Self-testing kits offer users a quick and hassle-free way to monitor their health from the comfort of their homes. These kits enable people to test themselves for various medical conditions without visiting a lab or clinic. They provide accurate results and allow users to keep track of their health parameters over time. With busy lifestyles and growing affordability, self-testing kits are seeing increased demand for conditions like COVID-19, glucose monitoring, ovulation tracking, pregnancy testing, and drug and alcohol use detection. The kits offer convenience while eliminating wait times at clinics and laboratories.
The global Self-Testing Market is estimated to be valued at US$ 21867.72 Million 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:
One of the key trends in the self-testing market is the growing availability of self-test kits for emerging diseases and conditions. With new diseases continuing to emerge, companies are increasingly developing self-testing solutions for early detection and management. For instance, self-test kits are now available for conditions like monkeypox, Zika virus, and Hepatitis C. Furthermore, technological advancements are allowing self-testing solutions for more complex conditions. DNA and genetic testing kits available over-the-counter allow users to screen themselves for diseases and understand their genetic makeup with increased accuracy. The introduction of smartphone-based self-testing is another notable trend, as users can simply prick their finger and place a drop of blood on a test strip connected to a smartphone application for quick results. This has made testing more accessible and simplified the process.
Threat of new entrants: Low. The self-testing market requires huge capital and resources for R&D and production. Established players dominate distribution channels.
Bargaining power of buyers: High. Buyers have numerous product options from various brands. They can easily switch between brands based on price and quality.
Bargaining power of suppliers: Low. Suppliers lack bargaining power due to the fragmented nature of the industry and availability of substitutes.
Threat of new substitutes: Medium. While self-testing offers convenience, doctor consultation is still preferred for serious illnesses.
Competitive rivalry: High. The market is dominated by few large players. Companies compete on innovative products, rapid testing, technology, and competitive pricing.
The Global Self-Testing Market Demand is expected to witness high growth. The global Self-Testing Market is estimated to be valued at US$ 21867.72 million in 2023 and is expected to exhibit a CAGR of 6.8% over the forecast period 2023 to 2030.
North America leads due to favourable reimbursement policies and regulatory approvals for new products. Asia Pacific is expected to grow at the fastest pace due to improving access to healthcare and infectious disease prevalence. China and India offer lucrative opportunities.
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. Companies are launching innovative rapid tests to leverage growing demand.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it