The Test Strips Market is expected to grow at the registered CAGR of 4.5% during the forecast period, 2022-2022.
Covid 19 has a huge impact on most industries. In hospitals, the demand for test strips is extremely low. The majority of the patients were only permitted to receive treatment for covid care. according to the study titled "Development and Potential Usefulness of the COVID-19 Ag Respi-Strip Diagnostic Assay in a Pandemic Context" published in the Frontier in Medicine in May 2020, COVID-19 Ag Respi-Strip is an immunochromatographic (ICT) assay for the rapid detection of SARS-CoV-2 antigen on the nasopharyngeal specimen that has been developed to identify positive COVID-19 patients and allow for quick clinical and quarantine decisions. Thus, rise in the development of test strips for COVID-19 diagnosis. Thus, the test strips market was significantly impacted by the COVID-19.
The global test strip market is expected to grow significantly over the projected period, owing to the increased prevalence of diabetes and urinary tract infections (UTIs) around the world. For instance, according to the World Health Organization (WHO) also expects diabetes to be the seventh-leading cause of mortality by 2030. Thus, increasing burden of diabetes among the population across the world anticipated to boost the demand for blood glucose test strips market which is widely used for the diagnosis of the diabetes, thereby boost the market.
Additionally increaseing the rate of unwanted preganacy rise in the demand for preganancy test strips. For instance, according to a research study by Nabamallika Dehingia et al., published in BMC Pregnancy and Childbirth Journal, March 2020, around one-fifth of the women (16.9%) in Uttar Pradesh, India, reported that their previous pregnancy was unintended, and 44% pregnancies in Europe and 38% in Asia are unplanned. Such high number of unexpected preganncy leads to high demand for pregnancy detection strips, thereby boost the market.
Furthermore, the key players in the market are developing new test strips. These product launches will have a positive impact on the test strip market growth. For Instance, in March 2022, Mankind Pharma's pregnancy test kit brand has introduced a new and enhanced pregnancy detection test kit. The company aims to continue to provide enhanced testing methods for verifying the pregnancy. Such launches is propelling the growth of the market.
Thus, all aforementioned factors anticipated to drive the market groweth over the forecast period. However, reimbursement and lack of accuracy of test strips restraint the market over the forecast period.
For diabetic patients, diabetes test strips are a convenient way to check blood sugar levels, often known as glucose levels. This is especially crucial for diabetics. The strips read blood sugar levels using glucose meters. Knowing your blood sugar levels can help you better control your diabetes.
Diabetes is on the rise in both developing and established economies around the world, contributing to high growth. Another key growth-promoting aspect is the public's increased preference for point-of-care testing. For instance, as per the December 2021 report of the International Diabetes Federation, in 2021 there were about 536 million people (age 20-79 years) who were living with diabetes around the world, and it is estimated that the total diabetic population will reach 786 million by 2045.
Furthermore, technological advancement in the product is anticipated to boost the segment. For instance, in July 2021, Australian scientists developed pain-free blood sugar testing for diabetics, a non-invasive strip that checks glucose levels via saliva.
Additionally, in April 2021, Roche Accu-Chek Instant launched in United Kingdom drug tariff, with a positive reimbursement price decision of Euro 7.50 for 50 test strips. Such development by key market players to bring the technologically advanced product in the market expected to boost the market growth.
Thus, all aforementioned factors expected to boost the market over the forecast period.
Some of the factors that are driving the market growth in the North American region include increasing cases of diabetes and efforts taken by the national government to manage the disease at a larger level along with rising adoption of test stips and the presence of key market players.
As per Diabetes Canada, in May 2020, there were around 11 million Canadians with diabetes or prediabetes. As the trends show a higher number of diabetic patients using insulin pumps for diabetes management, it can be predicted that the number of units of continuous glucose monitoring devices sold will also follow.
According to the study titled "A Cross-Sectional Assessment of Urinary Tract Infections Among Geriatric Patients: Prevalence, Medication Regimen Complexity, and Factors Associated With Treatment Outcomes" published in the Frontier in Medicine in October 2021, Women over 65 years old have a prevalence of approximately 20%, compared to approximately 11% in the general population. 3 Between 50 and 60 percent of adult women will have a UTI at some point in their lives, and nearly 10% of postmenopausal women report having a UTI in the previous year. In comparison to men, women have a higher prevalence of UTIs (60.7%). (39.3 percent ). Overall, the prevalence of complicated UTIs is set to increase during the forecast period, mainly owing to the increasing bacterial resistance in UTI cases and the rise in recurrence rate for UTIs.
Product launches by key market players expected to nboost the studied market For Instance, in March 2021, FemBeat: Lia launched its United States Food and Drug Administartion approved, flushable and biodegradable pregnancy test in the United States. Such product launche is boosting the growth of market in the country.
Thus, all aforementioned factors anticipated to boost the market over the forecast period.
The competition in the test strip market is rising rapidly. 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 Major players includes Abbott, Acon Lab, Ascensia, Arkray, B. Braun, Henry Schein, Lifescan
This product will be delivered within 2 business days.
Covid 19 has a huge impact on most industries. In hospitals, the demand for test strips is extremely low. The majority of the patients were only permitted to receive treatment for covid care. according to the study titled "Development and Potential Usefulness of the COVID-19 Ag Respi-Strip Diagnostic Assay in a Pandemic Context" published in the Frontier in Medicine in May 2020, COVID-19 Ag Respi-Strip is an immunochromatographic (ICT) assay for the rapid detection of SARS-CoV-2 antigen on the nasopharyngeal specimen that has been developed to identify positive COVID-19 patients and allow for quick clinical and quarantine decisions. Thus, rise in the development of test strips for COVID-19 diagnosis. Thus, the test strips market was significantly impacted by the COVID-19.
The global test strip market is expected to grow significantly over the projected period, owing to the increased prevalence of diabetes and urinary tract infections (UTIs) around the world. For instance, according to the World Health Organization (WHO) also expects diabetes to be the seventh-leading cause of mortality by 2030. Thus, increasing burden of diabetes among the population across the world anticipated to boost the demand for blood glucose test strips market which is widely used for the diagnosis of the diabetes, thereby boost the market.
Additionally increaseing the rate of unwanted preganacy rise in the demand for preganancy test strips. For instance, according to a research study by Nabamallika Dehingia et al., published in BMC Pregnancy and Childbirth Journal, March 2020, around one-fifth of the women (16.9%) in Uttar Pradesh, India, reported that their previous pregnancy was unintended, and 44% pregnancies in Europe and 38% in Asia are unplanned. Such high number of unexpected preganncy leads to high demand for pregnancy detection strips, thereby boost the market.
Furthermore, the key players in the market are developing new test strips. These product launches will have a positive impact on the test strip market growth. For Instance, in March 2022, Mankind Pharma's pregnancy test kit brand has introduced a new and enhanced pregnancy detection test kit. The company aims to continue to provide enhanced testing methods for verifying the pregnancy. Such launches is propelling the growth of the market.
Thus, all aforementioned factors anticipated to drive the market groweth over the forecast period. However, reimbursement and lack of accuracy of test strips restraint the market over the forecast period.
Key Market Trends
Diabetes Segment is Expected to Dominate the Market Over the Forecast Period
For diabetic patients, diabetes test strips are a convenient way to check blood sugar levels, often known as glucose levels. This is especially crucial for diabetics. The strips read blood sugar levels using glucose meters. Knowing your blood sugar levels can help you better control your diabetes.
Diabetes is on the rise in both developing and established economies around the world, contributing to high growth. Another key growth-promoting aspect is the public's increased preference for point-of-care testing. For instance, as per the December 2021 report of the International Diabetes Federation, in 2021 there were about 536 million people (age 20-79 years) who were living with diabetes around the world, and it is estimated that the total diabetic population will reach 786 million by 2045.
Furthermore, technological advancement in the product is anticipated to boost the segment. For instance, in July 2021, Australian scientists developed pain-free blood sugar testing for diabetics, a non-invasive strip that checks glucose levels via saliva.
Additionally, in April 2021, Roche Accu-Chek Instant launched in United Kingdom drug tariff, with a positive reimbursement price decision of Euro 7.50 for 50 test strips. Such development by key market players to bring the technologically advanced product in the market expected to boost the market growth.
Thus, all aforementioned factors expected to boost the market over the forecast period.
North America Dominates the Market and Expected to do Same in the Forecast Period.
Some of the factors that are driving the market growth in the North American region include increasing cases of diabetes and efforts taken by the national government to manage the disease at a larger level along with rising adoption of test stips and the presence of key market players.
As per Diabetes Canada, in May 2020, there were around 11 million Canadians with diabetes or prediabetes. As the trends show a higher number of diabetic patients using insulin pumps for diabetes management, it can be predicted that the number of units of continuous glucose monitoring devices sold will also follow.
According to the study titled "A Cross-Sectional Assessment of Urinary Tract Infections Among Geriatric Patients: Prevalence, Medication Regimen Complexity, and Factors Associated With Treatment Outcomes" published in the Frontier in Medicine in October 2021, Women over 65 years old have a prevalence of approximately 20%, compared to approximately 11% in the general population. 3 Between 50 and 60 percent of adult women will have a UTI at some point in their lives, and nearly 10% of postmenopausal women report having a UTI in the previous year. In comparison to men, women have a higher prevalence of UTIs (60.7%). (39.3 percent ). Overall, the prevalence of complicated UTIs is set to increase during the forecast period, mainly owing to the increasing bacterial resistance in UTI cases and the rise in recurrence rate for UTIs.
Product launches by key market players expected to nboost the studied market For Instance, in March 2021, FemBeat: Lia launched its United States Food and Drug Administartion approved, flushable and biodegradable pregnancy test in the United States. Such product launche is boosting the growth of market in the country.
Thus, all aforementioned factors anticipated to boost the market over the forecast period.
Competitive Landscape
The competition in the test strip market is rising rapidly. 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 Major players includes Abbott, Acon Lab, Ascensia, Arkray, B. Braun, Henry Schein, Lifescan
Additional Benefits:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
This product will be delivered within 2 business days.
Table of Contents
1 INTRODUCTION
4 MARKET DYNAMICS
5 MARKET SEGMENTATION (Market Size by Value - USD million)
6 COMPETITIVE LANDSCAPE
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- Abbott Laboratories
- Acon Lab
- Ascensia
- Arkray
- B. Braun
- Lifescan
- Roche Holding AG
- Siemens Healthcare GmbH
- Tiadoc Technology Corporation
- Teco Diagnostics
Methodology
LOADING...
