Test Strip Market 2018-2021 Led by Some of the Dedicated Players like Hoffmann-La Roche Ltd, Siemens Ltd., Abbott, B. Braun etc.

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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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.

Industry/ Innovations/ Related News:

June 5, 2018 – Waters Corporation (US), a publicly traded Analytical Laboratory instrument and software company launched its new user-friendly lateral flow zearalenone strip test - The Zearala-V AQUA. Eliminating the for organic solvents using a water-based dilution-free extraction the Zearala-V AQUA test strips use the proven sensitivity and selectivity of VICAM’s monoclonal antibodies to accurately detect and measure zearalenone at levels as low as 0.1 ppm and as high as 5.0 ppm.

Hoffmann-La Roche Ltd, Swiss multinational healthcare company focuses on the development and distribution of test strips. For this, in June 2017, Roche has acquired mySugr to form a leading open platform for digital diabetes management. Hence, the growing mergers and acquisitions, new product launches in the field of test strip has upsurge the growth of the market.

Global Test Strip Market – Overview

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).

Global Test Strip Market – Regional Analysis

Globally, the North America market dominates the Test Strip market. Factors such as rising incidences of UTIs, diabetes and other chronic diseases such as liver & kidney disease, and ophthalmic disease among others, and the augmenting demand for a faster diagnosis drive the market growth in the region.

Simultaneously, well-spread awareness among people towards the advantages of test strips and the presence of the leading global players in the region are some of the key factor substantiating the growth of the regional market. Witnessing a widening uptake across the region, the North America market for Test strip is likely to continue its dominance throughout the assessment period.

The Europe market accounts for the second-largest market for Test Strip owing to the proliferation of healthcare sector, the presence of well-established players and growing healthcare expenditures in the region. Certainly, the resurging economy is the main driving force increasing the market value in the region.

The Asia Pacific Test Strip market emerging as the fastest growing market accounts for a substantial market share on the global platform. Factors such as the proliferation of healthcare sector in populous countries such as India and China substantiate the market growth in the region.

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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).

Major Table of Content

Chapter 1. Report Prologue

Chapter 2. Market Introduction

2.1 Definition

2.2 Scope of the Study

2.2.1 Research Objective

2.2.2 Assumptions

2.2.3 Limitations

Chapter 3. Research Methodology

3.1 Introduction

3.2 Primary Research

3.3 Secondary Research

3.4 Market Size Estimation

Chapter 4. Market Dynamics

Continued….

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