The Global Test Strip Market is projected to witness steady growth over the forecast period which ends in 2021 according to Market Research Future in its latest detailed report on the subject. Global Test Strip Market by Application (Diagnosis {Urinalysis [UTI, Liver Disease]} Pregnancy Test) Type (Fluorescein, Diabetic Strips, Urine test strip) End Users (Consumers, Hospitals, Clinics, Diagnostic Laboratories) – Volume & Value Forecast to 2021
Global Test Strip Market – Key Players
- Hoffmann-La Roche Ltd (Switzerland)
- Siemens Ltd. (Germany)
- Abbott (US)
- 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.
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Global Test Strip Market – Overview
The Global Test Strip Market is a rapidly evolving space. Initiatives undertaken by the health care professionals, insurance companies, and disease management companies to educate diabetic patients on the importance of self-monitoring of blood glucose or diabetic Tests are providing impetus to the market growth. Resultantly, Test Stripes are garnering a huge prominence and demand globally.
Advancements in Test Strip technology along with the emergence of software and apps.is also one of the key factors propelling the market growth, making it easier and more convenient to perform testing. For instance; diabetes software programs which allow medical professionals to easily download patient data from glucose meters or the devices, facilitating a more open communication between healthcare providers and patients about Stripe Tests. Factors as such cumulatively add on to the market growth of Test Stripe Market.
On the other hand, factor such as stringent regulatory policies, inadequate reimbursement programs and low uptake of this technology in underdeveloped regions of Latin America and Africa are expected to inhibit the market growth during the review period. Also, market penetration of private-label brands in retail outlets at discounted prices is one of the growths restraining factors.
Majority of drugstore chains have their brands available at affordable prices, this has, in turn, brought the overall average cost per test strip down. Similarly, a general unwillingness among the patients from the low-income group. Although co-pays are rising, some patients opt for lower-cost alternatives or testing less frequently which is further anticipated to restrict the market growth.
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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 – 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 Test Strips Market. 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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