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| 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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