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.
MarketsandMarkets forecasts the Over The Counter/OTC Test Market is projected to reach USD 22.2 billion by 2024 from USD 11.9 billion in 2018, at CAGR of 11.0% during the forecast period.
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Infectious disease tests are expected to be the fastest-growing segment in the OTC Test market during the forecast period.
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.
Lateral flow assays segment is growing at the highest rate.
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 during the forecast period.
Asia Pacific is growing at the highest CAGR during the forecast period.
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
The key players operating in the global Over The Counter/OTC test industry are OraSure Technologies (US), Roche Diagnostics (Switzerland), and i-Health Lab (US). A majority of the leading players in the market focus on both organic and inorganic growth strategies such as collaborations, partnerships, acquisitions, and agreements to maintain and enhance their market shares in the OTC tests market.