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Rising prevalence of diabetes is the key factor driving market revenue growth

VANCOUVER, BRITISH COLUMBIA, CANADA, May 25, 2023 /EINPresswire.com/ -- In the Global Over The Counter Tests Market Research Report published by Emergen Research, key business details are analyzed along with a geographical overview of the Over The Counter Tests Market industry, which provides extensive analysis of this sector. This study provides a comprehensive look at the Over The Counter Tests Market from both a qualitative and quantitative perspective as well as crucial statistical information about the market. The research study provides historical data and offers forecasts up to 2032. Furthermore, the report describes emerging and established players of the market, providing an overview of their business, their product portfolio, their strategic alliances, and their plans for expansion.

The global Over The Counter (OTC) tests market size was USD 17.89 Million in 2022 and is expected to register a revenue CAGR of 11.0% during the forecast period, according to the latest analysis by Emergen Research. Rising prevalence of infectious diseases and diabetes, as well as increasing government assistance for the distribution and manufacture of OTC tests are major factors driving revenue growth of the market.

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OTC tests are pharmaceuticals drugs that are available over the counter and can be used by anybody to conduct the test. These drugs are easy to use and offer quick results. The fact that test kits are easily accessible at nearby pharmacies and that these are intended for self-testing makes it easier for clients to buy the product. These kits are very reasonably priced. Some typical examples of Over The Counter (OTC) testing are drug-of-abuse tests, pregnancy and fertility tests, urine tests, glucose tracking tests, cholesterol tests, coagulation monitoring tests, infectious disease screenings, and others. Rising frequency of chronic illnesses has led to widespread use of cholesterol tests and glucose monitoring tests in modern society. In recent years, these tests accuracy and dependability have greatly increased. These factors are driving revenue growth of the market.

Market Overview:

The report bifurcates the Over The Counter Tests Market on the basis of different product types, applications, end-user industries, and key regions of the world where the market has already established its presence. The report accurately offers insights into the supply-demand ratio and production and consumption volume of each segment.

Emergen Research has segmented the global OTC tests market on the basis of technology, product, and region:

Technology Outlook (Revenue, USD Billion; 2019-2032)

Lateral Flow Assays

Immunoassays

Dipsticks

Product Outlook (Revenue, USD Billion; 2019-2032)

Glucose Monitoring Tests

Pregnancy & Fertility Tests

Infectious Disease Tests

Coagulation Monitoring Tests

Urinalysis Tests

Cholesterol Tests

Others

The section on the competitive landscape offers valuable and actionable insights related to the business sphere of the Over The Counter Tests Market, covering extensive profiling of the key market players. The report offers information about market share, product portfolio, pricing analysis, and strategic alliances such as mergers and acquisitions, joint ventures, collaborations, partnerships, product launches and brand promotions, among others. The report also discusses the initiatives taken by the key companies to combat the impact of the COVID-19 pandemic.

Key Companies Profiled in the Report are:

Abbott Laboratories, Abingdon Health, AccuBioTech Co., Ltd, ACON Laboratories, Inc., B. Braun SE, BD, Clip Health., Ellume Limited., Eurofins Scientific, LifeScan IP Holdings, LLC

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Key Highlights from the Report

Lateral Flow Assays (LFAs) segment accounted for largest revenue share in 2022. The COVID-19 pandemic demonstrated the acceptability and practicability of Lateral Flow Tests (LFTs) for clinical and public health objectives on a large scale. Quick LFT findings allow people to self-test and acquire a diagnosis outside of a centralized center. Early disease detection has been identified as a significant technique for minimizing morbidity, mortality, and the chance of disease transmission.

Particularly, lateral flow immunoassays (lateral flow tests) have proven to be effective analytical tools at the point of care. LFAs show promise as a method for attaining global pandemic control by enabling rapid disease screening since they are among the least expensive, quickest, and easiest-to-use paper-based POC tests.

The glucose monitoring tests segment accounted for largest revenue share in 2022. There is high demand for over-the-counter glucose monitors in recent years. Rising prevalence of diabetes, along with the importance of routinely checking blood glucose levels, has created high demand for at-home glucose monitoring devices that are simple to use, accurate, and reasonably priced.

Preventative diagnosis of diabetes using a home blood glucose test is a cheap and risk-free option. This is advantageous since diabetes does not usually present symptoms, especially in the beginning. Home testing kits are more cost effective compared to going to a hospital, which is driving revenue growth of this segment.

The market in North America accounted for largest revenue share in 202 The U.S. and Canada bring in the most revenue from the North American markets. Strong presence of prominent market participants, availability of contemporary healthcare infrastructure, and increasing prevalence of diabetes in this region are major factors driving revenue growth of the market. In 2019, around 8.7% of the U.S. population, or 28.7 million people, were diagnosed with diabetes. In the U.S., there were 283,000 children and adolescents under the age of 20 who were diagnosed with diabetes or approximately 35 per 10,000 children.

Regional Landscape section of the Over The Counter Tests Market report offers deeper insights into the regulatory framework, current and emerging market trends, production and consumption patterns, supply and demand dynamics, import/export, and presence of major players in each region.

The various regions analyzed in the report include:

North America (U.S., Canada)

Europe (U.K., Italy, Germany, France, Rest of EU)

Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)

Latin America (Chile, Brazil, Argentina, Rest of Latin America)

Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)

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Research Report on the Over The Counter Tests Market Addresses the Following Key Questions:

Who are the dominant players of the Over The Counter Tests Market Size?

Which regional market is anticipated to have a high growth rate over the projected period?

What consumer trends and demands are expected to influence the operations of the market players in the Over The Counter Tests Market Share?

What are the key growth drivers and restraining factors of the Over The Counter Tests Market Growth?

What are the expansion plans and strategic investment plans undertaken by the players to gain a robust footing in the market?

What is the overall impact of the COVID-19 pandemic on the Over The Counter Tests Market and its key segments?

Thank you for reading our report. Please get in touch with us if you have any query regarding the report or its customization. Our team will ensure the report is best suited to your needs.

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