The Global Test Strip Market has demonstrated recurring growth in recent years, which Market Research Future (MRFR) believes would continue over the forecast period of 2017-2023. The global test strip market is anticipated to expand at a dynamic CAGR of 12.8% during 2017-2023.
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.
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.
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Global Test Strip Market – Segmentation
MRFR has segmented the report into four key dynamics:
Product Types: Comprises Diabetic Strips, Urine Test Strip and Fluorescein, among others.
By Applications: Diagnosis (Urinalysis, Blood Glucose Analysis, and Ophthalmic Diagnostic, others). Pregnancy Test, and Disease Diagnosis (UTI, Liver & Kidney Diseases, Diabetic Test, others) among others.
By End-Users: Hospitals, Consumers, Clinics, Institutes & Research Laboratories, and Diagnostic Laboratories.
By Regions: North America, Europe, APAC and Rest of the World.
The Diabetic Strips segment is expected to witness high growth rate due to rising government initiatives and concerns for diabetics across the globe.
The end-user’s segment is driven by the rising demand for point of care (POC).
Global Test Strip Market – Key Players
Hoffmann-La Roche Ltd (Switzerland), Siemens Ltd. (Germany), Abbott (US), B. Braun (Germany), LifeScan, Inc. (US), Chiltern MediCare Ltd. (US), Henry Schein, Inc. (US), Lifeassay Diagnostics (South Africa), Siemens Healthcare Private Limited (Germany), ARKRAY Inc. (US), Ascensia Diabetes Care Holdings AG. (Switzerland), TaiDoc Technology Corporation (Taiwan), Teco Diagnostics (US) are some of the prominent players at the forefront of competition in the Global Test Strip Market and are profiled in MRFR Analysis.
Industry/ Innovations/ Related News:
June 5, 2018 – Waters Corporation (US), a publicly traded Analytical Laboratory instrument and software company launched its new user-friendly lateral flow zearalenone strip test – The Zearala-V AQUA. Eliminating the for organic solvents using a water-based dilution-free extraction the Zearala-V AQUA test strips use the proven sensitivity and selectivity of VICAM’s monoclonal antibodies to accurately detect and measure zearalenone at levels as low as 0.1 ppm and as high as 5.0 ppm.
Hoffmann-La Roche Ltd, Swiss multinational healthcare company focuses on the development and distribution of test strips. For this, in June 2017, Roche has acquired mySugr to form a leading open platform for digital diabetes management. Hence, the growing mergers and acquisitions, new product launches in the field of test strip has upsurge the growth of the market.
Global Test Strip Market – Regional Analysis
Globally, the North America market dominates the Test Strip market. Factors such as rising incidences of UTIs, diabetes and other chronic diseases such as liver & kidney disease, and ophthalmic disease among others, and the augmenting demand for a faster diagnosis drive the market growth in the region.
Simultaneously, well-spread awareness among people towards the advantages of test strips and the presence of the leading global players in the region are some of the key factor substantiating the growth of the regional market. Witnessing a widening uptake across the region, the North America market for Test strip is likely to continue its dominance throughout the assessment period.
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The Europe market accounts for the second-largest market for Test Strip owing to the proliferation of healthcare sector, the presence of well-established players and growing healthcare expenditures in the region. Certainly, the resurging economy is the main driving force increasing the market value in the region.
The Asia Pacific Test Strip market emerging as the fastest growing market accounts for a substantial market share on the global platform. Factors such as the proliferation of healthcare sector in populous countries such as India and China substantiate the market growth in the region.
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