Self-Testing is opening new ways to monitor, diagnose, and address patients and their treatment. Manufacturers are developing testing kits for wellness and prevention strategies, ranging from chronic disorder management and acute infection diagnoses to detect the potential risks of ailments. Testing for drugs of abuse in the medical field is constructing new inroads into the domain of pain management, primarily owing to the increased usage of opioids for the treatment of chronic diseases as well as mortality and morbidity related to misuse of these drugs.
COVID-19 Scenario Analysis:
- The outbreak of COVID-19 is likely to have a moderate impact on the market in the forecast period. Research and development activities to identify the threat of SARS-CoV-2 virus on the patients suffering are likely to slow the market growth.
- COVID-19 has brought about a significant burden on the healthcare industry globally, with disruption in the treatment of non-communicable diseases. Challenges exist in providing effective care.
- Realizing the disturbing healthcare trends, governments globally are making efforts to provide excellent quality healthcare to patients globally.
- Nationwide lockdowns, canceled or postponed elective surgeries, denied wound care services, rise in COVID-19, may lead to a decline during the forecast timeline. However, on the flip side, the latter half of the forecast is predicted to show a drastic rise.
Top Impacting Factors: Market Scenario Analysis, Trends, Drivers and Impact Analysis
In the period of increasing value-based care. The self-testing market is predicted to make promising strides. The convenience of self-testers is one of the most important factors to drive the market demand for self-testing market. As per a report, it is confirmed that self-testing has augmented the uptake of HIV testing in vulnerable sections, in comparison with standard HIV testing services. Therefore, such studies mark the role of self-testing in lowering the healthcare burden.
Other tests such as self-test kits for pregnancy have now become routine and useful, helping their manufacturers to gain benefits from extensive marketing. Other popular kits in self-testing are used for colon cancer through fecal occult blood testing. However, for users, benefits on time and cost are the major outcomes, while the concerns of false-negative and positive results prevail. This is to act as a restrain in the growing revenue in the self-testing kits market.
Another major market for the self-testing kits comes from the rising demand for getting tested of their DNA through the direct-to-consumer test. A fresh round of buzz for the self-testing kits has now come recently from the growing demand for unauthorized home COVID kits for testing. Governments worldwide have remained skeptical about the self-testing reliability. Online pharmacies have penetrated the market and have received positive growth. Consumers are seen adapting rapidly to online purchasing for self-testing kits in comparison to the conventional approach of purchasing them from pharmacy stores physically after seeking advice from medical practitioners.
North America is likely to hold a hugely lucrative market. The lucrativeness is to be supported by the role of home kits in value-based care. Furthermore, testing backlogs, reagent shortages, and restricted access to hospitals are likely to contribute to inadequate testing of COVID-19 in North America. On the other side, U.S. Food and Drug Administration (FDA) is rapidly granting approvals for COVID-19 self-testing kits. Europe followed by Asia-Pacific is likely to add fuel to the market due to the large population and growing awareness about the convenience and acceptability of self-testing kits.
Key Benefits of the Report:
- This study presents the analytical depiction of the global self-testing market 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 a detailed analysis of the global self-testing market share.
- The current market is quantitatively analyzed to highlight the global self-testing market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed global self-testing market analysis based on competitive intensity and how the competition will take shape in the coming years.
Questions Answered in the Self-Testing Market Research Report:
- What are the leading market players active in the self-testing market?
- What 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 would help in taking further strategic steps?
Self-Testing Market Report Highlights
Key Market Players
Dickinson & Company, ACON Laboratories Inc., Becton, Quidel Corporation, Roche Holding AG, ARKRAY Inc., Assure Tech (Hangzhou) Co. Ltd., True Diagnostics Inc., Bionime Corporation