Report ID: UCMIG35A2483 | Region: Global | Published Date: September, 2022 | Pages: 165 | Tables: Figures:Hospital Surgical Disinfectant Market
Report ID: SQSG35A2058 | Region: Global | Published Date: September, 2022 | Pages: 165 | Tables: 90 | Figures: 76
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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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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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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Test Strip Market Driver
Increasing prevalence of diabetes across the globe to empower market growth
Test Strip Market Restraint
Inadequate reimbursement policies to limit the market expansion
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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
Test Strip Market Recent Developments
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.
|Market size value in 2021||USD 5.1 billion|
|Market size value in 2030||USD 5.58 billion|
|Forecast Unit (Value)||USD Billion|
|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)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
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.
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Product ID: SQSG35A2058