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Charting the Future of Self-Testing Market: Growth, Drivers, and Innovation
Self-Testing Global Market Report 2024
According to The Business Research Company's, The self-testing market size has grown strongly in recent years. It will grow from $13.90 billion in 2023 to $15.28 billion in 2024 at a compound annual growth rate (CAGR) of 9.9%. The growth in the historic period can be attributed to educational reform movements, scientific inquiry and the enlightenment, industrial revolution, healthcare and preventive medicine, psychometric testing and personality assessment.
The self-testing market size is expected to see rapid growth in the next few years. It will grow to $22.67 billion in 2028 at a compound annual growth rate (CAGR) of 10.4%. The growth in the forecast period can be attributed to advancements in personalized medicine, rise of telehealth and remote monitoring, growing demand for mental health support, expansion of wearable health tech. Major trends in the forecast period include point-of-care testing, blockchain-enabled data security, personalized wellness ecosystems, biohacking and quantified self movements.
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Market Drivers and Trends:
The increasing prevalence of chronic diseases is expected to propel the growth of the self-testing market going forward. Chronic diseases refer to long-lasting medical conditions that generally progress slowly and persist over an extended period. This disease arises because of demographic changes, lifestyle habits, environmental factors, and advancements in healthcare. Self-testing is leveraged in chronic diseases to actively manage their health, improve adherence to treatment plans, and facilitate early detection of any complications or changes in their condition. For instance, in January 2023, according to the report published by the National Library of Medicine, the US-based medical library, by 2050, there will be 142.66 million people with at least one chronic illness, a 99.5% rise from 71.522 million in 2020. Therefore, the increasing prevalence of chronic diseases is driving the growth of the self-testing market.
Major companies operating in the self-testing market are focusing on developing innovative solutions, such as Cervicheck self-sampling kits, to provide greater convenience, accessibility, and accuracy for users. This medical device allows individuals to collect biological samples, such as blood, saliva, urine, or tissue, for diagnostic testing or analysis. For instance, in April 2023, Pragmatech Healthcare Solutions, an India-based biotechnology company, launched Cervicheck, a self-testing kit for screening women for the human papillomavirus (HPV), a significant cause of cervical cancer cases. This kit allows women to collect samples in the privacy of their homes, addressing issues related to late detection due to reluctance to undergo sample collection at hospitals or clinics. Additionally, it features self-sampling and point-of-care detection. Also, this kit is a significant step towards empowering women to detect cervical cancer early, aiming to reduce mortality rates and the burden associated with late-stage cancer detection.
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• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
Roche Diagnostics, Thermo Fisher Scientific Inc, Abbott Laboratories, Siemens Healthineers, Becton Dickinson and Company, Hologic Inc, PerkinElmer, BioMérieux, Sysmex Corporation, Bio-Rad Laboratories, Quidel Corporation, Cepheid, OraSure Technologies, Meridian Bioscience Inc, Ancestry.com DNA LLC, 23andMe Inc, MyHeritage Ltd, iHealth Labs Inc, Everly Health Inc, Helix OpCo LLC, BioIQ Inc, Veritas Intercontinental Inc, Pathway Genomics Corporation, Vitagene Inc, Orig3n Inc.
Self-Testing Market 2024 Key Insights:
• The self-testing market size is expected to see rapid growth in the next few years. It will grow to $22.67 billion in 2028 at a compound annual growth rate (CAGR) of 10.4%.
• Increasing Prevalence of Chronic Diseases Fueling Growth In Self-Testing
• Revolutionizing Diagnostic Testing with Innovative Self-Sampling Kits
• North America was the largest region in the self-testing market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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