Test Strip Market Value Chain, Future Analysis, Industry Growth by 2027
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. Test strips are vital tools used in point-of-care (POC) diagnostics which offer a precise and immediate diagnosis of various diseases which require swift treatment. Their continued use, combined with the rapidly expanding healthcare sector is a highly significant driver of the market.
The global population has increased exponentially leading to an increased demand for diagnostics and healthcare in general. The global healthcare sector is rising rapidly, and the demand for test strip bank has grown alongside it. Government support for the use of test strips for speedy diagnosis is a key market driver. Moreover, technological advancements have improved the reliability of test strips, thus increasing use. It has been observed that there is an ongoing global increase in the diabetic population along with a high prevalence of UTIs where test strips are used extensively, thus driving demand. Significantly, the market is encouraged by the awareness created by market players active in the global test strip market.
Healthcare regulations vary in stringency across the globe, thus challenging the growth of the global test strip market. There is a lower rate of adoption in underdeveloped countries which offers the market wide scope of opportunities in the coming years. Additionally, rising disposable in emerging markets is expected to increase investments in healthcare to meet the demand for advanced and reliable diagnostic solutions.
Market leading players included in MRFRs report are Abbott Laboratories, Bayer, LifeScan, Roche Diagnostics, Chiltern Medicare Ltd, Arkay Inc., Ascensia Diabetes Care Holdings Ag, Lifeassay Diagnostics, Siemens Healthcare, Teco Diagnostics, Taidoc Technology, and B. Braun Melsungen AG.
The global Test Strip Market is segmented on the basis of product type, application, function, end-users, and region.
By product type,the market is segmented into diabetic strips, fluorescein, and urine test strip. The diabetics strips segment is expected to grow at the highest CAGR due to increased global concern regarding the climbing diabetes rates.
By application, the test strip market is categorized into disease diagnosis and pregnancy test. The disease diagnosis segment is further divided into urinalysis, blood glucose analysis, and ophthalmic diagnostic. Rising need for appropriate glucose measurement has increased the demand for the blood glucose analysis. Increasing self-monitoring of glucose in the blood is largely due to the increasing diabetic population.
By function, the market is divided between visual test strips and automated test strips.
By end-users, the market is segmented into diagnostic laboratories, hospitals & clinics, Institutes & research laboratories, and consumers.
North America accounts for the most significant market in the global test strip market due to the presence of a well-developed health care system and a large diabetic population. The region is followed by Europe and the Asia Pacific with the latter showing the highest potential for growth. The growing awareness with regards to self-monitoring of blood glucose levels has increased the demand for home glucose measuring kits, and by extension test strips. Moreover, the APAC region is witnessing increasing investments from international players who recognize the potential in the emerging economies of the region.
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