Self-testing Market: Overview
The groundswell of consumer interest in self-testing technologies over the past few years has stridently rested on the popularity of direct-to-home testing kits and strips. The rationale is seemingly making patients more empowered. Proponents of self-testing market endorse the need for such tests on the back of promoting autonomy to patients—they would not test if they had to take the service of primary healthcare. Indeed, for some tests, the rationale holds good, particularly in case of HIV testing, where suspected ones may not undergo tests at clinics due to significant embarrassment.
Since the late 2000, a number of self-testing kits have been used for diagnosing numerous conditions, notably cancer-related such fecal occult blood and PSA; chronic diseases such as diabetes; and urinary tract infections.
Although, manufacturers reiterate that they abide by the existing regulations in relation to the accuracy and reliability of self-testing kits, at several points they have found to fall short of expectations. The whole regulatory landscape in the self-testing market is dynamically shifting to ensure efficacy of norms. In the U.S., IVD Regulations are in force for self-testing kits.
Self-testing Market: Key Trends
In the face of rising value-based care, self-testing market is expected to make promising strides. Convenience of self-testers is one of most compelling propositions for driving demand in the self-testing market. Indeed, a growing body of studies have confirmed that self-testing has boosted the uptake of HIV testing in vulnerable population, in contrast to standard HIV testing services. Thus, such studies underline the role of self-testing in reducing the healthcare burden.
Some other tests such as pregnancy self-test kits became routine, and helped their manufacturers garner revenue gains from the extensive marketing. Another popular kits in the self-testing market are those that are meant for colon cancer through fecal occult blood testing. However, the much harped-on benefits of time and cost, by and large, fail allay the concerns of false-positive and false-negative results. This might be a thorny issue in the growing revenue potential in the self-testing kits market.
Another promising thrust to the self-testing market comes from the demand for get genetic testing of their DNA through direct-to-consumer tests. Despite the incredible scientific and clinical data to back up various manufacturers’ claim about the efficacy of self-testing, they remain to date not incontestable.
The report on the self-testing market strives to take a closer look at the several of such nuances and data outliers of the commonly contested trends. The analysts also take an incisive look at changing regulatory dynamics in various key regional markets which no doubt will influence the growth trajectory of the self-testing market.
Self-testing Market: Competitive Analysis and Key Developments
A fresh round of buzz around the self-testing kits has come recently from unauthorized home COVID test kits. Bewildering as the widespread testing for the novel coronavirus has proved for the governments worldwide, the healthcare industry of most nations have remained skeptical about the reliability of self-testing. In fact, in August, the U.S. FDA time and again made it clear that testing for the pandemic virus is supported only in healthcare settings.
Despite the marked complexity in regulating self-testing products, the interest around their marketing no doubt continue to swell. Manufacturers might rope in third parties to support the claims about the reliability of self-testing products.
Self-testing Market: Regional Assessment
Geographically, North America has been a hugely lucrative market. The lucrativeness of the regional market is supported and fueled by the role home test kits occupy in a value-based care. Europe is also a promising region for stakeholders where they are seeing new revenue streams. Another lucrative regional market is Asia Pacific, given the fact that their key objective is to empower patient populations, and finally the healthcare.