The Global Self-Testing Market Growth Accelerated By Remote Diagnosis Capabilities
Self-Testing Market
Self-testing kits facilitate remote screening and diagnosis of various health conditions without requiring a visit to the doctor. These kits allow users to efficiently test themselves for health parameters like glucose, cholesterol, and pregnancy at home using body fluids like blood and urine. Thekits provide accurate and instant results along with medical guidance that enables timely diagnosis and treatment.
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:
The increased demand for telehealth and remote monitoring solutions amid the COVID-19 pandemic has accelerated the adoption of self-testing kits across the globe. As self-quarantine and social distancing became the new norm, more individuals started opting for self-testing to screen their health conditions from the comfort of their homes. Furthermore, the convenience of remotely collecting health data using these kits and sharing the results with physicians digitally has boosted their popularity. Leading medical device companies have also expanded their product portfolios to cater to this growing need for remote diagnostic solutions. This has propelled the market growth over the recent past.
Segment Analysis
The global self-testing market is dominated by the glucose monitoring segment. More than 75% of self-testing revenues comes from glucose monitoring devices as diabetes screening and monitoring is one of the major demand drivers. Glucose monitoring devices are easy to use and provide rapid results, which has fueled their adoption among diabetic patients for routine checks and insulin dosage management. Other segments such as pregnancy and fertility testing, infectious disease testing, cardiovascular disease testing, and drugs of abuse testing are also growing steadily.
Key Takeaways
The Global Self-Testing Market Demand 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.
North America is expected to continue dominating the self-testing market during the forecast period. High awareness about diseases, easy availability of products, quality healthcare infrastructure and rising healthcare spending are some factors driving the North American self-testing market. The regional market will be led by the US which accounts for over 85% of revenues.
Europe accounts for the second largest share in the global self-testing market aided by rising incidence of chronic diseases and supportive government initiatives in countries like UK, Germany, France and Italy. Availability of advanced products coupled with growing health consciousness among consumers will boost adoption of self-testing practices.
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.
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