by Self-testing kits have revolutionized at-home healthcare by allowing individuals to monitor their own health indicators easily and conveniently. These kits provide testing solutions for a wide range of health parameters including glucose, cholesterol, pregnancy, HIV, drugs of abuse, and others without requiring lab visits or doctor prescriptions. They empower users to take preventive actions, seek timely treatment if needed, and maintain better control over chronic conditions. Self-testing saves both time and money for individuals while reducing pressure on conventional healthcare systems. The global self-testing market has witnessed immense growth due to the increasing affordability of products and rising awareness about the benefits of preventive healthcare management.
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 6.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Digitalization and home-based sample collection are two major trends revolutionizing the self-testing industry. Many products now use smartphone apps, cloud services and artificial intelligence for self-interpretation of results, remote doctor consultations, test reminders and data tracking over time. This has improved user experience, accuracy of results as well as follow up treatment. Home sample collection kits are also gaining popularity as they eliminate the need to visit labs for sample drawing. Users can simply collect blood or oral fluid samples in the privacy and convenience of their homes and mail them to labs for analysis. This has boosted accessibility and uptake of regular health screening especially in rural areas. Such innovations are expected to give further momentum to the self-testing market during the forecast period.
Porter’s Analysis
Threat of new entrants: The self-testing market requires high R&D investment and compliance with strict regulations which poses a barrier for new companies.
Bargaining power of buyers: Individual consumers have low bargaining power in the self-testing market due to limited choice availability and high dependency on major manufacturers.
Bargaining power of suppliers: Major suppliers in the self-testing market have moderate bargaining power due to the differentiated nature of their offerings and investments in latest technologies and innovations.
Threat of new substitutes: There exists limited threat from substitutes currently but advancements in digital health technologies can emerge as potential substitutes in the long run.
Competitive rivalry: The self-testing market is consolidated in nature with few global players dominating the sales. However, regional small players also compete on product differentiation.
Key Takeaways
The Global Self-Testing Market Demand is expected to witness high growth over the forecast period of 2023 to 2030. 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 6.8% over the forecast period 2023 to 2030.
Regional analysis: North America holds the highest share in the self-testing market and is expected to maintain its dominance over the forecast period. Favorable reimbursement policies and increasing prevalence of chronic diseases are major factors driving the adoption of self-testing products in the region. Asia Pacific is anticipated to witness fastest growth during the forecast period led by rising healthcare spending, large patient population and increasing awareness.
Key players: 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 new product launches, collaborations and geographic expansions to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
