Test Strip Market Size to Register a CAGR of 12.8% By 2023 | Top Companies, Growth, Share, Future Insights and Global Industry Analysis

Test Strip Market Size to Register a CAGR of 12.8% By 2023 | Top Companies, Growth, Share, Future Insights and Global Industry Analysis

“Test Strip Market”
Test Strip Market Insights and Overview By Application, End User, Regional Outlook, Size, Share, Business Opportunities Dynamics and Top Vendors, Forecast to 2023

Trends and Dynamics:

Chronic diseases such as urinary tract infection, liver diseases, kidney diseases, ophthalmic diseases, and others are spreading at an alarming rate which can be linked to the growth of the global Test Strips Market. This coupled with the emerging trend of spontaneous preventive self-diagnosis and self-monitoring has helped the global test strip market garner many accolades.

The rising occurrence rate of diabetes across the globe has raised concerns among the governments in various nations which has encouraged them to take remedial measures. The government across multiple countries are collaborating with MedTech companies to provide affordable diabetic treatment to patients and lower the price of self-diagnosis kits which has reflected favorably on the growth of the global test strips market. Elevation in the level of awareness, especially in the developing countries through awareness programs initiated by government and healthcare institutions further spur the demand for test strips.

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Advancement in electrochemical and photometric technology along with the introduction of new impregnation techniques, more stable color indicators and improvements in color gradation have all established test strips as a reliable diagnostic instrument which has augmented the growth of the global test strip market.

Pregnancy test strips have demonstrated their efficacy as an accurate and dependable method of testing pregnancy and are increasingly used by both consumers and medical practitioners for detection purposes which is a crucial driver for the growth of the global test strips market.

Furthermore, the rise in geriatric population and heavy investments by MedTech companies is anticipated to support market over the forecast period.

In contrast, test strips are not abundantly available in countries with limited healthcare resources which might restrain the growth of the global test strip market. Besides, the price of test strips is generally on the higher side which limits the growth of the market in price-sensitive markets. Lack of favorable reimbursement policies, lack of awareness, and risks of inaccurate and false results might undermine the growth of the market over the forecast period.

Competitive Landscape:

The notable players in the global test strip market include Taidoc Technology Corporation, Chiltern Medicare Ltd., Henry Schein, Abbott Laboratories, Lifeassay Diagnostics (Pty), Arkray Inc., Teco Diagnostics, Roche Diagnostics, Siemens Healthcare, B. Braun Melsungen AG, Lifescan, Inc., Bayer, and Ascensia Diabetes Care Holdings Ag.

Segmentation:

The global test strip market has been segmented based on product type, application, function, and end user.

By product type, the global test strip market has been segmented into urine test strip, diabetic strips, and fluorescein. The diabetic strips segment is expected to command the highest market share. Increasing occurrence rate of diabetes among the global populace can be attributed to the growth of the segment.

By application, the global test strip market has been segmented into disease diagnosis and pregnancy tests. The disease diagnosis segment has been further segmented into urinalysis, blood glucose analysis, and ophthalmic diagnostic. The urinalysis segment has been further segmented into urinary tract infection (UTI), liver disease, kidney diseases, diabetic test, and others.

By function, the global test strip market has been segmented into visual test strips and automated test strips.

By end user, the global test strip market has been segmented into institutes & research laboratories, hospitals & clinics, diagnostic laboratories, and consumers.

Regional Analysis:

By region, the global test strip market has been segmented into Europe, Asia Pacific (APAC), and the Rest of the World (RoW).

North America has commanded the largest share of the global test strip market. Surging prevalence of chronic diseases in the region coupled with the growing trend of self-monitoring supports the growth of the North America test strips market. Additionally, well-spread awareness, the existence of major companies in the region and augmenting demand for effective, faster diagnosis are other contributing factors. 

Europe accounts for the second most significant share of the global test strip market. Expanding healthcare expenditure, and the presence of a robust health sector along with existing market players in Europe create a conducive environment for the growth of the market.

APAC is poised to be the fastest growing market for test strips. The proliferation of the healthcare sector, increasing healthcare awareness, and growing expenditure on healthcare in the developing economies such as China and India stimulate the growth of the market in APAC. Manufacturers from the developed countries are showing a keen interest in such flourishing market motivated by the presence of a huge patient pool in the region which has presented a host of opportunities for the growth of the test strip market in APAC.

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