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.
The OTC tests market is projected to reach USD 22.2 billion by 2024 from USD 11.9 billion in 2018, at CAGR of 11.0%.
Market Dynamics
Drivers
Growing Prevalence of Diabetes
High Prevalence of Infectious Diseases in Developing Countries
Growing Support and Collaboration for Developing OTC Tests
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The infectious disease tests segment is projected to grow at the highest CAGR between 2018 and 2024. Growth in this market can be attributed to 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.
The lateral flow assays segment is projected to grow at the highest rate in the market, by technology. In the past few years, the lateral flow assay POC testing market has grown significantly due to the increasing adoption of LFA testing products in home care. Companies are increasingly focusing on the development of innovative LFA-based OTC devices for the confirmation of pregnancy (using hCG levels) and ovulation, screening for infectious diseases and drugs of abuse are the factors expected to drive the growth of these markets.
The Asia Pacific is estimated to grow at the highest CAGR during the forecast period. The high growth in this regional segment is majorly attributed to the increasing patient population base and the growing prevalence of infectious diseases.
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