by The self-testing market comprises home-based testing kits and devices for conditions such as pregnancy, HIV, diabetes, ovulation cycles, and cholesterol. Rising awareness regarding early detection and increasing prevalence of lifestyle diseases have led to higher adoption of home-based testing kits across the globe. These kits provide user-friendly and convenient means to monitor health conditions from the comfort of homes and offer privacy to users.
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 4.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Increasing adoption of home-based testing kits: As mentioned in the heading, growing awareness about early disease detection and increase in lifestyle diseases have boosted the adoption of self-testing kits globally. Their easy availability and affordability along with convenience of use from homes is a key driver favoring the market growth.
Rising prevalence of chronic conditions: Chronic health conditions such as diabetes, hypertension, cardiac diseases are prevalent worldwide. As per WHO, diabetes alone affects over millions of people globally. Self-testing helps in timely monitoring of such chronic illnesses to prevent further complications. This is expected to drive the demand of self-testing kits over the forecast period.
Segment Analysis
Self-testing Market is dominating with home and point-of-care testing which holds more than 75% share of the overall market. Home and point of-care testing is dominating as it provides results faster without needing to visit diagnostic centers or hospitals. This testing can be easily performed at home with the available self-sampling kits and testing portals.
PEST Analysis
Political: The self-testing market is positively impacted by favourable regulations regarding the availability and usage of self-sampling and testing kits by governing bodies globally. This has boosted adoption rates.
Economic: Rise in disposable incomes coupled with increasing healthcare costs have boosted adoption of cost-effective self-testing solutions as an alternative to laboratory tests.
Social: Growing health awareness and focus on preventive healthcare is driving individuals to opt for self-testing to track health parameters routinely without needing healthcare professionals.
Technological: Advancements in rapid diagnostics, connectivity solutions, big data analytics has positively impacted the market. Testing kits with integrated readout mechanisms and connectivity features are gaining traction.
Key Takeaways
The Global Self-Testing Market Analysis is expected to witness high growth over the forecast period owing to rising preferences for preventive healthcare approaches. Home and point-of-care testing dominates driven by increased accuracy and convenience offered. 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 4.9% over the forecast period 2023 to 2030.
Regional analysis for the self-testing market sees North America holding the major market share due to favorable reimbursement scenarios and rising initiatives towards home healthcare practices. Asia Pacific is emerging as the fastest growing market with rising healthcare infrastructure and awareness among consumers in countries like India and China.
Key players operating in the self-testing market include Amcor Limited, Bemis Company Inc., Sealed Air Corporation, Tetra Laval International SA, Mondi Plc., Sonoco Products Company, Cargill Incorporation, and Huhtamaki OYJ among others. The key players are focussed on expanding their product offerings with integrated diagnostics features for chronic diseases and women health parameters. New technologies include connected self-sampling and testing platforms with data storage and sharing capabilities.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
