According to the report, the global over the counter (OTC) test market was valued at around USD 11.9 billion in 2018 and is projected to attain a value of about USD 22.2 billion by 2025, growing at around 11% CAGR between 2019 and 2025. Over the counter tests are the solutions that can be utilized by any individual easily to perform the desired test. These test kits are accessible for several purposes and provides instantaneous results. As they are obtainable at the local pharmacy shops, it becomes very convenient for the customers. Commonly, these tests kits are utilized for infection, pregnancy test, glucose test, and urine tests.
The growth of the global over the counter (OTC) test market can be mainly attributed to the rising incidence of target diseases and disorders like diabetes and infectious diseases. These are among the most prominent disorders around the world and require rapid & effective testing. Certainly, it has assisted in boosting the demand for the over the counter (OTC) test market. Further, other major factors contributing to the expansion of the global over the counter (OTC) test market include the increasing health alertness among people and the rising disposable income. People around the world are turning out to be more & more health conscious and retaining good physical fitness. In addition, there has been noteworthy alertness among people regarding infectious disease like HIV and other, which is further anticipated to fuel the expansion of the global over the counter (OTC) test during forecast period.
The global over the counter (OTC) test market is bifurcated based on product and technology. On the basis of product, global market is classified into cholesterol tests, infectious disease tests, glucose monitoring tests, drugs-of-abuse tests, pregnancy & fertility tests, urinalysis tests, coagulation monitoring tests, and other tests. Among these, the infectious disease tests segment is projected to witness substantial growth during the years to come. Based on technology, the market is classified as immunoassays, dipsticks, and lateral flow assays. Among these, the lateral flow assays segment is anticipated to develop at substantial rate on account of the rising implantation of LFA testing products within home care.
Regionally, Asia Pacific ruled the global over the counter (OTC) test market and is projected to continue its dominance during the forecast period. This regional expansion can be attributed to the rising count of patients in Asia Pacific and the increasing incidence of infectious diseases. Also, people are becoming more conscious regarding their health further boosting the regional market growth. In addition, the government is also taken up numerous initiatives to endorse public health and have made these OTC test less expensive.
The key players active within the global over the counter (OTC) test market consist of Abbott, F. Hoffmann-La Roche Ltd, AccuBioTech Co., Ltd., OraSure Technologies, Inc., LabStyle Innovations Corp. (DarioHealth Corp.), LIA Diagnostics, INC., Acon Laboratories Inc., SD Biosensor, INC., NOWDiagnostics Inc., and Sinocare INC., among others.
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