June 6, 2020
Test Strips Market

Test Strips Market value to hit $11 billion by 2025

Test Strips Market size was valued at USD 8.6 billion in 2018 and is expected to witness 3.8% CAGR from 2019 to 2025.

U.S. test strip market, by product, 2018 & 2025 (USD Million)

U.S. test strip market, by product, 2018 & 2025 (USD Million)

Test strips are a key component of blood glucose testing and urinalysis. These test strips are used to monitor or control the glucose level of a diabetic patient.  It helps pre-diabetic and diabetic people track their blood glucose level on a regular basis without visiting a clinic or a diagnostic laboratory. The global test strip market is expected to witness substantial growth over the forecast timeframe, owing to the increasing prevalence of diabetes across the globe. For instance, as per the National Diabetes Statistics Report, 9.4% of the U.S. population had diabetes in 2015. Hence, increasing prevalence of diabetes is a major growth augmenting factor.

Increasing prevalence of other chronic diseases such as kidney disorders and urinary tract infections is another chief growth propelling factor. Increasing incidence of kidney disorders owing to rising intake of alcohol will significantly drive test strips market growth. Moreover, the growth habit of binge eating and lack of physical activities leading to rise in prevalence of diabetes will further boost product demand, thus augmenting market growth.

However, in a few underdeveloped regions of the world, people tend to ignore regular health check-ups leading to an increasing number of undiagnosed patients. Hence, the dearth of awareness among the population about various chronic diseases is a major growth restricting factor. Furthermore, lack of reimbursement policies for test strips is another hindrance, that will limit the market growth.

The test strips market is bifurcated into urinary and diabetes test strips. Diabetes test strips segment held major revenue size of USD 8.1 billion in 2018. High growth is attributed to the increasing prevalence of diabetes in various developing as well as developed economies of the world. Also, the growing preference among the population for point of care testing is another major growth fostering factor.

Glucose test strips are further segmented into thick-film and thin-film, on the basis of technology. Thin-film strips are expected to witness lucrative growth of 4.0% across the forecast years. High growth is attributed to the usage of novel nanotechnology in these test strips. Furthermore, thick-film test strips held the largest revenue share in 2018, owing to the presence of major firms manufacturing thick-film test strips.

Urine test strips segment is expected to expand at 3.4% CAGR over the projected period. High growth is attributed to the increasing prevalence of urinary tract infections (UTI), mostly in females. Also, the rising prevalence of kidney disorders is another major factor boosting product demand, thus fostering business growth. Moreover, an increasing number of companies manufacturing urine test strips will further enhance market growth.

Test Strips Market, By End-use

Hospitals as an end-use segment held significant revenue of USD 2.5 billion in 2018 with significant growth rate across the forecast timeframe. High growth is attributed to an increasing number of diagnostic tests for diabetes as well as other chronic diseases. Moreover, the availability of required healthcare facilities will further boost segmental growth. Also, increasing number of hospitals in developed as well as developing economies is another major growth augmenting factor.

Home care segment is projected to witness substantial growth of 4.1% across the analysis period. High growth is attributed to increasing number of retail pharmacies across the globe and rising awareness among the population about several point of care testing methods. Also, increasing number of online portals commercialising test strips for personal use is another factor fostering industry growth.

U.S. test strips market is expected to hold considerable market size of 4.9 billion in 2018, owing to increasing number of companies manufacturing diabetes test strips in the U.S. Additionally, growing prevalence of diabetes in North America and rising demand for point of care testing will further augment U.S. market growth.

China is expected to witness favourable growth of 5.1% across the forecast years. China has the maximum number of diabetic patients in the world, followed by India. Hence, rising prevalence of diabetes in the Asian countries will boost product demand, thus propelling business growth. Increasing habit of alcohol intake coupled with lack of physical activities leading to sedentary lifestyle will further fuel diabetes prevalence. Also, increasing incidence of obesity in such countries is another major factor contributing to growth of diabetes, thereby boosting the market growth.

Competitive Market Share

Few of the notable industry players operating in global test strip market are Roche, Abbott, Lifescan, Bayer, B Braun, Siemens, Arkray, Henry Schein, Acon and Tiadoc. These industry players implemented various strategies such as mergers and acquisitions, collaborations, accreditations, etc. in order to capture high revenue share in test strip industry.

SOURCE GlobalMarketInsights

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