The Global Test Strip Market is growing with the rapid pace; mainly due to the rising prevalence of diseases and disorders. According to a recent study report published by the Market Research Future, The global market of Test Strip is getting the momentum and is expected to gain prominence over the forecast period. The global Test Strip market is forecasted to demonstrate a spectacular growth by 2021, surpassing its previous growth records in terms of value with a striking CAGR during the estimated period (2017 – 2021).
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The Vivacious growth showcased by the Test Strip market is attributed to Government’s Support in various healthcare sectors, High prevalence of incidences of UTIs, Rising Diabetic Population, and various Technological advancements. The Test Strip market is mainly driven by the ever-growing population of diabetes patients worldwide. The growth of the diabetes population is driven, in turn, by the obesity epidemic in overall world population growth, and geriatric population in many developed countries in which type 2 diabetes is more likely to occur. Additionally, initiatives by health care professionals, insurance companies, and disease management companies to educate diabetes patients on the importance of Self-Monitoring of Blood Glucose or diabetic Tests has provided impetus to the market growth. Moreover, advancements in Test Strip technology that make it easier and more convenient to perform testing along with the broader availability of software and apps. Such as diabetes software programs which allow medical professionals to easily download patient data from glucose meters or the devices. This facilitates more open communication between healthcare providers and patients about Stripe Tests. All those factors cumulatively adds on to the market growth of Test Stripe Market in the projected period.
However, stringent regulatory policies, Lower adoption of this technology in under developed countries such as Latin American and African Countries, and inadequate reimbursement for test strips may restrict the growth of this market. Additionally, Increased penetration from private-label brands in retail outlets at discounted prices. Major drug store chains now have their own brands, and this has driven the overall average price per test strip downward. Also, General unwillingness of patients mainly due to the low income and with copays generally rising, some patients are seeking lower-cost alternatives or testing less frequently which is further anticipated to restrict the market growth.
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Test Strip Global Market – Regional Analysis
Based on region, North America accounted for the largest share in the global test strip market, followed by Europe and Asia Pacific. The Asia Pacific market is expected to witness the highest growth owing to rising awareness regarding self-monitoring. Furthermore, various players are investing in the Asia Pacific market which is another major factor fuelling the market growth.
Test Strip Global Market – Competitive Analysis
The Test Strip market appears to be highly competitive and fragmented owing to the presence of several large and small key players accounting for a substantial market share. Test Strip kit manufacturers invest substantially in to R&D to develop technically advance kits. Well established players incorporate acquisition, collaboration, partnership, expansion, product & technology launch in order to gain competitive advantage in this market and to maintain their market position. These players possess state of art manufacturing facilities and strong sales and distribution network which have helped them to gain leadership position in the market. Expanding economies and growing affluence in China, India, and other countries of the Pacific Rim create additional opportunities to sell Test Stripes. Once considered as fringe market opportunities, some vendors now view these markets as significant opportunities for market expansion. It will be extremely challenging for new market entrants to displace well-entrenched existing competitors without a truly innovative technology. Eventually, a combination of technology innovations, patient education, and economic incentives may be needed to ominously expand the Test Strip market and build sustainable long-term dollar growth for Test Strip vendors.
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