Test Strip Market Comprehensive Evaluation with Top Players: Hoffmann-La Roche Ltd, Siemens Ltd., Abbott, B. Braun Etc.

Test Strip is a type of diagnostic devices which is the most important tools in Point of Care (POC) diagnostics. These test strip helps to achieve rapid diagnosis of various critical diseases such as urinary tract infection (UTI), liver disease, kidney diseases, diabetes test, ophthalmic disease and others with precision. Test strips are widely used for monitoring the blood glucose level in the diabetic patients. As per world Health Organization (WHO), it was estimated that in 2016, 420 million adult population is suffering from diabetes all over the world will and the number is expected to reach 625 million till 2040.

The Global Test Strip Market is growing with the rapid pace; mainly due to the rising prevalence of diseases and disorders. According to a recent study report published by the Market Research Future, The Global Market of Test Strip is getting the momentum and is expected to gain prominence over the forecast period. The Global Test Strip market is forecasted to demonstrate a spectacular growth by 2021, surpassing its previous growth records in terms of value with a striking CAGR during the estimated period (2017 – 2021).

The Vivacious growth showcased by the Test Strip market is attributed to Government's Support in various healthcare sectors, High prevalence of incidences of UTIs, Rising Diabetic Population, and various Technological advancements. The Test Strip market is mainly driven by the ever-growing population of diabetes patients worldwide. The growth of the diabetes population is driven, in turn, by the obesity epidemic in overall world population growth, and geriatric population in many developed countries in which type 2 diabetes is more likely to occur.

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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).

Global Test Strip Market - 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 – 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.

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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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This release was published on openPR.