Portland, OR, Nov. 10, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global over-the-counter test market generated $13.49 billion in 2020, and is estimated to reach $39.93 billion by 2030, exhibiting a CAGR of 11.7% from 2021 to 2030. The report offers an in-depth analysis of the market size, emerging and current trends, future estimations, and key players.
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Surge in the occurrence of chronic and infectious disease, rise in the number of approvals for the OTC tests product, development of innovation to create OTC tests products, and increase in demand for early diagnosis of disease drive the global over-the-counter test market. On the other hand, high cost of diagnostic tools and little awareness about technology among people hamper the market growth. On the contrary, surge in healthcare expenditure across the globe and the introduction of advanced at-home testing devices create lucrative market opportunities.
COVID-19 scenario:
- Rise in the spread of the COVID-19 pandemic increased the demand for an over-the-counter COVID-19 test kit.
- In April 2021, Food and Drug Administrative (FDA), declared the approval of OTC and point-of-care (POC) testing for COVID-19 to detect and screen respiratory infection in workplaces, schools, and communities. This has added to the market growth.
- Increase in the geriatric population propels the OTC test market growth, as aged individuals are exposed to chronic and infectious diseases.
The report segments the global over-the-counter test market on the basis of product type, distribution channel, technology, and region.
Based on the product, the glucose monitoring tests segment accounted for the largest market share in 2020, contributing to more than two-thirds of the total share, and is expected to maintain the lead throughout the forecast period. The same segment is estimated to witness the fastest CAGR of 12.3% from 2021 to 2030. The report also covers other segments such as pregnancy and fertility tests, coagulation monitoring tests, urinalysis tests cholesterol tests, and other tests.
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Based on technology, the lateral flow assays segment contributed to the highest market share in 2020, contributing to nearly half of the total market share, and is expected to dominate the market during the forecast period. The same segment is expected to manifest the fastest CAGR of 12.3% from 2021-2030. The report also covers segments such as immunoassays and dipsticks.
Based on region, North America contributed to the highest share in 2020, holding nearly two-fifths of the total share, and is expected to maintain dominance throughout the forecast period. On the other hand, Asia-Pacific is anticipated to portray the fastest CAGR of 13.2% during the forecast period.
Key players of the global over-the-counter test market analyzed in the research include Abingdon Health PLC, Acon Laboratories Inc., Lucira Health, Inc, AccuBioTech Co., Ltd., Abbott Laboratories, Becton Dickinson and Company, B. Braun Melsungen AG, Clip Health, Dario Health Corp, Eurofins Scientific Group, F. Hoffmann-La Roche AG, Lia Diagnostics Inc, Quidel Corporation, Lifescan IP Holdings, LLC, Ellume Health Ltd, Now Diagnostics Inc, Orasure Technologies Inc, PHC Holdings Corporation, SD Biosensor Inc., and Sinocare Inc.
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“We have also published few syndicated market studies in the similar area that might be of your interest. Below are the report title for your reference, considering Impact of Covid-19 Over This Market which will help you to assess aftereffects of pandemic on short-term and long-term growth trends of this market.”
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About Us
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
