Self-Testing Market: Overview
Self-testing market gained striking momentum from the vast uptake of HIV self-testing (HIVST) around the world. HIVST gathered immense momentum on the back of the demand for potentially cost-effective and rapidly diagnostic capability of the devices. In general, the demand in the self-testing market has been spurred by the increasing focus of healthcare systems to motivate those who would otherwise not undergo any test. Key benefits that attract users include scalability, cost-effectiveness, and apt knowledge about the usage among the health care users.
A wide range of applications in the self-testing market are in fertility self-test, menopause self-test, ovulation self-test, cholesterol and triglycerides tests, and pregnancy self-tests. Pregnancy self-test strips have gained widespread acceptance in developing economies. Another self-testing modality that has gained worldwide popularity is diabetes and glucose self-tests. Major forms in which self-testing are available are kits, strips, and devices.
Self-Testing Market: Competitive Analysis and Key Developments
In the wake of rising COVID-19 pandemic, governments world over are grappling on approaches on improving the SARS-CoV-2 detection rate in the population. Countries with an inadequate healthcare infrastructure are in desperate attempt to fuel testing of the novel Coronavirus in countries to counter the spikes in cases. Even in an emerging economy such as in India, researchers have pinned great hopes on recent developments in self-testing market. An instance is the prospect of home-based midnasal swab collection. According to a research letter in the Journal JAMA Network Open, this self-testing modality for COVID-19 has comparable efficacy to clinic-based nasopharyngeal swab collection.
The key motivations spurring interest in this home-based self-testing technology is intense need for reducing the risk to healthcare professionals when the healthcare are already overburdened with Coronavirus-positive patients. This technology, the researchers assert, will boost access to testing, and will prove a boon in controlling the spread of COVID-19.
Some of the promising players in the self-testing market are B. Braun Holding GmbH, Johnson & Johnson, Geratherm Medical AG, Accuquik, Piramal Enterprises, OraSure Technologies, Inc, Nectar Lifesciences Limited, SelfDiagnostics OÜ, and PRIMA Lab SA. Top players are aspiring to spend on research and development of novel diagnostics.
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Self-Testing Market: Key Trends
The changing attitudes and perceptions of healthcare workers and caregivers toward acceptance of self-testing modality and home-based tests is a key trend boosting the self-testing market. A striking trend has been positive attitude towards HIV self-testing, reinforcing sales of such technologies. In this regard, the high disease burden especially in less developed parts of the world has mounted the concern for getting vulnerable populations to undergo testing.
The demand for reducing the burden of testing of various chronic diseases with clinical settings is a notable trend boosting the self-testing market. The growing interest in infectious disease specialists has also expanded the avenue for for medical device manufacturers. Rise in uptake of self-testing kits in infections and allergies has also boosted revenue generation for players in the self-testing market.
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Self -Testing Market: Regional Assessment
Some of the potentially lucrative regions in the self-testing market are North America, Asia Pacific excluding Japan, Japan, Western Europe, Eastern Europe, Latin America, the Middle-East and Africa. Of these, North America and Europe are promising markets. The lucrativeness of these regional markets have been reinforced by the rising preference of self-testing for chronic and other diseases, notably for diabetes, allergies, and pregnancy.
On the other hand, Asia Pacific is emerging as a potentially attractive market for manufacturers of self-testing market. The vast penetration of self-testing kits in various populations in the region has imparted a string push to the avenues in the overall market. A large chunk of the opportunities in recent years is found in China and India.
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.