Insights into Over-The-Counter Tests Market statistics and research analysis and it’s growth outlook
Category: #health  By Partha Ray  Date: 2019-10-11
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Insights into Over-The-Counter Tests Market statistics and research analysis and it’s growth outlook

Over-the-counter tests market size is projected to experience significant growth from 2019 to 2025. Increasing incidences of chronic and infectious diseases in developed as well as developing economies will augment global over-the-counter tests market size. As reported by WHO, chronic diseases will account for three-quarters of all deaths across the globe. Aging population and increasing life-expectancy will further contribute to the growing prevalence of these diseases. As the early and frequent diagnosis of the chronic and infectious diseases helps in better management of these conditions, its demand will grow in years to come.

Early diagnosis of diseases often allows better management and helps in avoiding the diseases related complications. Awareness pertaining to these benefits of early diagnosis is rising in the developing economies from past few years. Moreover, affordability for over-the-counter tests is rising with growing disposable income in emerging countries such as India. Aforementioned factors are forecasted to render a positive impact on over-the-counter tests market growth. However, risk associated with the use of over-the-counter tests will hamper industry growth to some extent over the foreseeable future.

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Glucose monitoring test segment will witness robust growth over the forecast period. Prevalence of diabetes has increased exponentially over the past few years and the scenario is likely to remain so in near future. World Health Organization has estimated diabetes to be the seventh leading cause of mortality in 2016. Diabetic patients require continuous monitoring of blood glucose in order to keep it under control and change medications if required. Thus, increasing diabetic patient population will certainly drive the glucose monitoring test segment growth.

Online pharmacies segment will witness robust growth due to greater comfort and better accessibility associated with this distribution channel. Online pharmacies offer better price compared to offline stores. Moreover, online pharmacies also protect the anonymity of customers. Aforementioned advantages of online pharmacies will augment online pharmacies segment growth over the forecast period.

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Asia-pacific over-the-counter tests market is in development stage and will witness lucrative growth in near future. Increasing patient pool due to growing prevalence of chronic diseases in India and China will augment the regional growth. WHO has reported dramatic increase prevalence of diabetes in South-East Asian countries. Currently more than 96 million people in the region estimated to have diabetes. Moreover, growing adoption due to rising disposable income and increasing awareness regarding availability of over-the-counter drug tests will drive Asia Pacific regional growth.

Key industry players in over-the-counter tests market are Roche Diagnostics, Abbott, OraSure Technologies, Inc., LIA Diagnostics, bioLytical Laboratories, Acon Laboratories Inc, SD Biosensor, and NOWDiagnostics. Key industry players are continuously launching new and innovative products to gain competitive advantages. For instance, in July 2017, bioLytical Laboratories launched INSTI HIV Self-Test. The product launch expanded the company’s existing product portfolio of infectious disease testing.

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About Author

Partha Ray    

Partha Ray

Partha is into digital marketing since the last 3 years and has worked on multiple projects across various industries. An Computer Science engineer by education, he has prior experience in software development. His other interests include playing cricket & Hockey.

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