The OTC Test market is projected to reach USD 22.2 billion by 2024 from USD 11.9 billion in 2018, at CAGR of 11.0%
NEW YORK, April 15, 2019 /PRNewswire/ -- Increasing prevalence of infectious diseases is expected to drive the overall growth of the OTC Test market.
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The OTC Test market is projected to reach USD 22.2 billion by 2024 from USD 11.9 billion in 2018, at CAGR of 11.0% during forecast period. Diabetes is a prominent affliction across the globe and a key contributor to the demand for OTC tests. Infectious diseases also require rapid and effective testing. The need for tests for both applications has resulted in growing government support for the development and provision of OTC tests. However, the invasive nature of self-monitoring/traditional blood glucose systems and cholesterol monitoring is likely to affect market growth to a certain extent.
The infectious disease tests segment is expected to grow at the highest CAGR during the forecast period.
The OTC Test market, by product, has been categorized into eight major segments— glucose monitoring tests, cholesterol tests, pregnancy & fertility tests, drugs-of-abuse tests, coagulation monitoring tests, urinalysis tests, infectious disease tests, and other tests. The infectious disease tests segment is estimated to grow at the highest CAGR during the forecast period. This market is majorly driven by factors such as the increasing number of HIV-infected individuals across the globe, coupled with increasing availability and awareness about HIV OTC testing in emerging markets such as India, Brazil, and China
Asia Pacific projected to grow at the highest CAGR during the forecast period.
In the OTC Test market, Asia Pacific is projected to record the highest growth during the forecast period.China, Japan, and India are the major markets for OTC Test in the Asia Pacific.
Increasing prevalence of target conditions and infectious diseases and growing patient population base in emerging countries like India and China are expected to drive the growth of these markets during the forecast period.
In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations operating in the OTC Test market.
•?By Company Type: Tier 1–18%, Tier 2–39%, and Tier 3–43%
•?By Designation: C-level Executives–25%, Directors–20%, and Others–55%
•?By Region: North America–40%, Europe–27%, APAC–20%, and RoW–13%
The OTC Test market comprises major providers such as OraSure Technologies (US), Roche Diagnostics (Switzerland), and i-Health Lab (US). The study includes an in-depth competitive analysis of these key players in the OTC Test market, along with their company profiles, recent developments, and key market strategies.
Research Coverage:
The market study covers the OTC Test market across various segments.It aims at estimating the market size and the growth potential of this market across different segments, on the basis of product, analyte type, product, end user, and region.
The study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to their product and business offerings, recent developments, and key market strategies.
Key Benefits of Buying the Report:
The report will help market leaders/new entrants in this market and provide information on the closest approximations of the revenue numbers for the overall OTC Test market and its subsegments.This report will help the stakeholders to understand the competitive landscape, to gain more insights to better position their businesses, and to plan suitable go-to-market strategies.
The report will also help the stakeholders to understand the pulse of the market and provide information on key market drivers, restraints, and opportunities.
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