Yahoo Finance Global At-Home Testing Market Is Expected to Reach $45.58 Billion by 2031: Allied Market Research
Rise in awareness about the advantages offered by home-testing devices, rise in prevalence of chronic diseases, increase in the demand for HIV testing kits, diabetes kits, and various others, and the easy availability of self-testing kits at online stores and pharmacies without any prescription drive the growth of the global at-home testing market. By test type, the glucose test kits segment would maintain its leadership through 2031.
Portland, OR, Feb. 06, 2023 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global At-Home Testing Market generated $16.66 billion in 2021, and is estimated to reach $45.58 billion by 2031, witnessing a CAGR of 10.5% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscape, and competitive scenario. The report is a helpful source of information for leading market players, new entrants, investors, and stakeholders in devising strategies for the future and taking steps to strengthen their position in the market.
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Report coverage & details:
Report Coverage | Details |
|
|
Forecast Period | 2022–2031 |
Base Year | 2021 |
Market Size in 2021 | $16.66 Billion |
Market Size in 2031 | $45.58 Billion |
CAGR | 10.5% |
No. of Pages in Report | 238 |
Segments Covered | Test Type, Age Group, Distribution Channel, and Region |
Drivers | Increase in prevalence of chronic diseases |
Rise in awareness about the advantages offered by home-testing devices | |
Increase in the demand for HIV testing kits, diabetes kits, and various others | |
The easy availability of self-testing kits at online stores and pharmacies without any prescription | |
Opportunities | Surge in investments in R&D activities by pharmaceutical companies |
Rise in technological advancements for the development of the latest at-home testing kits and devices | |
Restraints | High risk of inaccurate results shown by at-home self-testing kits |
Stringent government regulations for the release of testing kits |
Covid-19 Scenario:
The outbreak of the COVID-19 pandemic impacted the at-home testing market positively, owing to the increased demand for self-testing kits.
The pandemic raised awareness among consumers regarding the use of self-testing kits, which is why, more people adopted self-help testing kits due to several restrictions in place.
The increased demand and production of at-home testing kits such as glucose monitoring devices, infectious diseases test kits, and other at-home testing kits increased the net revenue of firms working with the manufacturing and distribution of testing and diagnostic devices.
The report offers a detailed segmentation of the global at-home testing market based on test type, age group, distribution channel, and region. The report provides an analysis of each segment and sub-segment with the help of tables and figures. This analysis helps market players, investors, and new entrants in determining the sub-segments to be tapped on to achieve growth in the coming years.
Based on test type, the glucose test kits segment held the largest share of three-fifths of the global at-home testing market in 2021, and would maintain its leadership in terms of revenue through 2031. The same segment is estimated to witness the fastest CAGR of 11.0% during the forecast period. The report also analyzes the infectious diseases test kits, pregnancy test kits, cholesterol test strips, drugs of abuse test kits, coagulation monitoring tests, and others segments.
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Based on age group, the adult segment was the largest in 2021, capturing nearly half of the global at-home testing market share, and would lead the trail through 2031. Moreover, the same segment is estimated to witness the fastest CAGR of 11.2% during the forecast period. The report also mentions the pediatric and geriatric segments.
Based on distribution channel, the retail pharmacies segment was the largest in 2021, grabbing more than two-fifths of the global at-home testing market share, and would maintain its dominance through 2031. The hospital pharmacies segment, on the other hand, is estimated to witness the fastest CAGR of 11.1% during the forecast period. The report also mentions the online pharmacies segment.
Based on region, the market in North America was the largest in 2021, accounting for two-fifths of the global at-home testing market share and is likely to maintain its leadership status during the forecast period. However, the market in Asia-Pacific is expected to manifest the highest CAGR of 11.6% from 2022 to 2031. The other regions analyzed in the study include Europe and LAMEA.
Leading players of the global at-home testing market analyzed in the research include ACON Laboratories, Inc., Quidel Corporation, Biomerieux SA, Everly Health, Inc., OraSure Technologies, Inc., PHC Holdings Corporation, B. Braun Melsungen AG, Cardinal Health Inc., Abbott Laboratories, and F. Hoffmann-La Roche Ltd.
The report analyzes these key players of the global at-home testing market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments by every market player.
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