According to Zion Market Research, the global Over The Counter (OTC) Test market size is projected to reach USD 40 billion by 2030 from its value of USD 20 billion in 2022, at a CAGR of 10% during the forecast period.
NEW YORK, United States, Sept. 21, 2023 (GLOBE NEWSWIRE) — Zion Market Research has published a new research report titled “Over The Counter (OTC) Test Market By Technology (Immunoassays, Lateral Flow Assays, And Dipsticks), By Product (Pregnancy & Fertility Tests, Glucose Monitoring Tests, Infectious Disease Tests, Urinalysis Tests, Coagulation Monitoring Tests, Drugs-Of-Abuse Tests, Cholesterol Tests, And Other Tests), And By Region – Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030” in its research database.
“According to the latest research study, the global Over The Counter (OTC) Test Market size was valued at about USD 20 billion in 2022. The market is expected to grow at a CAGR of 10% and is anticipated to reach USD 40 billion by 2030.”
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Over The Counter (OTC) Test Market Overview:
In recent years, the over-the-counter (OTC) testing industry has experienced a remarkable expansion and new developments. Moreover, over the counter (OTC) test kits can address a wide range of medical issues such as a rise in cholesterol levels in the body, growing sugar levels found in blood samples, infectious diseases, and genetic disorders with the aid of over the counter (OTC) tests. According to reports, these tests are reliable and simple to conduct. With technological advancements and widespread smartphone usage on the rise, their demand is gaining momentum. For the record, the spread of the COVID-19 pandemic increased the use of over-the-counter testing devices due to the enormous demand for domestic testing. Reportedly, over-the-counter (OTC) testing medical apparatus is available directly to the end-user without a prescription.
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|Report Attribute||Report Details|
|Market Size in 2022||USD 20 Billion|
|Market Forecast in 2030||USD 40 Billion|
|Growth Rate||CAGR of 10%|
|Forecast Years||2023- 2030|
|Key Companies Covered||AccuBioTech, Abbott Laboratories, bioLytical Laboratories, NOWDiagnostics Company, OraSure Technologies, Sinocare, Roche Diagnostics, LabStyle Innovations, ACON Laboratories, i-Health Lab, SD Biosensor, and others.|
|Segments Covered||By Technology, By Product, and By Region|
|Regions Covered||North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa|
|Customization Scope||Avail customized purchase options to meet your exact research needs.|
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Key Insights from Primary Research
- The global over the counter (OTC) test market is anticipated to grow rapidly over the forecast timeline owing to an increase in the number of chronic disorders such as diabetes, respiratory diseases, and viral diseases.
- In terms of technology, the lateral flow assays segment is slated to register the highest CAGR over the analysis period.
- Based on the product, the infectious disease tests segment is set to dominate the application landscape over the forecast period.
- Region-wise, the European over the counter (OTC) test industry is projected to register the fastest CAGR during the assessment timeline.
Over The Counter (OTC) Test Market: Growth Factors & Restraints
- A surge in chronic ailments will boost global market trends by 2030
The global expansion of the over-the-counter (OTC) test market will be prompted by the rise of chronic conditions such as diabetes, respiratory diseases, and viral infections. A significant increase in demand for over-the-counter diagnostic tests and point-of-care testing will drive the global expansion of the market. Huge government and private sector investments in the development of pharmaceuticals will promote global market trends. According to the CDC, hospitals in the United States reported nearly 2 million infections and approximately 100,000 fatalities due to these infections. In addition, according to the U.S. FDA, nearly 3 million people aged 50 or older will be diagnosed with pneumonia in 2020.
- Increase in the test costs can hinder the global industry growth
Surge in the test costs and fluctuations in government policies can put brakes on the global over the counter (OTC) test industry expansion in the upcoming years.
Browse the full “Over The Counter (OTC) Test Market By Technology (Immunoassays, Lateral Flow Assays, And Dipsticks), By Product (Pregnancy & Fertility Tests, Glucose Monitoring Tests, Infectious Disease Tests, Urinalysis Tests, Coagulation Monitoring Tests, Drugs-Of-Abuse Tests, Cholesterol Tests, And Other Tests), And By Region – Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030” Report at https://www.zionmarketresearch.com/report/over-the-counter-test-market
Over The Counter (OTC) Test Market: Segmentation
The global over the counter (OTC) test market is sectored into technology, product, and region.
In technology terms, the global over the counter (OTC) test market is segregated into immunoassays, lateral flow assays, and dipsticks segments. Furthermore, the lateral flow assays segment, which accumulated nearly 50% of the global market revenue share in 2022, is predicted to register the fastest CAGR in the forecast timespan.
Based on the product, the global over the counter (OTC) test industry is sectored into urinalysis tests, pregnancy & fertility tests, cholesterol tests, glucose monitoring tests, drugs-of-abuse tests, infectious disease tests, coagulation monitoring tests, and other tests segments. Moreover, the infectious disease tests segment, which garnered a huge share of the global industry in 2022, is anticipated to lead the global industry over the assessment period.
- Asia-Pacific may maintain its global market leadership over time
Asia-Pacific, which accounted for approximately 57% of global over-the-counter (OTC) test market revenue in 2022, will be the leading region over the forecast period. The growth of the market in the region can also be attributed to the increasing demand for home care settings, early diagnosis, and personalized medication in APAC nations. In addition, a significant increase in the global patient population and an increase in infectious diseases will enlarge the regional market.
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The report contains qualitative and quantitative research on the global Over The Counter (OTC) Test market, as well as detailed insights and development strategies employed by the leading competitors.
Some of the main players in the global Over The Counter (OTC) Test market include;
- Abbott Laboratories
- bioLytical Laboratories
- NOWDiagnostics Company
- OraSure Technologies
- Roche Diagnostics
- LabStyle Innovations
- ACON Laboratories
- i-Health Lab
- SD Biosensor
The global Over The Counter (OTC) Test market is segmented as follows:
- Lateral Flow Assays
- Pregnancy & Fertility Tests
- Glucose Monitoring Tests
- Infectious Disease Tests
- Urinalysis Tests
- Coagulation Monitoring Tests
- Drugs-Of-Abuse Tests
- Cholesterol Tests
- Other Tests
- North America
- The U.S.
- The UK
- Rest of Europe
- Asia Pacific
- Southeast Asia
- Rest of Southeast Asia
- The Middle East & Africa
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Rest of Latin America
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Key questions answered in this report:
- What is the market size and growth rate forecast for Over The Counter (OTC) Test industry?
- What are the main driving factors propelling the Over The Counter (OTC) Test Market forward?
- What are the leading companies in the Over The Counter (OTC) Test Industry?
- What segments does the Over The Counter (OTC) Test Market cover?
- How can I receive a free copy of the Over The Counter (OTC) Test Market sample report and company profiles?
- Full in-depth analysis of the parent market
- Important changes in market dynamics
- Segmentation details of the market
- Former, on-going, and projected market analysis in terms of volume and value
- Assessment of niche industry developments
- Market share analysis
- Key strategies of major players
- Emerging segments and regional markets
- Testimonials to companies in order to fortify their foothold in the market
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