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OTC Tests Market: Global Opportunity Analysis and Industry Forecast, 2020–2027

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Jun 2021 | 59 Views
 
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COVID-19

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Over the counter tests (OTC) are the pharmaceutical products can be used by any individual which is easily to carry out the anticipated test and gives the instant results. These test kits are available at the local pharmacy shops which makes it suitable for the consumer to obtain the product. These tests kits are widely used for test for glucose test, pregnancy test, infection and urine tests. Under the authorization of the ministry of health, labor and welfare, OTC medicine such as test strips for urine protein and urine glucose as well as urinary pregnancy tests are presently available at pharmacies for use as general or self-testing. There are different types of OTC test are available such as glucose monitoring tests, pregnancy & fertility tests, infectious disease tests, coagulation monitoring tests, urinalysis tests, cholesterol tests, drugs-of-abuse tests, other tests such as faecal occult test and among others). Out of these test glucose monitoring tests and cholesterol tests are most widely used across the globe due to the rising incidence of chronic disease patient population.

OTC-Test

Market scope and structure analysis:

Report Metric

Details

  Market size available for years

  2020–2027

  Base year considered

  2019

  Forecast period

  2021–2027

  Forecast units

  Value ($USD)

  Segments covered

  Product, Technology

  Region covered

North America (U.S. and Canada), Europe (U.K., Germany, Spain, Italy, Nordic countries, Belgium, Netherlands, and Luxembourg and Rest of Europe), Asia-Pacific (China, India, Japan, ASEAN, Australia, and New Zealand and Rest of Asia-Pacific), LANTAM (Brazil, Mexico, Peru, Chile, and Rest of Latin America), Middle East & Africa (South Africa GCC, Southern Africa, and North Africa)

  Companies covered

Major players analyzed include. OraSure Technologies (US), Roche Diagnostics (Switzerland), and i-Health Lab (US), F. Hoffmann-La Roche Ltd., Abbott, OraSure Technologies, Inc., AccuBioTech Co., Ltd, LIA Diagnostics, Inc., LabStyle Innovations Corp. (DarioHealth Corp.), SD Biosensor, Inc., Acon Laboratories Inc, Sinocare Inc., NOWDiagnostics Inc.

 

COVID-19 Scenario Analysis:

Pharmaceutical and biotech companies together with governments around the globe are working to address the COVID-19 outbreak, from supporting the development of vaccines to planning for medicines supply chain challenges. Currently, around 115 vaccine candidates and 155 molecules are in the R&D pipeline. Moreover, commonly used drugs such as Hydroxychloroquine have witnessed dramatic surge in demand for the management of COVID-19. Such high demand for these drugs has presented huge opportunity for manufacturers of COVID-19 management drugs, as many developed countries are short of these drugs. Owing to the demand for vaccine and treatment drugs for COVID-19, the pharmaceutical and biotechnology industry is expected to witness a significant growth in the future.

The ongoing outbreak of COVID-19 pandemic affect the pharmaceutical industries. Similarly it impact OTC test market. According to US-FDA, OTC access to any test to diagnose COVID-19 without supervision by a health care expert is not on the near-term horizon for prospective launches in the US.

Recently various diagnostic kits such as STANDARD Q COVID-19 IgM/IgG This kit is a rapid immune-chromatography test used for the detection of specific IgM and IgG to novel coronavirus in humoral fluid. Digital apps such as Aarogya Setu available to directly to consumers for COVID-19 testing on their own would face a steep climb to approval. Sanofi has enter into collaboration with Silicon Valley's Luminosities to launches a smartphone-based OTC test which can detect the COVID-19 virus.  

Top impacting factors: Market Scenario Analysis, Trends, Drivers and Impact Analysis:

Diabetes is a protruding disorder across the globe and major contributor to the demand for OTC tests. Asia Pacific is considered as most dominating region to overall OTC test market owing to a rising incidence of infectious diseases, increasing patient population and there has been a substantial awareness among people about their health. Whereas, North America expected to grow at highest market growth rate during the forecast period attributed to increasing population, increasing advancement in technologies. However, Europe is anticipate to contribute largest market share due to the rising demand for technological
advanced therapies and awareness about the technology amongst the people.

The major driving factors that enhance the growth of the OTC tests market is the rising incidence of target diseases, such as diabetes and infectious diseases that require rapid and effective testing. Increasing government initiative for the providing of OTC tests, rising patient population, rising awareness amongst the people regarding advanced technologies and health condition, increasing advancement in technologies, etc. The major opportunities available in the OTC test market is increasing incidence of diabetes, various infectious diseases and HIV, introducing new advanced technologies to treat chronic illness, providing cost effective treatment. The factors that restrain the OTC test market growth is high cost of product and treatment, lack of awareness about health and technologies amongst the population.

New product launches to flourish the market:

Manufacturers have been focusing on producing new products for specific applications as there are varying demands based on the utilization. Leading market players have determined how improved accuracy can be influential in many applications. The expansion of automated nucleic acid isolation and purification solutions by major market players allows a faster, cleaner, and more consistent nucleic acid extraction process. In 2016, “Sinocare” has developed PTS Diagnostics, to reinforce its product portfolio and speed up future growth in the diagnostic testing market. In 2018, “DarioHealth” with “Byram Healthcare” to enlarge insurance health coverage for customers in the US. In 2019, “SD Biosensor” has launched “STANDARD GlucoNavii GDH” which is used monitoring blood glucose. In 2019, “LabStyle Innovations” collaborate with “Better Living Now (BLN)” for the distribution of its blood glucose monitoring system. 

Key segments covered:

Segments

Sub-segments

  Product

  • Glucose Monitoring Tests
  • Urinalysis Tests
  • Cholesterol Tests
  • Pregnancy & Fertility Tests
  • Infectious Disease Tests
  • Coagulation Monitoring Tests
  • Drugs-of-abuse Tests
  • Other Tests (Fecal Occult Test)

  Technology

  • Lateral Flow Assays
  • Immunoassays
  • Dipsticks

 

Key benefits of the report:

  • This study presents the analytical depiction of the global OTC tests market industry along with the current trends and future estimations to determine the imminent investment pockets.
  • The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the OTC tests market share.
  • The current market is quantitatively analyzed from 2020 to 2027 to highlight the global OTC tests market growth scenario.
  • Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
  • The report provides a detailed global OTC tests market analysis based on competitive intensity and how the competition will take shape in coming years.

Questions answered in the OTC Tests Market research report:

  • Who are the leading market players active in the OTC tests market?
  • What are the current trends will influence the market in the next few years?
  • What are the driving factors, restraints, and opportunities in the market?
  • What are the projections for the future that will help in taking further strategic steps?
 
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