by Self-testing helps enable early disease detection and management of medical conditions by allowing individuals to test themselves for diseases and other health conditions in the comfort of their homes. Self-testing kits are easy-to-use and provide accurate results for diseases such as HIV, STDs, pregnancy, urinary tract infections and others.
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 4.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Increased awareness about the early detection and management of diseases has been driving the demand for self-testing over the years. Self-testing allows individuals to test for diseases from the comfort of their homes and enables early detection before symptoms appear. This can help in better disease management and effective treatment. With the focus growing on preventive healthcare, self-testing is expected to gain more popularity as it empowers people to take control of their health.
SWOT Analysis
Strength: The self-testing market provides greater autonomy and privacy to individuals for monitoring their health conditions. It enables testing without visiting diagnostic centers or hospitals.
Weakness: Accuracy and reliability of results from self-testing kits require validation. Lack of counseling or medical advice after self-testing can cause misinterpretation of results.
Opportunity: Rising awareness about early disease detection and preventing the progression of conditions like diabetes and cardiovascular diseases present an opportunity. Growing geriatric population susceptible to chronic diseases also offers scope.
Threats: Preference for lab tests or doctor consultations for reliability. Regulatory changes related to approval of new self-testing technologies.
Key Takeaways
The Global Self-Testing Market Analysis is expected to witness high growth over the forecast period of 2023 to 2030 supported by factors like increasing health awareness and focus on preventive healthcare. 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 4.9% over the forecast period 2023 to 2030.
Regional analysis: North America dominates the self-testing market currently due to favourable reimbursement policies and rapid technological advancements in countries like US and Canada. Asia Pacific is projected to offer lucrative opportunities propelled by expanding medical infrastructure, growing disposable incomes and large patient pool in major countries like India and China.
Key players: Key players operating in the self-testing market are Amcor Limited, Bemis Company Inc., Sealed Air Corporation, Tetra Laval International SA, Mondi Plc., Sonoco Products Company, Cargill Incorporation, Graham Packaging Company Incorporation, and Huhtamaki OYJ, among others. These companies are focusing on new product launches and partnerships 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
