy, there are high chances of failure if the steps are not performed as per the instructions, which is likely to hamper the market growth. Also, the claim about the efficacy of the self-testing kits is questionable due to the concerns of the false-positive and false-negative results which is estimated to hinder the market in the following years.
Nevertheless, the untapped potential of the emerging market is projected to provide attractive prospects for the self-testing market which is estimated to fuel the market rapidly over the coming years.
Reports and Insights Study identifies some of the key participating players in the self-testing market globally are Abbott, Acon Laboratories Inc., ARKRAY Inc., F. Hoffmann-La Roche AG, Siemens Healthineers, OraSure Technologies Inc., Quest Diagnostics, Bionime Corporation, Becton, Dickinson and Company, Btnx Inc., and JR Biomedical Ltd., among others.
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