Over The Counter (OTC) Test Market Size, Share, Trends, Opportunities, Forecasting 2030

Over The Counter (OTC) Test Industry Prospective:

The global over the counter (OTC) Test market size was evaluated at $20 billion in 2022 and is slated to hit $40 billion by the end of 2030 with a CAGR of nearly 10% between 2023 and 2030.

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Over The Counter (OTC) Test Market: Overview

The over the counter (OTC) test sector has witnessed a remarkable surge and breakthroughs in current years. Moreover, over the counter (OTC) test kits can address a wide range of medical issues such as a rise in cholesterol levels in the body, growing sugar levels found in blood samples, infectious diseases, and genetic disorders with the help of over the counter (OTC) tests. Reportedly, these tests are accurate and easy to perform. Their demand is gaining traction with an increase in technological enhancements and large-scale use of smartphones. For the record, the spread of the COVID-19 pandemic led to humungous demand for household testing and this increased the use of over the counter testing devices. Reportedly, over the counter (OTC) testing medical equipment is directly available to the end-user, and prescription is not required for them.

Key Insights

• As per the analysis shared by our research analyst, the global over the counter (OTC) test market is projected to expand annually at the annual growth rate of around 10% over the forecast timespan (2023-2030)
• In terms of revenue, the global over the counter (OTC) test market size was evaluated at nearly $20 billion in 2022 and is expected to reach $40 billion by 2030.
• The global over the counter (OTC) test market is anticipated to grow rapidly over the forecast timeline owing to an increase in the number of chronic disorders such as diabetes, respiratory diseases, and viral diseases.
• In terms of technology, the lateral flow assays segment is slated to register the highest CAGR over the analysis period.
• Based on the product, the infectious disease tests segment is set to dominate the application landscape over the forecast period.
• Region-wise, the European over the counter (OTC) test industry is projected to register the fastest CAGR during the assessment timeline.

Over The Counter (OTC) Test Market: Growth Factors

A surge in chronic ailments will boost global market trends by 2030

An increase in the number of chronic disorders such as diabetes, respiratory diseases, and viral diseases will impel the expansion of over the counter (OTC) test market across the globe. A prominent surge in the demand for over the counter diagnostic tests and point-of-care testing will spearhead the expansion of the market across the globe. Huge fund allocation from government and private firms for developing pharmaceuticals will boost the global market trends. As per the CDC, nearly 2 million infections and about one lakh deaths occurring due to these infections were reported from U.S. hospitals. In addition to this, the U.S. FDA reported that nearly 3 lack individuals aged 50 or more were diagnosed with pneumonia in 2020. New product launches and strategic alliances will also influence the expansion of the global market over the years. Citing an instance, in 2019, Labstyle Innovation, a key player in over the counter test business, declared that it signed a deal with Better Living Now to expand its distribution channel. The strategic move is aimed at distributing of former’s blood glucose monitoring system.

Over The Counter (OTC) Test Market: Restraints

Increase in the test costs can hinder the global industry expansion over 2023-2030

Surge in the test costs and fluctuations in government policies can put brakes on the global over the counter (OTC) test industry expansion in the upcoming years.

Over The Counter (OTC) Test Market: Opportunities

Easy access to new drugs and its approval by regulatory bodies globally will open new growth opportunities for the global market

An increase in the availability of new drugs and a rise in funding of research activities will open new facets of growth for the global over the counter (OTC) market in the coming years. Furthermore, drug discovery and a rise in investments in the pharmaceutical sector will drive the growth of the market globally.

Over The Counter (OTC) Test Market: Challenges

Irregularities in the supply chain activities can pose a huge obstruction to the global industry growth by 2030

Disruption in the supply chain and high raw material costs can pose a big challenge for the global over the counter (OTC) test industry expansion over the coming years.

Over The Counter (OTC) Test Market: Segmentation

The global over the counter (OTC) test market is sectored into technology, product, and region.        

In technology terms, the global over the counter (OTC) test market is segregated into immunoassays, lateral flow assays, and dipsticks segments. Furthermore, the lateral flow assays segment, which accumulated nearly 50% of the global market revenue share in 2022, is predicted to register the fastest CAGR in the forecast timespan. The segmental surge in the forecasting timespan can be owing to the rising acceptance of LFA testing products in homecare settings.

Based on the product, the global over the counter (OTC) test industry is sectored into urinalysis tests, pregnancy & fertility tests, cholesterol tests, glucose monitoring tests, drugs-of-abuse tests, infectious disease tests, coagulation monitoring tests, and other tests segments. Moreover, the infectious disease tests segment, which garnered a huge share of the global industry in 2022, is anticipated to lead the global industry over the assessment period. The segmental growth over the assessment timeline can be subject to a rise in the number of patients affected due to HIV infections along with the easy availability of HIV OTC testing kits in emerging economies globally.

Over The Counter (OTC) Test Market: Report Scope

Over The Counter (OTC) Test Market: Regional Insights

Asia-Pacific is anticipated to maintain its global market leadership position over the expected timeline

Asia-Pacific, which contributed about 57% of the global over the counter (OTC) test market revenue in 2022, will be a leading region over the projected timespan. The growth of the market in the region can also be attributed to the surging need for home care settings, early diagnosis, and adoption of personalized medicine in the APAC countries. Apart from this, a prominent surge in the global patient population along with a rise in contagious diseases will proliferate the regional market size.

The European over the counter (OTC) test industry is set to register the fastest CAGR in the next couple of years owing to a rise in the demand for OTC tests in healthcare firms along with the humungous presence of giant players in the countries such as Germany, the UK, Belgium, France, and Holland.

Over The Counter (OTC) Test Market: Competitive Space

The global over the counter (OTC) test market profiles key players such as:

• AccuBioTech
• Abbott Laboratories
• bioLytical Laboratories
• NOWDiagnostics Company
• OraSure Technologies
• Sinocare
• Roche Diagnostics
• LabStyle Innovations
• ACON Laboratories
• i-Health Lab
• SD Biosensor

The global over the counter (OTC) test market is segmented as follows:

By Technology

• Immunoassays
• Lateral Flow Assays
• Dipsticks

By Product

• Pregnancy & Fertility Tests
• Glucose Monitoring Tests
•  Infectious Disease Tests
• Urinalysis Tests
• Coagulation Monitoring Tests
• Drugs-Of-Abuse Tests
• Cholesterol Tests
• Other Tests

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa