At-Home Testing Market to Grow USD 45,582.24 Million by 2031 at a CAGR of 10.5% | Valuates Reports
BANGALORE, India, Jan. 17, 2023 /PRNewswire/ -- The At-Home Testing Market is Segmented by Test Type (Glucose Test Kits, Infectious Diseases Test Kits, Pregnancy Test Kits, Cholesterol Test Strips, Drugs of Abuse Test Kits, Coagulation Monitoring Tests, Others), by Age Group (Pediatric, Adult, Geriatric), by Distribution Channel (Retail Pharmacies, Hospital Pharmacies, Online Pharmacies): Global Opportunity Analysis and Industry Forecast, 2021-2031.
The global At-Home Testing Market Size was valued at USD 16,663.94 million in 2021 and is estimated to surpass USD 45,582.24 million by 2031, growing at a CAGR of 10.5% from 2022 to 2031.
Major factors driving the growth of the At-Home Testing Market:
The majority of the At-Home Testing market growth during the forecast period is attributed to the rise in chronic disease prevalence and the expansion of at-home testing kits for disease diagnosis at home, as well as to improving health awareness, rising disposable incomes, and the region's long-standing presence of domestic businesses.
The population's increasing knowledge of home care testing contributed to the At-Home Testing market potential expansion. The general public's attention has turned away from curative medications and toward preventive healthcare as a result of rising illness epidemics. It gave producers in this industry a ton of opportunities. The market had a strong expansion, which was further fueled by shifting demographics and rising healthcare spending per person as a result of rising living standards. At home, diagnosis is crucial for the early diagnosis of illness and for reducing the cost of healthcare.
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TRENDS INFLUENCING THE GROWTH OF AT-HOME TESTING MARKET:
Rapid testing kits are increasingly needed due to the rise in the prevalence of diabetes and the development of the newest at-home testing kits and devices, which presents an opportunity for the at-home testing market. A rise in awareness of the benefits given by at-home testing devices, as well as a rise in demand for HIV testing kits, diabetes kits, and other kits, are also anticipated to contribute to the At-Home Testing market expansion.
Additionally, the industry is growing due to the simple accessibility of self-testing kits via online retailers and pharmacies without a prescription. Additionally, the rise in the use of customized self-assessment kits for the diagnosis of HIV disease has increased the number of R&D activities in the field of at-home testing kits or medical devices enhanced healthcare services, and significant investments by the government to improve healthcare infrastructure. This is said to further help the expansion of the at-home testing market. Since demand for at-home testing is not just present in wealthy nations but is also seen in underdeveloped nations like China, Brazil, and India, it is these countries that are driving the at-home testing market expansion.
Furthermore, the COVID-19 pandemic raises public awareness of the usage of self-testing kits. The COVID-19 pandemic increases the demand for and production of at-home testing kits, including those for infectious diseases, glucose monitoring devices, and other at-home testing kits, which raises the total net revenue of businesses engaged in the production and distribution of testing and diagnostic devices. As a result of the restrictions in place, more people are adopting self-help testing kits to stop the spread of the coronavirus. This factor will further increase the growth of the at-home testing market.
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AT-HOME TESTING MARKET SHARE ANALYSIS:
Due to the rising prevalence of diabetes and the resulting rise in demand for at-home glucose test kits, which in turn drives the growth of the at-home testing market forecast, the glucose test kits segment dominated the global market in 2021 and is anticipated to maintain its dominance throughout the forecast period.
In 2021, the adult segment dominated the global market, and it is predicted that this trend will continue during the projected period. This is explained by the fact that as a person gets older, their risk of contracting cancer and other chronic diseases increases. As a result, patients in the adult age group have a greater need for diagnostic kits or medical devices, which is what is driving the growth of the at-home testing market.
The at-home testing market share leader in 2021 was the retail pharmacies sector, and it is projected that this trend will hold throughout the projection period. The demand for at-home testing kits is expected to rise in the future years due to rising investments in retail pharmacies, a move towards more structured markets, and growing awareness of wellness and health. These are the main reasons driving the market's growth.
In 2021, North America held a sizable portion of the at-home testing market, and it is anticipated that it would continue to dominate over the forecast period. The primary driver of the market's expansion is the rise in the use of self-testing kits brought on by the pandemic, as well as increased awareness of the value of HIV diagnosis and an increase in the prevalence of diabetes in the area.
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Key Companies:
- ACON Laboratories Inc.
- Cardinal Health Inc.
- BioMerieux SA
- Abbott Laboratories
- F Hoffmann La Roche Ltd
- B Braun Melsungen AG
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SIMILAR REPORTS:
- Infectious Disease Testing Kits Market
- Drugs of Abuse Test Kits Market
- At-Home Drug of Abuse (DOA) Testing market size is projected to reach USD 862.3 million by 2028, from USD 413.2 million in 2021, at a CAGR of 10.6% during 2022-2028.
- Vitamin D Home Testing Market
- Influenza Home Testing Market
- At-Home Cancer Testing Market
- At-home Genetic Testing Market
- Drug of Abuse (DOA) Testing Market
- At-Home Saliva Testing Kit Market
- At-Home Health Testing Platform market is projected to reach USD 5221.8 million by 2028 from an estimated USD 2666.9 million in 2022, at a CAGR of 11.9% during 2023 and 2028.
- At-Home COVID-19 Diagnostic Test Kit Market
- Point-of-Care Diagnostics market size is projected to reach USD 35370 million by 2027, from USD 23310 million in 2020, at a CAGR of 5.7% during 2021-2027.
- Point-of-Care Infectious Disease Diagnostics & Testing market size is projected to reach USD 1530.4 million by 2028, from USD 1024.8 million in 2021, at a CAGR of 5.4% during 2022-2028.
- HIV Point-of-care Testing Market
- Blood Glucose Testing Market
- Pregnancy and Ovulation Testing market size is projected to reach USD 288090 million by 2028, from USD 220170 million in 2021, at a CAGR of 3.5% during 2022-2028.
- Point-of-Care Coagulation Testing Market
- Laboratory-developed Testing market size is projected to reach USD 4401.1 million by 2027, from USD 3389.9 million in 2020, at a CAGR of 3.8% during 2021-2027.
- Coagulation Testing Consumables Market
- Home Health Care market size is projected to reach USD 124230 Million by 2028, from USD 69120 Million in 2021, at a CAGR of 8.6% during 2022-2028.
- Medical Supplies market size is projected to reach USD 329030 million by 2028, from USD 202430 million in 2021, at a CAGR of 7.1% during 2022-2028.
- Disposable Medical Supplies market size is projected to reach USD 314410 Million by 2028, from USD 224050 Million in 2021, at a CAGR of 4.9% during 2022-2028.
- The global digital polymerase chain reaction market generated USD 508.8 million in 2020 and is projected to reach USD 1,139.9 million by 2028, growing at a CAGR of 9.1% from 2021 to 2028.
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