Over-The-Counter Tests Market Set for Growth as Consumer Preference Shifts Toward Accessible and Affordable Health Monitoring Products

InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Over The Counter Tests Market Size, Share & Trends Analysis Report By Technology (Lateral Flow Assays, Immunoassays, Dipsticks), By Product (Infectious Disease Tests, Glucose Monitoring Tests, Pregnancy and Fertility Tests), Region, Market Outlook And Industry Analysis 2031"

The Global Over The Counter Tests Market is estimated to reach over USD 43.40 billion by 2031, exhibiting a CAGR of 10.96% during the forecast period.

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The over-the-counter pregnancy test market is expected to experience consistent growth in market share. The demand for over-the-counter urine pregnancy tests is anticipated to increase, driven by the rising preference for non-invasive testing methods. Many women are likely to opt for saliva-based tests, as they do not require blood or urine samples, which are perceived as more discreet and respectful. The introduction of advanced testing systems is enabling market participants in the over-the-counter testing sector to remain competitive. Notably, in November 2021, SaliStick announced the successful clinical trials of the world's first saliva-based rapid pregnancy test kit. Developed by Salignostics, a Jerusalem-based manufacturer of diagnostic devices, the test is capable of detecting human chorionic gonadotropin (hCG) as early as the day after a missed period.

List of Prominent Players in the Over The Counter Tests Market:
• Abbott Laboratories
• Abingdon Health PLC
• AccuBioTech Co., Ltd.
• Acon Laboratories Inc.
• B. Braun Melsungen AG
• Becton Dickinson and Company
• Clip Health
• Dario Health Corp
• Ellume Health Ltd
• Eurofins Scientific Group
• F. Hoffmann-La Roche AG
• Lia Diagnostics Inc
• Lifescan IP Holdings, LLC
• Lucira Health, Inc
• Now Diagnostics Inc
• Orasure Technologies Inc
• PHC Holdings Corporation
• Quidel Corporation
• SD Biosensor Inc.
• Sinocare Inc.

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Market Dynamics:
Drivers:
The growth of the global over-the-counter (OTC) test market is primarily driven by the increasing prevalence of chronic and infectious diseases such as heart disease, diabetes, and respiratory infections, coupled with a rising consumer demand for point-of-care and OTC diagnostic tests. Additionally, enhanced funding from both private and public organizations for the development of the pharmaceutical and biotechnology sectors is further propelling market growth. According to the Centers for Disease Control and Prevention (CDC), approximately 1.7 million illnesses and 99,000 related fatalities are reported annually in U.S. hospitals, underscoring the demand for effective diagnostic solutions.

Challenges:
The expansion of the OTC test market may be constrained by the high cost of OTC tests and subsequent treatments following a diagnosis. Another significant barrier is the general lack of public awareness regarding health and diagnostic technologies. Furthermore, the absence of sufficient diagnostic testing infrastructure and in-vitro facilities, particularly in developing regions, may limit market growth and revenue generation during the forecast period.

Regional Trends:
In 2022, North America held the largest share of the OTC test market, driven by the rising prevalence of chronic diseases, an increasing number of approved OTC test products, the presence of key market players, and advancements in healthcare technology. This trend is expected to continue throughout the forecast period. In the Asia-Pacific region, the market is anticipated to grow due to a higher incidence of chronic and infectious diseases, a growing elderly population, increased healthcare spending, and a rising adoption of OTC testing products.

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Recent Developments:
• In October 2021, As part of its continued commitment to giving its clients the greatest resources and user experience, VirgoCX introduced the much-anticipated OTC Direct revamp to its over-the-counter (OTC) trading platform, VirgoCX Wealth.
• In June 2021, The authorised generic versions of a few over-the-counter medications were purchased by Glenmark Pharmaceuticals Ltd. from Wockhardt Ltd. in the US. The company's wholly-owned subsidiary Glenmark Pharmaceuticals Inc. has acquired the authorised abbreviated new drug applications (ANDAs) for the 10 mg and 20 mg famotidine tablets used to treat and prevent stomach and intestine ulcers.

Segmentation of Over The Counter Tests Market-
By Product-
• Cholesterol Test
• Fecal Occult Blood Test
• Pregnancy Test
• Glucose Monitoring Tests
• Drug abuse Test
• Others
By End-Use-
• Online pharmacies
• Retail pharmacies
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of Middle East and Africa

Read Overview Report- https://www.insightaceanalytic.com/report/over-the-counter-tests-market-/1888

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This release was published on openPR.