Self-Testing Market to Show Major Growth Due to Globally Rising Adoption of These Test Kits

Self-Testing Market
Self-Testing Market


Overview:

Self-testing kits allow people to perform a variety of tests in their homes or any private location without input from a healthcare provider. These test kits involve collecting a sample of body fluid and providing results quickly. Often these tests help diagnose pregnancy and screen for chronic diseases like high blood pressure or diabetes and can offer guidance on when to seek medical attention. While all self-testing test kits require the user to swab the inside of their nose or throat, some of these test kits are easier to use than others.

Market Dynamics:

The rise in the adoption of self-testing kits is expected to augment the growth of the global self-testing market over the forecast period. With increase in consumer awareness regarding different medical products is leading to a rise in a number of people preferring to perform basic tests at home using test kits instead of visiting a doctor. For instance, in June 2022, Genes2Me Pvt. Ltd. Introduced a CoviEasy Self-Testing Rapid Antigen test kit for COVID-19. The new product offers ease of use and rapid results in 10 minutes.

However, high product recalls and lack of great accuracy of products are the factors anticipated to hamper growth of the global self-testing market over the forecast period.

Impact of COVID-19:

The epidemic of COVID-19 impacted several industries all over the world. Many countries imposed nationwide lockdowns to prevent the virus spread. During this period, hospital visits declined for other treatments all over the world. With the increasing burden of COVID-19 patients, many non-profit and government organizations began investments in self-testing kits for COVID-19. As a result, there was a rise in product launches of self-testing kits during the pandemic. Thus, the global self-testing market was positively impacted by the outbreak of the COVID-19 pandemic.

Key Takeaways:

·   The global self-testing market is anticipated to grow with a CAGR of 8.7% during the forecast period, owing to the increasing adoption of strategic initiatives among market players such as acquisition and collaboration. For instance, in February 2021, Becton Dickinson and Company collaborated with Scanwell Health for developing an at-home rapid test for SARS-CoV-2 with the use of an antigen test of Becton, Dickinson and Company, and the mobile app of Scanwell Health. Such strategic activities among market players are likely to drive the growth of the market.

·   Among regions, North America is projected to show major growth in the global self-testing market over the forecast period. This is owing to the growing role of home test kits in value-based care. The region shows high awareness, and increased adoption of self-testing kits. Thus, the market is likely to gain significant growth in the region over the forecast future.

·   Major players functioning in the global self-testing market are True Diagnostics Inc., Becton, Dickinson and Company, InBios International, Inc. USA., Abbott, iHealth Labs Inc., ACCESS BIO, Btnx Inc., CELLTRION INC., Bionime Corporation, Siemens Healthcare GmbH, Quest Diagnostics, ACON Laboratories Inc., OraSure Technologies Inc., ARKRAY, Inc., And F. Hoffmann-La Roche Ltd.

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