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OTC Test Market to Reach $22.2 Billion by 2024
April 15, 2019 | PRNewswireEstimated reading time: 1 minute
The OTC Test market is projected to reach $22.2 billion by 2024 from $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 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
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.
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