SELF-TESTING MARKET ANALYSIS

Self-Testing MarketSize and Trends

Global self-testing market is estimated to be valued at USD 23.45 Bn in 2024 and is expected to exhibit a CAGR of 8.7% during the forecast period (2024-2031).

Figure 1. Global Self-Testing Market Value (USD BN), by Region, 2024

Increasing adoption of business development strategies such as agreement, collaboration, and acquisition by key market players is anticipated to drive the global self-testing market growth during the forecast period.

Figure 2. Global Self-Testing Market Share, By Test Type, 2024

Global Self-Testing Market – Impact of Coronavirus (COVID-19) Pandemic

Since the COVID-19 outbreak in December 2019, the disease has spread to over 100 countries across the globe. The coronavirus (COVID 19) pandemic and consequent lockdown in various countries across the globe have impacted the financial status of businesses in all sectors. Supply chain and manufacturing activities have been disrupted globally, due to lockdowns implemented by governments of countries, restricted movement, and other COVID-19 safety precautions.

Market players are focused on strategies such as distribution agreements for COVID-19 self-test kits. This is expected to drive the global self-testing market growth. For instance, in April 2021, Quidel Corporation, a leading provider of rapid diagnostic testing solutions, cellular-based virology assays, and molecular diagnostic systems, announced the completion of a distribution and fulfilment agreement with McKesson Corporation, a global leader in healthcare supply chain management solutions and retail pharmacy, to improve consumer access to Quidel's non-prescription QuickVue At-Home OTC (over-the-counter) COVID-19 Test.

Geographies covered:

• North America: U.S. and Canada
• Latin America: Brazil, Argentina, Mexico, and Rest of Latin America
• Europe: Germany, U.K., Spain, France, Italy, Russia, and Rest of Europe
• Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, and Rest of Asia Pacific
• Middle East: GCC Countries, Israel, and Rest of Middle East
• Africa: South Africa, North Africa, and Central Africa

Global Self-Testing Market: Restraint

The increasing number of product recalls of self-testing kits by regulatory authorities such as the U. S. FDA, is expected to hinder the global self-testing market growth over the forecast period. For instance, in November 2021, the U.S. Food and Drug Administration (FDA) issued a recall of approximately 2 million at-home COVID-19 test kits manufactured by the Australian-based biotech company Ellume. Due to a manufacturing flaw, the test kits may produce 'false positives', according to the federal regulatory agency. In October 2021, the company notified the FDA about the defect in some lots. The FDA classified the Ellume test recall as 'the most serious type', known as a Class I recall.