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% during the forecast period. 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. Introduction of combined kits for testing pregnancy and ovulation is expected to provide new growth opportunities for players in the OTC test market.
The major players operating in the OTC tests market are OraSure Technologies (US), Roche Diagnostics (Switzerland), and i-Health Lab (US), AccuBioTech (China), NOWDiagnostics Company (US), Abbott Laboratories (US), Sinocare (China), LabStyle Innovations (US), SD Biosensor (South Korea), ACON Laboratories (US), bioLytical Laboratories (Canada). 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.
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OraSure Technologies is the leading player in the OTC tests market. The company has constantly been focused on R&D in order to be innovative and unique in its product offering. For instance, in 2017, the company had invested 8% of its total revenue in R&D. OraSure also has a significant geographical presence in the US, Europe, and other regions. The company is expected to witness high growth in the OTC tests market because of its strong geographical presence and strategic business collaborations.
iHealth Lab is another leading player in the OTC tests market. The company operates in this market with its unique and innovative mobile/personal healthcare products which can be connected to the cloud. These products enable patients or consumers to track personal health data easily. Moreover, iHealth Lab has a significant presence in the OTC tests market because of its urinary tract infection test. Geographically, the firm operates in the US. The company is all set to witness significant market growth in this market because of its increasing geographical presence in the US.
Roche Diagnostics is one among the key players in the global OTC tests market. The company operates across geographical regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Owing to its strong sales and distribution network, Roche Diagnostics has a significant global footprint. The company aims to strengthen its product portfolio by undertaking various organic growth strategies. Roche’s significant investment in R&D enables it to provide innovative products in the market space, thus also enabling it to maintain and improve its competitive position in the global OTC tests market. The company is also poised to add innovative technologies and products to its portfolio, thus helping the company strengthen its presence in the market.
Over The Counter/OTC Test Market by Product (Glucose Monitoring Test, Cholesterol Monitoring Test, Infectious Disease Testing, Fecal Occult Test, Urine Analysis Test, Drug Abuse Test), Technology (Immunoassay, Lateral Flow Assay)-Global Forecast to 2024
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