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Test Strips Market Future Challenges and Industry Growth Outlook by 2020-2025

Author : Ronak Bora | Published Date : 2020-09-10 

Test Strips Market report offers in-depth analysis of the industry size, share, major segments, and different geographic regions, forecast for the next five years, key market players, and premium industry trends. It also focuses on the key drivers, restraints, opportunities and industry challenges.

Growing prevalence of diabetes and other chronic diseases owing to sedentary lifestyle will drive global test strips market growth over 2019-2025. Frequency rate of diabetes is expected to grow in the forthcoming years and currently around 30.3 million Americans suffer from the disease, states a National Diabetes Statistics Report. Also, growing incidence rate of other chronic diseases, such as urinary tract infections and kidney disorders will also support industry growth. In terms of revenue, test strips market size is forecast to cross the USD 11.0 billion mark by 2025.

Rapid advancement in test strips technology is another major factor propelling industry growth. Based on technology blood glucose test strips are classified as thin-film and thick-film test strips. Thin film test trips are gaining remarkable traction among both consumers and manufacturers. Of late, leading companies have exhibited heightened interest in the development of these advanced technology test strips on a large-scale. Thin film test strips are highly efficient in effectively monitoring blood glucose levels. Increasing consumer awareness regarding point of care testing is also changing test strips market trends.

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As the incidence rate of diabetes is reaching epidemic levels, diabetes test strip market is gaining traction. In 2018, diabetes test strips market generated a revenue of over USD 8.1 billion. As per the IDF (International Diabetes Federation), countries such as the U.S., India, and China have the highest diabetes prevalence rate. Such high frequency of the disease can be attributed to lack of physical activities and sedentary lifestyle.

Considering the end-use spectrum of the market, hospitals are expected to showcase notable growth rate of more than 3.8% over the analysis period. Hospitals experience massive influx in the frequency of diabetes patients. Due to the presence of advanced medical facilities and precision in test results, most patients prefer testing their blood glucose levels in hospitals. Moreover, low cost associated with diabetes test may also supplement industry share.

In 2018, the UK test strips industry held a significant share in the overall share and is estimated to reach USD 401.9 million by the end of 2025. Presence of major manufacturers along with rise in number of retail pharmacies across the U.K. will drive regional industry growth. Moreover, expansion of diagnostic laboratories performing urine analysis and blood glucose tests due to escalating urinary tract infection cases will also fuel product demand across the U.K.

With increasing number of people suffering from diabetes in the country, China test strips industry is forecast to expand at a CAGR of 5.1% over the projected timeframe. Marked rise in disposable income in the region has resulted in the adoption of a leisure lifestyle. Subsequent surge in alcohol consumption and smoking have led to increase in number of diabetes cases. Moreover, lower tax rates on self-monitoring blood glucose products, including lancets, test trips, and meters in Asian countries fuels test strips industry demand.

Key industry players contributing towards global test strips market expansion include Siemens, Lifescan, Abbott, B. Braun, Ascensia Diabetes Care, Acon Lab, Arkray, Tiadoc, Henry Schein and Roche among others. These prominent players are engaged in various strategies such as acquisitions, mergers, innovative product launches to enhance their market foothold. 

Browse full table of contents (TOC) of this report @ https://www.gminsights.com/toc/detail/test-strip-market

Partial Chapter of the Table of Content 

Chapter 4.  Test Strips Market, By Product

4.1. Key segment trends

4.2. Diabetes test strips

4.2.1.  Market size, by region, 2014 – 2025 (USD Million)

4.2.2.  Thick-film test strips  Market size, by region, 2014 – 2025 (USD Million)

4.2.3.  Thin-film test strips  Market size, by region, 2014 – 2025 (USD Million)

4.3. Urine test strips

4.3.1.  Market size, by region, 2014 – 2025 (USD Million)

Chapter 5.  Test Strips Market, By End-use     

5.1. Key segment trends

5.2. Hospitals

5.2.1.  Market size, by region, 2014 – 2025 (USD Million)

5.3. Home care

5.3.1.  Market size, by region, 2014 – 2025 (USD Million)

5.4. Diagnostic laboratories

5.4.1.  Market size, by region, 2014 – 2025 (USD Million)

5.5. Others

5.5.1.  Market size, by region, 2014 – 2025 (USD Million)

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for fractovia and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. [email protected] | https://twitter.com/RonakBora26

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