Test strip Market Size, Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Italy, Spain, Japan, China, India, Brazil, Mexico, Saudi Arabia, South Africa), Application Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2025
Report ID: GMI4196
Test strip Market size is projected to experience significant growth from 2019 to 2025.
As a part of diabetes management, constant monitoring of glucose level is required. Regular glucose monitoring is extremely crucial as avoiding it can lead to severe health complications. Patients at a large-scale use glucose test strips, as blood glucose management is considered as an expensive service. The cost of glucose test strips ranges from USD 1 to 5 per strip. Hence, low cost of these test strips is one of the major factors boosting sales and thus augmenting market growth.
Increasing prevalence of diabetes in various regions of the world is another major growth augmenting factor. Developed countries such as U.S. and Canada have maximum number of people suffering from diabetes. This is due to increasing adoption rate of sedentary lifestyle, growing habit of tobacco and alcohol intake and also rising prevalence of obesity among the population thus, propelling test strips market growth across the forecast timeframe.
However, dearth of precision and accuracy in the test results might act as a growth hindering factor. Hence, people cannot rely completely on the results of the test strips and need to consult a doctor for accurate reports. Thus, such inconsistency might limit the growth of test strips market in the future.
The urine test strips segment is expected to witness substantial growth over the forecast period. Urine test strips are gaining popularity around the world. These test strips are becoming more common and less costly with time and therefore their market will grow at a steady pace. Moreover, efficiency of these test strips in delivering results within 2 to 5 minutes will further drive product demand, thus augmenting market growth.
The applications of test strips are majorly for either disease diagnosis or pregnancy testing. It is widely used for disease diagnosis such as blood glucose analysis, ophthalmic diagnostics and urinalysis. Disease diagnosis segment is expected to witness considerable growth across the analysis period owing to increasing applications of test strips in various areas of medical testing, thus accelerating market growth.
The diagnostic laboratories segment is expected to experience considerable growth over the forecast period. Increasing rate of diagnostic tests for several medical conditions is anticipated to boost segmental growth. Moreover, rising awareness of patients about various point of care test coupled with the availability of state-of-the-art facilities will drive diagnostic laboratories growth across the projected time period.
The U.S. is expected to witness substantial growth over the forecast period owing to presence of major players of the market, increasing prevalence of diabetes and rising awareness among the people about point of care testing. Moreover, increasing consciousness of the population about various diagnostic tests will further propel market growth.
Asia Pacific is expected to witness significant growth in the test strip market during the analysis period. Obesity, heredity, and altered lifestyles are the key drivers of diabetes in China and other Asian countries, that will lead to rise in demand for test strips. Additionally, several manufacturers are investing in the Asia Pacific market that is one of the major factors augmenting market growth.
Some of the key industry players include Abbott Laboratories, Arkray Inc., Ascensia Diabetes Care Holdings Ag, B. Braun Melsungen AG, Chiltern Medicare Ltd, Taidoc Technology Corporation, Henry Schein, Lifescan, Inc., Roche Diagnostics and Siemens Healthcare. Key strategies adopted by industry players include strategic collaborations, partnerships, mergers, and innovative product launches to expand their business product portfolio.
Test Strip Market by Product, 2014-2025 (USD Million)
- Urine test strip
- Diabetic strips
Test Strip Market by Application, 2014-2025 (USD Million)
- Disease diagnosis
- Blood glucose analysis
- Ophthalmic diagnostic
- Pregnancy test
Test Strip Market by End-use, 2014-2025 (USD Million)
- Hospitals & clinics
- Institutes & research laboratories
- Diagnostic laboratories
- Personal use
The above information is provided for the following regions and countries:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
- Saudi Arabia
- South Africa
- Abbott Laboratories
- Arkray Inc.
- Ascensia Diabetes Care Holdings Ag
- B. Braun Melsungen AG
- Chiltern Medicare Ltd
- Henry Schein
- Lifescan, Inc.
- Roche Diagnostics
- Taidoc Technology Corporation
- Siemens Healthcare
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