Self-Testing Market is Estimated to Witness High Growth Owing to Rising Adoption of Home Diagnostics
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Self-Testing Market |
The
self-testing market involves home-based diagnostic tests that allow individuals
to collect samples independently and interpret results without the involvement
of healthcare professionals. Some common types of self-testing kits available
are blood glucose monitoring, pregnancy, ovulation, cholesterol, HIV, and drugs
of abuse testing kits. Self-testing kits offer privacy, convenience, and faster
results compared to laboratory tests. The growing awareness about early disease
detection and management is driving the demand for self-monitoring of health
parameters through home use kits.
Global self-testing market is estimated to be valued at US$ 25,191.62 million
in 2024 and is expected to exhibit a CAGR of 6.8% over the forecast period 2024
to 2030.
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. The increasing
penetration of these players in developing markets is expected to open new
revenue opportunities over the coming years.
The growing prevalence of chronic diseases is anticipated to drive the demand
for home monitoring devices. In addition, the increasing geriatric population
prone to various health conditions will further propel the market growth.
Self-testing helps patients take more control over their health by overcoming
barriers to accessing in-clinic diagnostic services such as high costs and
delayed results.
Key players are investing significantly in improving their geographic presence
through strategic partnerships and collaborations with regional payers. This
allows them to capitalize on the growing preference for self-testing solutions
in international markets and tap into the potential offered by developing
healthcare infrastructure.
Market drivers
The key driver for the self-testing market is the rising adoption of home
diagnostics driven by preference for convenience and privacy. Self-testing
empowers individuals to test themselves without visiting a clinic or
laboratory. This is an attractive option for monitoring health parameters
discretely and receiving faster results without delays due to wait times or
travel. Self-testing is also gaining popularity as it allows for timely disease
management through regular monitoring.
PEST Analysis
Political: The self-testing market is impacted by government regulations and
policies related to at-home testing especially regulations around data privacy
and sample collection. Regulations influence the adoption of new technologies
in at-home testing.
Economic: Consumers' disposable income influences demand for self-testing kits
especially for non-critical tests. The economic slowdown due to the pandemic
boosted demand for affordable self-testing options.
Social: Growing health awareness and preventive healthcare approach among
individuals is driving adoption of self-testing. Busy lifestyles and lesser
stigma around discussing health issues support self-testing usage.
Technological: Technologies like IoT, integrated diagnostic systems, AI-powered
data analysis are enhancing self-testing accuracy and experience. Connected
tools allow remote supervision and digital sample transfer improving
convenience.
The market in terms of value is concentrated most in North America and Western
Europe due to higher adoption of self-testing backed by supportive regulations,
infrastructure, and awareness. Majority of manufacturer presence and product
approval comes from these regions as well.
The fastest growing region for the self-testing market is expected to be Asia
Pacific owing to increasing healthcare investments, expansion of internet
connectivity, and growing medical costs that make self-testing preferred and
affordable option especially in countries like China, India, Japan and
Australia.
For more insights, Read- https://www.marketwebjournal.com/self-testing-market-trends-size-and-share-analysis/
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