Self-testing products allow monitoring of various health parameters from the comfort of one’s home and on their own schedule, without requiring visiting a diagnostic center or laboratory. These products include glucose monitoring kits for diabetes, pregnancy test kits, ovulation prediction test kits, drug abuse testing kits, HIV testing kits, and other such items that provide results within minutes. The increasing demand for convenient healthcare options coupled with the rising awareness about preventing, managing chronic conditions through regular checkups is fueling the demand for self-testing products globally. Advances in technologies like test strip chemistry, lateral flow immunoassays have made these tests simple to use and highly accurate. The easy availability of such products through e-commerce channels and retail pharmacies has further propelled their adoption worldwide.
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:
One of the key trends in the self-testing market is the growing popularity of digital platforms. Major industry players are focusing on developing self-testing solutions that integrate smartphone apps and other digital tools to provide convenient reporting and tracking of health metrics. For example, glucose monitoring systems now allow automatic syncing of test results to cloud databases and sharing them digitally with doctors and care providers. Similarly, fertility trackers use mobile apps for recording basal body temperatures and other predictors of ovulation. The digital integration simplifies record keeping and remote monitoring of health conditions managed through self-testing. It is anticipated to drive greater diagnosis and prevention through improved compliance.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate due to the capital intensive nature of the self-testing market. However, established brands are driving innovation that can disrupt the market.
Bargaining power of buyers: The bargaining power of buyers is high as the self-testing products are commoditized. Buyers can easily switch between brands based on pricing and quality.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as raw material costs contribute significantly to the total costs. Suppliers have some control over pricing but alternatives are available.
Threat of new substitutes: The threat of new substitutes is low as self-testing provides convenience that substitutes may not be able to match. However, point-of-care devices pose a threat.
Competitive rivalry: Competition in the self-testing market is high among the top players. They compete based on pricing, product offerings, and marketing.
Key Takeaways
The Global Self-Testing Market Analysis is expected to witness high growth over the forecast period supported by increasing awareness and convenience. 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 market currently owing to supportive reimbursement policies and growing health awareness. Asia Pacific is expected to witness the fastest growth due to improving healthcare infrastructure and rising disposable incomes in countries like India and China.
Key players: Key players operating in the self-testing market include 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. Players are focusing on new product launches, expansion to rural markets and partnerships for sustained growth.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it