Test Strip Market Size and Share Analysis 2019-2022 with Key Manufacturers Like Hoffmann-La Roche Ltd, Siemens Ltd., Abbott, B. Braun Etc.

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.

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).

Chronic diseases such as urinary tract infection, liver diseases, kidney diseases, ophthalmic diseases, and others are spreading at an alarming rate which can be linked to the growth of the global test strips market. This coupled with the emerging trend of spontaneous preventive self-diagnosis and self-monitoring has helped the global test strip market garner many accolades.

The rising occurrence rate of diabetes across the globe has raised concerns among the governments in various nations which has encouraged them to take remedial measures. The government across multiple countries are collaborating with MedTech companies to provide affordable diabetic treatment to patients and lower the price of self-diagnosis kits which has reflected favorably on the growth of the global test strips market. Elevation in the level of awareness, especially in the developing countries through awareness programs initiated by government and healthcare institutions further spur the demand for test strips

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Global Test Strip Market – Segmentation

The Global Test Strip Market has been segmented based on product type, application, function, and end user.

By product type, the global test strip market has been segmented into urine test strip, diabetic strips, and fluorescein. The diabetic strips segment is expected to command the highest market share. Increasing occurrence rate of diabetes among the global populace can be attributed to the growth of the segment.

By application, the global test strip market has been segmented into disease diagnosis and pregnancy tests. The disease diagnosis segment has been further segmented into urinalysis, blood glucose analysis, and ophthalmic diagnostic. The urinalysis segment has been further segmented into urinary tract infection (UTI), liver disease, kidney diseases, diabetic test, and others.

By function, the global test strip market has been segmented into visual test strips and automated test strips.

By end user, the global test strip market has been segmented into institutes & research laboratories, hospitals & clinics, diagnostic laboratories, and consumers.

Industry/ Innovations/ Related News:

November 2018, Wellnostics, a medical device company dealing in healthcare products launched its own blood glucose test strip subscription service in response to the high demand for glucose test strips. The move is the company's endeavor to provide test strips at an affordable price to consumers.

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

By region, The Global Test Strip Market has been segmented into Europe, Asia Pacific (APAC), and the Rest of the World (RoW).

North America has commanded the largest share of the global test strip market. Surging prevalence of chronic diseases in the region coupled with the growing trend of self-monitoring supports the growth of the North America test strips market. Additionally, well-spread awareness, the existence of major companies in the region and augmenting demand for effective, faster diagnosis are other contributing factors.

Europe accounts for the second most significant share of the global test strip market. Expanding healthcare expenditure, and the presence of a robust health sector along with existing market players in Europe create a conducive environment for the growth of the market.

APAC is poised to be the fastest growing market for test strips. The proliferation of the healthcare sector, increasing healthcare awareness, and growing expenditure on healthcare in the developing economies such as China and India stimulate the growth of the market in APAC. Manufacturers from the developed countries are showing a keen interest in such flourishing market motivated by the presence of a huge patient pool in the region which has presented a host of opportunities for the growth of the test strip market in APAC.

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This release was published on openPR.