Over The Counter Test Market Expected to Reach $39.937 Billion by 2030

Over-the-Counter (OTC) is defined as the product or drugs which are available to the consumer without a prescription. Over-the-counter testing products are directly sale to the consumer, and do not require a prescription or a physician consults. It may be used in home, hospital, ambulatory surgical centers, nursing home, outpatient treatment facility and other healthcare facility, where the individual is directed to properly use the device as per product labelling.

“The global Over The Counter Test Market size was valued at $13.498 billion in 2020, and is estimated to reach $39.937 billion by 2030, growing at a CAGR of 11.7% from 2021 to 2030”

The factors that drive the growth of the global over-the-counter test market include increase in the prevalence of chronic disease, technological advancements in over-the-counter testing product, and surge in demand for early diagnosis. In addition, rise in prevalence of infectious diseases such as hepatitis, pneumonia, HIV, healthcare-associated infection, & COVID-19 notably contributes toward the growth of the global OTC test market. According to the World Health Organization, in 2020, approximately 325 million individuals in the world were reported to be diagnosed with hepatitis. As per the same source, in 2019, approximately 290 million individuals in the world died from hepatitis C. This upsurge the need for HIV over-the-counter test products.

Furthermore, market players focus on the manufacturing of advanced over-the-counter testing products for detection and monitoring of chronic and infectious diseases. For instance, in 2020, Abbott Laboratories, one of the leading medical device and healthcare company, announced the launch of Libra Sense Glucose Sport Biosensor, which is an over-the-counter product and world first glucose sport biosensor product designed for athletes. It aims to monitor the glucose level of athletes living with diabetes. Moreover, in October 2021, the U.S. FDA announced the emergency use authorization for Acon Laboratories Flowflex COVID-19 Home test, which is an over-the-counter COVID-19 antigen test product. Further, the FDA aims to enhance the availability of appropriate reliable and accurate over-the-counter test in order to meet public health needs and increase the access to testing for consumers.

Moreover, rise in development of pharmaceutical and biotechnology industry, and improvement in healthcare spending are anticipated to drive the growth of the over-the-counter test market. In addition, the increase in demand for early diagnosis and self-contained test has led to the development of innovative technologies in the healthcare sector, thereby propelling the growth of the OTC test market.

Moreover, initiatives taken by governments for development of the advanced over-the-counter test product and development of the healthcare sector for manufacturing of over-the-counter test products are the key factors that boost the growth of the market. Furthermore, increase in prevalence of cardiovascular disease & diabetics and surge in the geriatric population, who are more vulnerable to chronic and infectious disease propelling the growth of the market. In addition, the increase in demand for glucose monitoring testing and increase in awareness among individual to maintain their health fuel the over-the-counter test market growth.

The over-the-counter test market is segmented on the basis of product type, technology, distribution channel, and region. On the basis of product type, the market is divided into glucose monitoring test, pregnancy & fertility test, infectious disease test, coagulation monitoring test, urinalysis test, cholesterol test, drugs-of-abuse test, and other test. The infectious disease test segment dominated the market in 2020, and this trend is expected to continue during the forecast period, owing to increase in prevalence of infectious disease, advancement in R&D activities in pharmaceutical & biotechnology industry, and surge in adoption of HIV over-the-counter testing products.

By technology, the market is classified into lateral flow assays, immunoassays, and dipsticks. The lateral flow assay segment acquired the top position in the market in 2020, and this trend is expected to continue during the forecast period, owing to large number of lateral flow assay (LFA) point-of-care testing products offered by key players, increase in demand for at-home LFA testing product, and rise in prevalence of infectious disease, and fertility disorder. As per distribution channel, the market is classified into hospital pharmacy, retail pharmacy, and online pharmacy. The online pharmacy segment led the market in 2020, and this trend is expected to continue during the forecast period, owing to advancement in technology in the healthcare sector and a rise in demand for remote service. 

The COVID-19 outbreak is anticipated to have a positive impact on the growth of the global over-the-counter test market. The COVID-19 pandemic has stressed the healthcare systems in the world and increased the need for the development of advanced at-home over-the-counter testing product. Increase in the spread of COVID-19 infection surged the demand for over-the-counter COVID-19 test kit. For instance, in 2020, the U.S. Food and Drug Administration authorized an antigen test that is the first over-the-counter fully at-home diagnostic test used for detection of COVID-19.

Moreover, in 2021, the Abbott Laboratories, announce the approval of BinaxNOW COVID-19 Ag Self-test, for the detection of COVID-19 infection, without the need of a prescription. Furthermore, in 2020, the World Health Organization, the Africa Centers for Disease Control and Prevention, the foundation for innovative new diagnostics, the global fund, and the Bill & Melinda Gates foundation announced the partnership to provide 120 million affordable quality COVID-19 rapid test for low and middle income countries. This has significantly contributed toward the growth of the global over-the-counter test market.

Key Findings of the Study

• By product type, the glucose monitoring test segment was the highest contributor to the market in 2020.
• Depending on technology, the lateral flow assays segment was the highest contributor to the over-the-counter test market in 2020.
• As per distribution channel, the hospital pharmacy segment was the highest contributor to the OTC test market in 2020.
• Region wise, North America garnered the largest revenue share in 2020, whereas Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period.

North America accounted for a majority of the global over-the-counter test market share in 2020, and is anticipated to remain dominant during the forecast period. This is attributed to rise in prevalence of chronic disease, increase in number of approval for over-the-counter test product, the presence of key players, and development in technology for healthcare in the region. Asia-Pacific is anticipated to witness lucrative growth, owing to increase in prevalence of chronic and infectious disease, rise in number of geriatric population, growth in health care expenditures, and rise in adoption of over-the-counter test product