ID: MRFR/MED/0201-HCR | 150 Pages | Published By Kinjoll Dey on March 2023
The Test Strip Market is expected to grow USD 11,530 Million at a CAGR 9.50% during the forecast period 2022-2030.
The test strip market is anticipated to reach USD 11,530 Million by 2030 at 9.50% CAGR during the forecast period 2022-2030. The test strips are thin paper or plastic strip that is used for various medical applications. The fabric of these strips contains enzymes, sensor and electrodes. Also, it is a composition of several layers used for various purposes. There is a top player that acts as a sponge to soak blood. The middle layer is a filter and the third layer consists of enzymes. The bottom layers of the strips contain materials such as palladium and gold.
The reaction of this electron material can transform the substance for analysis. The test strip market is gaining more traction in recent years. It is crucial applications are for diabetes, pregnancy test and other diagnoses. The international diabetes institution says that 7million individuals have diabetes. The increasing rate of these disorders is raising the demand for the test strip market.
The strips is used for extracting blood, filtering and analyzing the results is possible. The glucose strips is a segment of the market having immense demand. More supply of this product is accepted to boost the overall growth. Diagnostic laboratories and hospitals are the key end-users for the market. The demand rate is constantly surging from these verticals. The test strip market forecast shows all these factors can increase the market value in the forecast period.
The impact of covid 19 is massive in most industries. The demand for test strips is considerably low in hospitals. Most of the patients were only allowed treatment for covid care. Other treatments were delayed in many hospitals. Especially, hospitals are restricting the visit of diabetes patients. Due to the fewer visits of the diabetes population in hospitals, the demand for test drips is slowing down.
However, most diabetes patients received treatment from home. The growth of smartphones and online treatment options sustains the market demand. The purchase of test strips online has increased during the pandemic. Most diabetes patients and pregnant women required test strips at home. Due to these factors, the growth and supply rate remains substantial. However, with less spread of the virus, the hospitals will have tremendous demand for test strips.
Governmental support in the health sector is a crucial driver for the test strip market. Today, the governmental initiative for the improvement of health infrastructure is higher. The government is raising its investments in the health industry. The equipment and products required in health industries will have more demand. Especially, the diseases with high patient’s rates are given higher attention. Test strips are curial equipment for various diseases. Especially, they are used to detect diabetes and much more disorders in individuals. Due to this, the demand and awareness for the product will rise. In the next few years, mostly very health facilities will have est. strips.
Additionally, the prevalence of chronic illness is raising the adoption of test strips. Urinary infections, kidney disorders are leading to high growth in the test strip market. The intake of alcohol is the key reason for these disorders. However, through the test strips identifying these conditions are higher. Urbanisation in many regions is leading to a high population in cities. It leads to, more patients visiting hospitals. Most of these patients have an illness that requires the use of test strips. These crucial divers of the test strip market will contribute to the high growth of the test strip market size.
The increasing demand for glucose test strips will lead to exceptional growth opportunities. Today, the Glucometers are highly beneficial for many patients. The convenience of Glucometers is high. The blood sugar levels are easily detectable through the Glucometers. However, type 1 diabetes patients can detect the sugar level effortlessly. Type 2 diabetes requires more testing to avoid complications. It is leading to higher adoption of glucose test strips by type 2 diabetes patients.
The increasing rate of diabetes conditions in upcoming years will lead to high demand for test strips. This surging diabetes patient’s rate will create exceptional growth prospects in the market. Significant research and development in the market will lead to high growth opportunities. The technological innovations and investments in the market will lead to high expansion. Also, new product launches will lead to high test strip market growth.
The stringent governmental policies are restraining factors of the market. There are test strips available globally. However, there are only a few reliable and approved test strips. Due to these many generic strips, regulatory norms are high for the market. Getting approval for new strips may lead to high time consumption and delay. The strict norms of the market affect the supply and production of the market.
Lack of reimbursement policies for the test strip procedure in many regions is another growth restricting factor. The process of using test strips to detect chronic illness is expansive. However, the lack of reimbursement for this test is a limitation for the market. It may change the patient’s preference to other cost-effective strips. All these restraints can have slight effects on the overall market.
Sometimes, the results of the test strips may be accurate. Mostly these test strips can offer quality and reliable results. However, in some cases lack o accuracy on test results leads to various complications. This is a significant challenge in the test strip market. This creates a dilemma in patients to rely on test strip results or not.
Due to this transition of demand for other alternatives can affect the market. Further, the lack of awareness of many chronic diseases is another challenging factor of the test strip market. Due to a lack of disease awareness, the adoption of the test strip is less. Less awareness about this test can hamper test strip market expansion massively.
The test strip market trends is steady over the forecast period. Various factors lead to the high growth of the test strip market. The driving factors of the market are governmental support. Also, the prevalence of chronic illness brings favourable changes in the market. The stringent governmental policies are problematic for the market.
Also, a lack of awareness about test strips is affecting growth. However, all these factors will have a slight impact on the growth trend. On the other hand, glucose test strips and urinal tract test strips segmental will have high demand. Furthermore, the growth of type 2 diabetes will contribute more to the test strip market growth.
North America is a regional player accountable high share of test strip markets. The availability of new medical technologies is another in this region. Investments in test strips are growing every year. North America will hold more than 55% of the shares in the forecast period. The governmental initiatives and adopting new health devices are potential growth factors.
The investments will streamline more research in the test strip market. The US alone records 25 million diabetes patients. Effective treatment for these patients is possible only through proper detection. Also, 90% of this population suffers from type 2 diabetes. All these factors will enhance the overall growth of the test strip market.
The competition in the test strip market is rising rapidly. There are key developments in the test strip market that will take place forecast period. The key players of the test strip market are widening their shares by improving demand in developing regions. The key strategies in the competitive landscape are market expansions, acquisitions and partnerships.
The key regions in the competitive landscape are Asia Pacific, Europe and North America. North America is well known for its advanced medical infrastructure. The adoption of test strips is massive in this region. It is the fastest-growing region with a high potential for the product. It is a region that will mark the highest revenue rates in the test strip market.
The growth opportunities such as product launches and innovations will lead to tremendous demand. Further, Asia pacific is another largest region with rapid demand. The requirement for test strips is high due to type 2 diabetes. China is a leading player in this region that alone will have a 5.1 % growth rate. Europe will have high demand due to the prevalence of chronic illness. Alcoholic consumption and other disorders will lead to the high growth of the test strip market.
The key players of the test strip market are
|Market Size||USD 11,530 Million|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Application, Type, End Users|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Arkray Inc., Ascensia Diabetes Care Holdings Ag, B. Braun Melsungen AG, Chiltern Medicare Ltd, Henry Schein, Lifeassay Diagnostics (Pty), Siemens Healthcare, Taidoc Technology Corporation, and Teco Diagnostics.|
|Key Market Opportunities||New product launches and R&D Amongst major key Players|
|Key Market Drivers||