The OTC tests market is projected to reach USD 22.2 billion by 2024 from USD 11.9 billion in 2018, at CAGR of 11.0% during the forecast period. The growth of the 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.
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.
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.
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.
Download PDF Brochure With Latest Edition @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=78819178
Market Reseach Developments:
- In 2019, SD Biosensor launched STANDARD GlucoNavii GDH for blood glucose monitoring.
- In 2019, LabStyle Innovations entered into an agreement with Better Living Now (BLN) for the distribution of its Blood Glucose Monitoring System and the DarioEngage digital health platform.
- In 2018, DarioHealth partners with Byram Healthcare to further expand insurance health coverage for consumers in the US.
- In 2016, Sinocare acquired PTS Diagnostics, to strengthen its product portfolio and accelerate future growth in the diagnostic testing market
Key market players
The key players operating in the global Over The Counter/OTC test industry are OraSure Technologies (US), Roche Diagnostics (Switzerland), and i-Health Lab (US). A majority of the leading players in the market focus on both organic and inorganic growth strategies such as collaborations, partnerships, acquisitions, and agreements to maintain and enhance their market shares in the OTC test market.