The self-testing market is set to reach $11 billion by 2030, driven by increased demand for at-home diagnostics and COVID-19's impact.
Future Market Insights (FMI) opines that global sales of self-testing kits market will be worth USD 11 billion by 2030 . The COVID-19 crisis has further fueled adoption of self-testing kits as consumers are strictly following physical distancing protocol and healthcare facilities are avoiding in-person patient visits. 30-50% of consumers prefer using at-home diagnostics for various conditions, and global self-testing kits market revenues are set to grow 2x by 2030 – these are the findings of a new study by Future Market Insights (FMI).
Key Findings of the Study
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COVID-19 Impact on Self-testing Market
In wake of the COVID-19 pandemic, movement restrictions (lockdown) and mass testing have become key measures to control the virus contagion. To achieve the objective, self-testing kits are emerging as a cost-effective way to reach wider sections of society.
Realizing their potential, government agencies such as the Food and Drug Administration (FDA) are granting rapid approvals to at-home COVID-19 test kits, for instance,
Authorization of COVID-19 at-home collection kits that will be used with multiple tests at multiple labs offers better patient access to tests as well as protects people from potential spread.
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Self-testing for COVID-19 as a novel clinical pathway will demand for proactive monitoring and analysis for efficiency. However, realizing the existing restricted state of access to testing for significant number of individuals, risk of inaction will be a major concern.
Self-testing Market – Competitive Intelligence
The global self-testing market is highly consolidated with top 5 years accounting for over three-fourths of total market revenue. Leading players are highly focusing on mergers & acquisitions (M&A) to remain competitive in global landscape. Case in point,
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The article discusses the projected growth of the self-testing market, expected to reach $11 billion by 2030.
COVID-19 has increased the demand for self-testing kits as people avoid in-person visits and seek at-home diagnostics.
The APAC region is expected to witness significant growth in the self-testing market.
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