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.
Do you want to assess potential implications of COVID-19 pandemic on your business and boost your preparedness? Grab an exclusive PDF Brochure for this report!
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.
Are you a start-up willing to make it big in business? Grab an exclusive Sample for this report
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.