If you are new to TikTikTalk ? Your first verification mail might be in your spam folder.Check there and move it to your inbox to complete registration or account verification process..
Sponsor
sociofans

Over The Counter Test Market Worth $22.2 Billion

0
2K

The over-the-counter (OTC) test market is projected to reach USD 22.2 billion by 2024, growing at a compound annual growth rate of 11% during the forecast period of 2018-2024, according to a recent report by MarketsandMarkets. Rising prevalence of target diseases and conditions requiring rapid testing, such as diabetes and infectious diseases, is projected to drive market growth.

Speak to Analyst

The Asia Pacific region is estimated to see the highest growth during 2018-2024 due to the increasing patient population and rapidly growing prevalence of infectious diseases. The infectious disease test segment is also projected to expand significantly, driven by the rising number of HIV-positive people worldwide and greater availability and awareness of HIV OTC testing kits in emerging economies.

Lateral Flow Assays Spearheading Growth

The lateral flow assay segment dominated the OTC test market in 2017 and is expected to maintain its leading position through 2024. In recent years, the lateral flow assay point-of-care testing market has expanded considerably as home-use LFA testing products for indications like pregnancy, ovulation, infectious diseases, and substance abuse see greater adoption. Companies increasingly focus on developing innovative LFA-based OTC devices, further propelling market growth.

Market Leaders Strategizing to Sustain Growth Trajectory

Leading OTC test manufacturers like OraSure Technologies, Roche Diagnostics, and i-Health Lab are employing both organic and inorganic strategies to strengthen their foothold. Collaborations, partnerships, acquisitions, and agreements are some of the major tactics deployed by top players to expand their product portfolio and bolster their access to end consumers.

For instance, Sinocare acquired PTS Diagnostics in 2016 to enhance its product line-up and accelerate future expansion in the diagnostic testing space. Similarly, LabStyle Innovations recently inked a deal with Better Living Now for distributing its blood glucose monitoring system and digital health platform in the US. This will likely improve insurance coverage and reimbursement eligibility for a larger consumer base domestically.

Key Takeaways from the OTC Test Industry Analysis:

  • The global OTC test market to reach USD 22.2 billion by 2024, registering an impressive 11% CAGR from 2018-2024
  • Infectious disease segment to witness the highest growth at a CAGR of 13.0%
  • Asia Pacific to emerge as the fastest-growing regional market
  • Leading companies actively pursuing strategies like partnerships and acquisitions to consolidate their market shares
  • Lateral flow assays to remain the preferred technology, immunoassays also gaining acceptance
  • Increasing approval and availability of OTC products for self-testing and home use supports overall growth

Speak to Analyst

The promising growth outlook of the OTC test market represents a lucrative opportunity for companies to invest and expand their testing product portfolios. While companies like Roche, Abbott, and Becton Dickinson already have wide proprietary test menus, regional players can also capitalize on localized demand for infectious disease testing kits and glucose monitors. Growing consumer health consciousness and preference for self-care further provide an impetus for businesses to direct R&D efforts towards high-performance rapid test solutions ideal for at-home use.

Top 10 Companies in the Tissue Diagnostics Market
Top 10 Companies in Human Capital Management Market
Top 10 Companies Leading the Patient Engagement Solutions Market
Top 10 Companies in the Blood Collection Devices Market

Sponsor
Sponsor
Zoeken
Sponsor
Categorieën
Read More
Other
Offsite Data Center Power Infrastructure Market Analysis by Size, Share, Growth, Trends, Opportunities and Forecast (2024-2032) | UnivDatos Market Insights
According to a new report by UnivDatos Market Insights, the offsite data center power...
By univdatos123 2024-12-09 11:05:11 0 150
Other
Label Printing Scales Market Estimated to Bring Sky-high Returns for Investors by the End of Forecast to 2033
According to the Regional Research Reports, the Global Label Printing Scales...
By tanvijogi 2024-08-26 06:33:46 0 616
Other
Autonomous Last Mile Delivery Market Demand, Share and Size Analysis, 2030
  Global Autonomous Last Mile Delivery Market Outlook: The Autonomous...
By Amiya 2024-08-28 09:53:47 0 839
Spellen
Slot Online Daftar Xyzklub Pusat Hiburan Dan Hadiah Besar!
Bandar judi online merupakan slot tergacor dengan metode deposit terlengkap tanpa potongan....
By martinharrist 2024-12-09 09:47:27 0 203
Other
High Barrier Film System Market to Hit USD 45.83 Billion by 2030 with 4.9% CAGR
  The global high barrier film system market is projected to reach USD 45.83 Billion by...
By Monika312 2024-07-29 05:32:21 0 1K
Sponsor