Over The Counter/OTC Test Market Worth $22.2 Billion by 2024 | Leading Companies are OraSure Technologies, Roche Diagnostics, and i-Health Lab
(EMAILWIRE.COM, March 30, 2020 ) According to the new market research report Over The Counter/OTC Test Market by Product (Glucose Monitoring Test, Cholesterol Monitoring Test, Infectious Disease Testing, Fecal Occult Test, Urine Analysis Test, Drug Abuse Test), Technology (Immunoassay, Lateral Flow Assay)-Global Forecast to 2024″, published by MarketsandMarkets, the market for OTC Test is expected to grow from USD 11.9 billion in 2018 to USD 22.2 billion by 2024, at a CAGR of 11.0% during the forecast period.
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The growth of the OTC Test Market is mainly driven by the rising prevalence of target diseases and disorders, such as diabetes and infectious diseases, both prominent ailments across the globe that require rapid and effective testing.
Glucose monitoring tests are expected to account for the largest share during the forecast period
Based on product, the OTC Test Market is segmented into glucose monitoring tests, cholesterol tests, pregnancy & fertility tests, drugs-of-abuse tests, coagulation monitoring tests, urinalysis tests, infectious disease tests, and fecal occult tests. Glucose monitoring tests dominated the OTC Test Market in 2018. Market growth can largely be attributed to the growing global prevalence of diabetes, ongoing technological advancements in blood glucose self-monitoring devices, and growing patient awareness about the benefits of these tests.
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Lateral flow assays segment is projected to witness the highest growth in the OTC Test Market during the forecast period.
On the basis of technology, the OTC Test Market is segmented into lateral flow assays, immunoassays, and dipsticks. The lateral flow assays segment is expected to witness high growth in the coming years. The growth of this segment can be attributed to the increasing focus of manufacturers on the development of innovative LFA-based OTC devices for the confirmation of pregnancy (using hCG levels) and ovulation, screening for infectious diseases, and testing for drugs of abuse.
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North America is expected to account for the largest market share during the forecast period.
Based on region, the OTC Test Market is broadly divided into North America, Europe, the Asia Pacific, and the RoW. In 2018, North America accounted for the largest share of the OTC Test Market. The large share of this region can be attributed to the growing prevalence of lifestyle diseases, an increasing number of product approvals, and rising government initiatives in this region.
The prominent players in the global OTC Test Market are OraSure Technologies (US), Roche Diagnostics (Switzerland), and i-Health Lab (US).
Mr. Sanjay Gupta
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