According to FutureWise analysis the market for HIV self-test kits in 2023 is US$ 0.23 billion, and is expected to reach US$ 1.98 billion by 2031 at a CAGR of 30.51%.
An HIV self-test kit is a diagnostic product used to quickly test for HIV in a private environment by taking a sample from oral fluids, urine, or blood. This type of testing is also known as point-of-care testing in HIV diagnosis. There is no difficulty in performing this test. It is possible to compare the results obtained through these HIV self-test kits with those obtained through laboratory diagnostics. Antigens and antibodies associated with HIV can be detected through these tests. Its ease of use, speed of results, and sensitivity, and specificity are some of the factors that drive the use of HIV self-test kits. To overcome the barriers that individuals face in conventional healthcare, companies in the HIV self-test kits market are taking advantage of at-home convenience of HIV self-testing. In the wake of social media's growing popularity and technological advancements, HIV self-test kits are becoming increasingly popular. With the introduction of mHealth (Mobile Health) and the availability of various distribution methods, the HIV self-test kit market is experiencing incremental growth. As a result, healthcare companies are increasing their efforts to reach at-risk individuals. Strategically distributed HIV self-test kits could boost HIV screening rates and encourage individuals to seek treatment, according to a study published in the Journal of the American Medical Association.
Global HIV self-test kits market growth is expected to be fueled by factors such as the increasing prevalence of HIV across the globe, the increasing adoption rate of HIV self-tests, the growing awareness of HIV diagnosis, increased public funding, and collaborations. Also contributing to the market's success are ease of use, quick results, sensitivity, and specificity, and affordable prices. HIV self-testing kits aren't readily available in pharmacies in developing economies, which is expected to hinder the market's growth. Moreover, the prolonged registration procedures for approval of locally manufactured products are some of the factors projected to hinder the growth of the global HIV self-testing market. Governments and companies in the HIV self-test kits market have collaborated to encourage the adoption of HIV self-test kits as a means of empowering citizens, especially men. Additionally, HIV testing is being offered to other at-risk individuals, such as sex workers. A growing number of healthcare companies are conducting research to assess the prevalence of HIV among children at risk of contracting the disease.
FutureWise Market Research has instantiated a report that provides an intricate analysis of HIV Self-test Kits Market trends that shall affect the overall market growth. Furthermore, it includes detailed information on the graph of profitability, SWOT analysis, market share and regional proliferation of this business. Moreover, the report offers insights on the current stature of prominent market players in the competitive landscape analysis of this market.
According to the research study conducted by FutureWise research analysts, the HIV Self-test Kits Market is anticipated to attain substantial growth by the end of the forecast period. The report explains that this business is predicted to register a noteworthy growth rate over the forecast period. This report provides crucial information pertaining to the total valuation that is presently held by this industry and it also lists the segmentation of the market along with the growth opportunities present across this business vertical.