Self-Testing Market to Grow Rapidly Due to Increasing Chronic Diseases

 

Self-Testing Market

The self-testing market comprises medical devices and collection kits that allow individuals to perform medical tests independently and interpret the results without requiring a healthcare professional. Self-testing helps in detecting medical conditions like diabetes, cholesterol level, pregnancy, fertility, and vitamin D level from the comfort of home. It offers convenience to users by saving time and cost associated with visiting diagnostic centers regularly. The growing geriatric population prone to developing chronic diseases, changing lifestyle habits, and rising awareness about preventive healthcare are some key factors augmenting the demand for self-testing solutions.

The Global Self-Testing Market is estimated to be valued at US$ 25191.62 Mn in 2024 and is expected to exhibit a CAGR of 6.8% over the forecast period 2024 To 2031.

Key Takeaways

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 launching innovative products, mergers & acquisitions, and expanding their regional presence to strengthen their market position.

Globally, the Self-Testing Market Size is expanding rapidly as major players are investing heavily in developing economies like Asia Pacific and Middle East & Africa. Favorable government initiatives and rising medical expenditures are facilitating the market penetration in emerging nations.

The key opportunities in the self-testing industry include increasing accessibility of self-testing kits through online sales channels, growing demand for accurate and reliable home use diagnostic devices, and development of artificial intelligence-powered self-testing systems.

Market Drivers : Growing geriatric population - The risk of developing chronic diseases increases with age. As per estimates, over 1.5 billion people will be aged 65 years and above by 2050. This widening aged demographic will propel the demand for self-testing solutions.

Preference for preventive healthcare - Rapid adoption of preventive healthcare approach to address medical conditions at an early stage before complications arise is fueling the adoption of self-testing kits that empower people to track health metrics independently.

Market Restrain

Accuracy concerns - Several Point-of-Care (POC) self-testing kits may lack reliability and consistency in results compared to laboratory tests. Inaccurate readings could create complications in medical diagnosis and treatment. This remains a key challenge for market growth.

Regulatory issues - Frequent changes in guidelines and stringent approval procedures for new self-testing products in certain regions delays their market entry and commercialization. This deter innovative players and restricts market expansion.

Segment Analysis
The self-testing market comprises of OTC tests, blood glucose monitoring systems, blood pressure testing, cholesterol, kidney function, pregnancy and ovulation, fertility and other tests. The blood glucose monitoring systems sub segment dominates the market as diabetes require continuous monitoring of glucose levels by patients. Patients find it easier to self-test their glucose levels at home using blood glucose monitoring systems rather than visiting diagnostic centers frequently.

Global Analysis
North America region dominates the self-testing market due to rising prevalence of chronic diseases like diabetes, cardiovascular diseases, and availability of advanced products. As per estimates, North America accounts for over 40% share of the global self-testing market. Asia Pacific is the fastest growing region in the self-testing market supported by increasing healthcare expenditure, large population base suffering from chronic diseases, growing awareness. China dominates the Asia Pacific self-testing market due to vast population base and improving access to healthcare facilities.

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