Global Test Strip 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 2022-2028


Report ID: SQSG35A2058 | Region: Global | Published Date: September, 2022 | Pages: 165

Global Test Strip Market Insights

Global Test Strip Market was valued at USD 9.62 in 2021, and it is expected to reach a value of USD 12.49 billion by 2028, at a CAGR of 3.75% over the forecast period (2022 - 2028).

The COVID-19 pandemic has had a substantial influence on the market under consideration. Due to the risk of infection transmission, the demand for test strips was exceptionally low during the early stages of the pandemic. The majority of the patients were only allowed to get COVID therapy. 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.

To get more reports on the above market click here to Buy The Report

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 the region, the global Test Strip market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.

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 2022 to 2028.

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.

To get detailed analysis on other segments, Request For Sample Report

Global Test Strip Market Regional Insights

The Asia Pacific is predicted to increase at a 5.1% 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.

To know more about the market opportunities by region and country, click here to
Buy The Complete Report

Global Test Strip Market Dynamics

Driver

Increasing prevalence of diabetes across the globe

  • 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. Since 2001, the number of insulin users has climbed by 115%. Insulin users with type 2 diabetes have been using 1.5 strips per day per person since 2004, whereas consumption has increased from 1.9 to 3.0 strips per day per person among individuals with type 1 diabetes.
  • The average daily test strip use was lower than the number of daily tests recommended for insulin users according to current Canadian guidelines, with 11% and 15% of insulin users with type 1 and type 2 diabetes not claiming any BGTS use, respectively, and a further 15% (type 1) and 28% (type 2) using fewer than 1 strip per day. For the most part, BGTS use per insulin user has been steady over the last decade, and the great majority of use is far below provincial insurance limitations. The prevalence of low-level testing (0 to 1 strip/day) implies that greater emphasis should be placed on ensuring that all insulin users test at a safe level.

Restraint

Inadequate reimbursement policies

  • 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 A limit of 3000 strips was also imposed on insulin users, with the goal of imposing minimal restrictions on this patient population. Annual expenditures related to BGTS reimbursement decreased by more than 20% in the year after adoption.

Speak to one of our ABIRAW analyst for your custom requirements before the purchase of this report

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 the research and development field to utilize a maximum market share. Companies are experimenting with solutions in underdeveloped countries and remote areas.

Top Company Profiles

  • Abbott
  • Life scan
  • Tiadoc
  • Acon
  • B Braun
  • Siemens
  • Roche
  • Bayer
  • Arkray

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, has 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 low- and middle-income countries (LMICs).

Global Test Strip Key Market Trends

  • Over 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.
  • North America is a regional participant with a sizable proportion of the test strip industry. Another factor in this region is the availability of innovative medical technology. Test strip investments are increasing year after year. During the predicted period, North America will control more than 55% of the shares. Government efforts and the adoption of innovative healthcare technology are potential growth drivers.

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 our 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. Furthermore, the incidence of chronic sickness causes favourable market developments. The market is hampered by the government's strict policies. A lack of understanding regarding test strips is also hampering expansion. All of these factors, however, will have a minor influence on the growth trend. Segmental glucose test strips and urinary tract test strips, on the other hand, will be in great demand. Furthermore, the rise of type 2 diabetes will fuel the expansion of the test strip industry.

Report Metric Details
Market size value in 2021 USD 9.62
Market size value in 2028 USD 12.49 billion
Growth Rate 3.75%
Base year 2021
Forecast period 2022 - 2028
Forecast Unit (Value) USD Billion
Segments covered
  • Product
    • Blood Test Strips, Urine Test Strips
  • Application
    • Diabetes, Pregnancy, Urinary Tract Infection, Others
  • End-use
    • Hospitals, Home Care, Diagnostic Laboratories
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
  • Abbott
  • Life scan
  • Tiadoc
  • Acon
  • B Braun
  • Siemens
  • Roche
  • Bayer
  • Arkray
Customization scope

Free report customization with purchase. Customization includes:-

  • Segments by type, application, etc
  • Company profile
  • Market dynamics & outlook
  • Region

To get a free trial access to our platform which is a one stop solution for all your data requirements for quicker decision making. This platform allows you to compare markets, competitors who are prominent in the market, and mega trends that are influencing the dynamics in the market. Also, get access to detailed SkyQuest exclusive matrix.

Buy The Complete Report to read the analyzed strategies adopted by the top vendors either to retain or gain market share

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
  • 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
  • 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
  • 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(%)

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.

$5,300
BUY NOW GET SAMPLE
Want to customize this report?

Our industry expert will work with you to provide you with customized data in a short amount of time.

SPEAK TO AN ANALYST

FAQ's

Global Test Strip Market was valued at USD 9.62 in 2021, and it is expected to reach a value of USD 12.49 billion by 2028, at a CAGR of 3.75% over the forecast period (2022 - 2028).

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 the research and development field to utilize a maximum market share. Companies are experimenting with solutions in underdeveloped countries and remote areas.'Abbott','Life scan','Tiadoc','Acon','B Braun','Siemens','Roche','Bayer','Arkray'

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. Since 2001, the number of insulin users has climbed by 115%. Insulin users with type 2 diabetes have been using 1.5 strips per day per person since 2004, whereas consumption has increased from 1.9 to 3.0 strips per day per person among individuals with type 1 diabetes.

Over 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.

The Asia Pacific is predicted to increase at a 5.1% 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.

Speak With Our Analyst

Want to customize this report? This report can be personalized according to your needs. Our analysts and industry experts will work directly with you to understand your requirements and provide you with customized data in a short amount of time. We offer $1000 worth of FREE customization at the time of purchase.

logo-images

Feedback From Our Clients

Global Test Strip Market

Product ID: SQSG35A2058

$5,300
BUY NOW GET SAMPLE