The growth of the OTC tests 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.
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.
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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.
Key market players
1. In 2019, SD Biosensor launched STANDARD GlucoNavii GDH for blood glucose monitoring.
2. In 2019, LabStyle Innovations entered into an agreement with Better Living Now (BLN) for the distribution of its Blood Glucose Monitoring System and the DarioEngage digital health platform.
3. In 2018, DarioHealth partners with Byram Healthcare to further expand insurance health coverage for consumers in the US.
4. In 2016, Sinocare acquired PTS Diagnostics, to strengthen its product portfolio and accelerate future growth in the diagnostic testing market.