Global Test Strip Market Ready to Roar with Healthy CAGR of 12.8% till 2023 | By Type - Fluorescein, Diabetic Strips, Urine Test Strip and Others

The Global Test Strip Market is growing with the dynamic pace. The Global Test Strip Market is expecting a sound growth at a CAGR of 12.8% during the forecasted period. Increasing prevalence of diabetes, and other urinary tract diseases has supported the growth of this market. According to a recent study report published by the Market Research Future, The Global Test Strip Market is booming and expected to gain prominence over the forecast period. The market is forecasted to demonstrate a spectacular growth by 2023, surpassing its previous growth records in terms of value with a striking CAGR during the anticipated period (2017 – 2023).

The market is expected grow with the same trends during the forecast period. The major drivers supporting the growth of the market will be presence of huge diabetic patient population in Asia Pacific region like India and China. According to WHO (2014), 60% of the world’s total diabetic population lives in Asia region. Moreover, the Global Test Strip Market is driven by rising geriatric population, and rapid development in the test strips has driven the growth of the market. Moreover, changing lifestyle, and government initiatives for encouragement for the research & development has fuelled the market growth. On the other hand, availability of alternative methods for diagnosis like saliva collection devices has restrained the growth of Global test strip market.

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Global Test Strip Market Segmentation

Based on the product type the Test Strip Market by type is divided into urine test strip, diabetic strips, and fluorescein. Diabetic strips segment is expected to grow at high growth rate due to rising government bodies concerns for diabetes across the globe. There is an incessant rise in the number of diabetic people worldwide. According to International Diabetic Federation, there were 415 million people living with diabetes in 2015, and this number is poised to reach 642million by 2040.

Furthermore, based on the applications the Test Strip Market is segmented into disease diagnosis and pregnancy tests. The disease diagnosis segment is further segmented into urinalysis, blood glucose analysis, and ophthalmic diagnostic. The urinalysis segment is consisting of urinary tract infection (UTI), liver disease, kidney diseases, diabetic test, and others.

Based on End users the Test Strip Market is further divided into institutes & research laboratories, hospitals & clinics, diagnostic laboratories, and consumers. The rising demand of the point of care (POC) is expected to drive end users market for Global test strip market.

Based on region, North America accounted for the largest share in the Global test strip market, followed by Europe and Asia Pacific. The Asia Pacific market is expected to witness the highest growth owing to rising awareness regarding self-monitoring. Furthermore, various players are investing in the Asia Pacific market which is another major factor fueling the market growth.

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Global Test Strip Market Major 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.

Global Test Strip Market Competitive Analysis

The test strips are based on various technologies such as electrochemical and photometric. Majority of the test strips are based on electrochemical technology. The photometric technology market is expected to witness the highest growth. Roche Diagnostics, Lifescan, Inc., Abbott Laboratories, and Bayer are the leading players in the test strip market, by volume. These players possess state of art manufacturing facilities and strong sales and distribution network which have helped them to gain leadership position in the market. The other prominent players include 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 among others are some of the small players that accounts a reasonable amount of share in the test strip market.

The Global Test Strip Market is highly fragmented with the presence of many local players and international players. As a result, local players are focus on cost reduction and innovation to ensure sustainability. In addition, the international players implemented growth strategies through FDA approvals, collaborations to expand their overall market share. For instance, Abbot a leading player in the Test Strip Market has received US Food and Drug Administration (FDA) clearance for its new product FreeStyle Lite blood glucose test strips that minimizes the interference during blood glucose testing, hence is fabricated for a better testing experience. This will help Abbott to create an impact on the patient pool and will help to increase its sales by volume.

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