OTC tests market is mainly driven by the rising prevalence of target diseases and disorders, such as diabetes and infectious diseases, both prominent ailments across the globe that require rapid and effective testing. Introduction of combined kits for testing pregnancy and ovulation is expected to provide new growth opportunities for players in the OTC test market.
What the Market Looks Like?
Predicted to grow at a CAGR of 11% during the forecast period, the global over the counter test market is estimated to reach USD 22.2 Billion by the end of 2024.
The infectious disease tests segment is projected to grow at the highest CAGR between 2018 and 2024. Growth in this market can be attributed to factors such as the increasing number of HIV-infected individuals across the globe, coupled with increasing availability and awareness about HIV OTC testing in emerging markets such as India, Brazil, and China.
The lateral flow assays segment is projected to grow at the highest rate in the market, by technology. In the past few years, the lateral flow assay POC testing market has grown significantly due to the increasing adoption of LFA testing products in home care. Companies are increasingly focusing on the development of innovative LFA-based OTC devices for the confirmation of pregnancy (using hCG levels) and ovulation, screening for infectious diseases and drugs of abuse are the factors expected to drive the growth of these markets during the forecast period
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What Drives the Market?
The growth of the global market for Over the Counter Test Market is primarily influenced by the following factors:
- Growing Prevalence of Diabetes
- High Prevalence of Infectious Diseases in Developing Countries
- Growing Support and Collaboration for Developing OTC Tests
Geographical growth scenario of Over the Counter Test Market
The Asia Pacific is estimated to grow at the highest CAGR during the forecast period. The high growth in this regional segment is majorly attributed to the increasing patient population base and the growing prevalence of infectious diseases. North America accounted for the largest share of the OTC Test market. The large share of this region can be attributed to the growing prevalence of lifestyle diseases, an increasing number of product approvals, and rising government initiatives in this region.
Leading market players and strategies adopted
The major players operating in the OTC tests market are OraSure Technologies (US), Roche Diagnostics (Switzerland), and i-Health Lab (US), AccuBioTech (China), NOWDiagnostics Company (US), Abbott Laboratories (US), Sinocare (China), LabStyle Innovations (US), SD Biosensor (South Korea), ACON Laboratories (US), bioLytical Laboratories (Canada).
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