Report ID: UCMIG35A2483 | Region: Global | Published Date: September, 2022 | Pages: 165 | Tables: Figures:
Hospital Surgical Disinfectant Market
Global Test Strip Market Size, Share, Growth Analysis, By Product(Blood Test Strips, Urine Test Strips), By Application(Diabetes, Pregnancy), By End-use(Hospitals, Home Care) - Industry Forecast 2023-2030
Report ID: SQSG35A2058 | Region: Global | Published Date: September, 2022 | Pages: 165 | Tables: 90 | Figures: 76
Global Test Strip Market Insights
Test Strip Market size was valued at USD 5.1 billion in 2021 and is poised to grow from USD 5.58 billion in 2022 to USD 12.64 billion by 2030, growing at a CAGR of 9.50% in the forecast period (2023-2030).
The COVID-19 pandemic has had a substantial influence on the market. Due to the risk of infection transmission, the demand for test strips was exceptionally low during the early stages of the pandemic. However, research and advancement into the diagnosis of COVID-19 infection have skyrocketed. Furthermore, due to the growing prevalence of diabetes (blood glucose test strips) and urinary tract infections (UTIs) worldwide, the global test strip market is likely to develop considerably throughout the forecast period. Diabetes, for example, is anticipated to be the seventh-leading cause of mortality by 2030, according to World Health Organization (WHO) figures updated in November 2021, and the disease's prevalence has been growing more rapidly in low- and middle-income nations.
The rising incidence of diabetes among the world's population is one of the primary factors driving the growth of the blood glucose test strip market size. Increased acceptance of the strips as they allow patients to complete their tests at home without visiting a diagnostic laboratory, as well as increased use of these strips as a diabetic patient is anticipated to test his sugar at least 2-3 times per day, drive the blood glucose test strip market growth.
US Test Strip Market is poised to grow at a sustainable CAGR for the next forecast year.
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Global Test Strip Market Segmental Analysis
The global test strip market is segmented on the basis of product, application, end-use, and region. Based on product, the market is segmented into blood test strips, urine test strips. Based on application, the market is segmented into pregnancy, urinary tract infection, and others. Based on end-use, the market is segmented into hospitals, home care, and diagnostic laboratories. Based on region, the global market segmentation spans North America, Europe, Asia-Pacific, South America, and MEA.
Test Strip Market Analysis by Product
The test strip market is divided into two segments: urine test strips and diabetes test strips. Diabetes test strips accounted for a sizable sales share in 2022. High growth is attributable to rising diabetes prevalence in both emerging and established economies throughout the world. Another key growth-promoting aspect is the increased inclination among people toward point-of-care testing.
The growth in binge eating habits and a lack of physical activity, which leads to an increase in diabetes prevalence, as well as government financial assistance, all have an impact on the blood glucose test strip market.
Furthermore, changes in people's lifestyles such as alcohol and smoking use, a growing senior population, increased understanding of diabetes preventative care, and increased diabetes awareness all have a favourable impact on the blood glucose test strip market. Furthermore, new developments and technology improvements provide lucrative prospects to blood glucose test strip market competitors from 2023 to 2030.
Test Strip Market Analysis by End-use
Hospitals had considerable revenue in 2022, with a significant growth rate during the anticipated span. The rapid expansion is linked to an increase in the number of diagnostic tests for diabetes and other chronic illnesses. Furthermore, the provision of necessary healthcare facilities would support segmental growth. Another key growth-enhancing element is the growing number of hospitals in both developed and emerging nations.
The home care category is expected to expand by 3.7% throughout the analysed period. High growth is ascribed to an increase in the number of retail pharmacies throughout the world, as well as increased public knowledge of various point-of-care testing modalities. Another aspect promoting business expansion is the growing number of internet portals that sell test strips for personal use.
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Global Test Strip Market Regional Insights
Asia Pacific is predicted to increase at a 5.7% annual rate over the projection period. China has the most diabetes sufferers worldwide, followed by India. As a result, the increased prevalence of diabetes in Asian countries would increase product demand, boosting business growth. Increased alcohol consumption, along with a lack of physical activity, will contribute to an increase in diabetes prevalence. Furthermore, the rising prevalence of obesity in these nations is a key factor leading to the rise of diabetes, consequently raising market revenue. Furthermore, the North American test strips market is predicted to be significant in 2022, owing to an increase in the number of firms manufacturing diabetes test strips in the United States.
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Global Test Strip Market Dynamics
Test Strip Market Driver
Increasing prevalence of diabetes across the globe to empower market growth
- The growing cost of blood glucose test strips has received a lot of attention (BGTS). Insulin users have traditionally been classified as a single homogenous group, leading in regulations that limit consumption (8.2 strips/day) in provincial prescription insurance systems.
- Also, the rise in diabetes in patients is expected to propel the market growth in terms of market size, share and revenue. As more patients would require home-based treatments, several firms are now offering home-care treatments with proper guidelines for caretakers at home.
Test Strip Market Restraint
Inadequate reimbursement policies to limit the market expansion
- Some insurers have considered implementing quantity restriction policies in an attempt to rein in the skyrocketing costs of diabetic treatment. limiting yearly reimbursement for BGTS to 400 strips for patients using hypoglycaemic medications and 200 strips for all other patients.
- Besides, many insurers do not provide reimbursement on medications. Also, the per cost of strip is expensive and unaffordable for low-income groups. This might create limitations for the market to expand on this front.
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Global Test Strip Market Competitive Landscape
The Global Test Strip market is consolidated in nature, with a limited number of players operating in the market. These industry leaders are focusing on developing strategies that would help them in their sustainable growth. Companies are focusing on investments in research and development field for a maximum market share. Companies are experimenting with solutions in underdeveloped countries and remote areas.
Test Strip Market Top Company Profiles
- Abbott Laboratories
- Roche Diagnostics
- Siemens Healthcare
- Ascensia Diabetes Care Holdings AG
- LifeScan Inc. (a subsidiary of Johnson & Johnson)
- B. Braun Melsungen AG
- ARKRAY Inc.
- AgaMatrix Holdings LLC
- Bio-Rad Laboratories Inc.
- BioMérieux SA
- BioVision Inc.
- Chembio Diagnostic Systems Inc.
- Cytomegalovirus Diagnostics BV
- Hologic Inc.
- Nipro Corporation
- PTS Diagnostics
- Quidel Corporation
- Trinity Biotech plc
- Urinalysis System Inc.
- Wondfo Biotech Co. Ltd.
Test Strip Market Recent Developments
- In March 2022, 9am.health collaborated with Ascensia Diabetes Care to bring the Contour Next One blood glucose meter to their patient diabetes toolset. Patients with type 2 diabetes and prediabetes at the clinic can now add Ascensia's blood glucose meter and 100 to 300 test strips to their tailored treatment plan as part of the agreement.
- In August 2021, FIND, the global diagnostics alliance, inked a deal with i-SENS, Inc. (Seoul, South Korea) and SD BIOSENSOR, Inc. (Suwon-si, South Korea) to improve access to blood glucose test strips in the low- and middle-income countries (LMICs).
Global Test Strip Key Market Trends
- Increase in prevalence of diabetes: In the forecast period, the diabetes segment is expected to dominate the market. Diabetes tests are becoming more common as the prevalence and incidence of diabetes rise internationally, which is likely to boost the segment's growth throughout the forecast period. Diabetes test strips are a practical approach for diabetic people to monitor blood sugar levels, often known as glucose levels. This is particularly important for diabetics. Glucose meters are used to read blood sugar levels on the strips.
- Growing Investments: The healthcare industry is witnessing a phase of growth especially after Covid-19. Many healthcare organizations are emphasizing on investing in R&D activities to launch novel products in the market.
Global Test Strip Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to the global test strip market report analysis, based on the Product segmental analysis, The test strip market is expected to be stable throughout the projected period. Several reasons contribute to the test strip market's rapid expansion. Government backing is one of the market's driving elements. The incidence of chronic sickness causes favourable market developments.
| Report Metric | Details |
|---|---|
| Market size value in 2021 | USD 5.1 billion |
| Market size value in 2030 | USD 5.58 billion |
| Growth Rate | 9.50% |
| Base year | 2021 |
| Forecast period | 2023-2030 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Test Strip Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Test Strip Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global Test Strip Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Test Strip Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Test Strip Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Test Strip Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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