What is the global market size of Test Strip Market?

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 9.5% in the forecast period (2023-2030).

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 2024-2031

Report ID: SQMIG35A2543 | Region: Global | Published Date: February, 2024
Pages: 250 | Tables: 90 | Figures: 76

Global Test Strip Market Insights

Test Strip Market size was valued at USD 5.1 billion in 2019 and is poised to grow from USD 5.58 billion in 2023 to USD 12.64 billion by 2031, growing at a CAGR of 9.5% in the forecast period (2024-2031).

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 2031, 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.

Global Test Strip Market Report Snapshots

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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. '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.'

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.

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.

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 Size, Share, Growth Analysis, By Product(Blood Test Strips, Urine Test Strips), By Application(Diabetes, Pregnancy), By End-use(Hospitals, Home Care) - Industry Forecast 2024-2031

Global Test Strip Market Insights

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