The Global Over The Counter Tests Market Size is valued at 17.19 billion in 2022 and is predicted to reach 43.40 billion by the year 2031 at a 10.96% CAGR during the forecast period for 2023-2031.
Counter tests are devices that anyone can use with ease to conduct the desired test. These test kits are readily available and provide results right away. Additionally, these kits are offered at neighborhood pharmacies, making it simple for clients to buy the product. These test kits are frequently used for urine testing, infection detection, pregnancy detection, and glucose testing. Medical testing equipment that is sold over-the-counter (OTC) is immediately accessible to the consumer and does not need a prescription. They can be used in places other than hospitals, like homes, schools, workplaces, and communities.
The over-the-counter testing products are correctly branded and come with clear instructions so that the user can use them independently of a doctor. Food and Drug Administration (FDA) contends that the advantages of having an accessible over-the-counter device outweigh the hazards due to the safety margin of over-the-counter medical devices and testing goods.
The main factors influencing market expansion include rising incidences of infectious illnesses and other chronic conditions. The most common chronic conditions that demand quick and accurate testing are diabetes and infectious illnesses. As a result, the market for over-the-counter tests is driven by rising demand for testing such disorders. Additionally, the rising incidence of HIV and urinary tract infections presents substantial growth prospects for the market. The ease of use and accessibility of these test kits are benefits that help the industry expand.
Competitive Landscape:
Some of the the Over The Counter Tests market players are:
- Abbott Laboratories
- Abingdon Health
- AccuBioTech Co., Ltd
- ACON Laboratories, Inc.
- Braun SE
- BD
- Clip Health
- Ellume Limited
- Eurofins Scientific
- LifeScan IP Holdings, LLC
Market Segmentation:
The Over The Counter Tests market is segmented on the basis of product and end-use. Product segment includes cholesterol test, fecal occult blood test, pregnancy test, glucose monitoring tests, drug abuse test, and others. By end-use, the market is segmented into online pharmacies and retail pharmacies.
Based On Product, The Glucose Monitoring Segment Is Accounted As A Major Contributor In The Over The Counter Tests Market
Infectious illness tests, coagulation monitoring tests, urinalysis tests, cholesterol tests, drug-of-abuse tests, and other tests are some segments of the global OTC tests market. In 2022, the segment with the most significant revenue share was glucose monitoring tests. Over-the-counter glucose monitors are in hot demand right now. There is a strong demand for at-home glucose monitoring devices that are user-friendly, precise, and affordable due to the rising occurrence of diabetes and the significance of routinely checking blood glucose levels. A low-cost, risk-free solution is to use a home blood glucose test to diagnose diabetes preventatively. This is important because diabetes frequently starts out without any symptoms.
Online Pharmacies Segment Witnessed Growth At A Rapid Rate
Due to the rise in the number of diabetics, the surge in demand for self-monitoring devices, and government initiatives to improve hospital pharmacy, the online pharmacies category was the largest contributor by end-use in 2022 and is anticipated to continue its lead during the projection period. However, due to technological advancements in the healthcare industry and an increase in demand for remote service, the online pharmacies category is anticipated to have significant expansion throughout the projection period.
In The Region, The North America Over The Counter Tests Market Holds A Significant Revenue Share
In the United States, the over-the-counter (OTC) Testing market is anticipated to grow rapidly during the forecast period. Due to the rising prevalence of chronic illnesses, the rise in the number of over-the-counter test products receiving approval, the presence of key players, and advancements in healthcare technology in the region, North America commanded the majority of the over-the-counter test market in 2022 and is anticipated to retain its dominance throughout the forecast period.
Over The Counter Tests Market Research Report:
|
Report Attribute |
Specifications |
|
Market Size Value In 2022 |
USD 17.19 Bn |
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Revenue Forecast In 2031 |
USD 43.40 Bn |
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Growth Rate CAGR |
CAGR of 10.96 % from 2023 to 2031 |
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Quantitative Units |
Representation of revenue in US$ Bn and CAGR from 2023 to 2031 |
|
Historic Year |
2019 to 2022 |
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Forecast Year |
2023-2031 |
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Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
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Segments Covered |
Product And End-Use |
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Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
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Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; South East Asia; South Korea; South East Asia |
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Competitive Landscape |
Abbott Laboratories, Abingdon Health PLC, AccuBioTech Co., Ltd. , Acon Laboratories Inc. , B. Braun Melsungen AG, Becton Dickinson and Company, Clip Health, Dario Health Corp, Ellume Health Ltd, Eurofins Scientific Group, F. Hoffmann-La Roche AG, Lia Diagnostics Inc, Lifescan IP Holdings, LLC, Lucira Health, Inc, Now Diagnostics Inc, Orasure Technologies Inc, PHC Holdings Corporation, Quidel Corporation, SD Biosensor Inc., and Sinocare Inc. |
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Customization Scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
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Pricing and Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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