Test Strip Market Overview, Size, Growth, Top Key Players, Analysis and Trends by Forecast to 2023
Global Test Strip Market – Overview
Test strip is a type of diagnostic devices which is the most important tools in Point of Care (POC) diagnostics. These test strip helps to achieve rapid diagnosis of various critical diseases such as urinary tract infection (UTI), liver disease, kidney diseases, diabetes test, ophthalmic disease and others with precsion. Test strips are widely used for monitoring the blood glucose level in the diabetic patients. As per world Health Organization (WHO), it was estimated that in 2016, 420 million adult population is suffering from diabetes all over the world will and the number is expected to reach 625 million till 2040.
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The global test strip market is growing with the dynamic pace. The global test strip market is expecting a sound growth at a CAGR of 12.8% during the forecasted period. Increasing prevalence of diabetes, and other urinary tract diseases has supported the growth of this market. According to a recent study report published by the Market Research Future, The global test strip market is booming and expected to gain prominence over the forecast period. The market is forecasted to demonstrate a spectacular growth by 2023, surpassing its previous growth records in terms of value with a striking CAGR during the anticipated period (2017 – 2023).
The market is expected grow with the same trends during the forecast period. The major drivers supporting the growth of the market will be presence of huge diabetic patient population in Asia Pacific region like India and China. According to WHO (2014), 60% of the world’s total diabetic population lives in Asia region. Moreover, the global test strip market is driven by rising geriatric population, and rapid development in the test strips has driven the growth of the market. Moreover, changing lifestyle, and government initiatives for encouragement for the research & development has fuelled the market growth. On the other hand, availability of alternative methods for diagnosis like saliva collection devices has restrained the growth of global test strip market.
Global Test Strip Market – Key Players
Hoffmann-La Roche Ltd (Switzerland), Siemens Ltd. (Germany), Abbott (US), B. Braun (Germany), LifeScan, Inc. (US), Chiltern MediCare Ltd. (US), Henry Schein, Inc. (US), Lifeassay Diagnostics (South Africa), Siemens Healthcare Private Limited (Germany), ARKRAY Inc. (US), Ascensia Diabetes Care Holdings AG. (Switzerland), TaiDoc Technology Corporation (Taiwan), Teco Diagnostics (US) are some of the prominent players at the forefront of competition in the Global Test Strip Market and are profiled in MRFR Analysis.
Global Test Strip Market – Competitive Analysis
The test strips are based on various technologies such as electrochemical and photometric. Majority of the test strips are based on electrochemical technology. The photometric technology market is expected to witness the highest growth. Roche Diagnostics, Lifescan, Inc., Abbott Laboratories, and Bayer are the leading players in the test strip market, by volume. These players possess state of art manufacturing facilities and strong sales and distribution network which have helped them to gain leadership position in the market. The other prominent players include Arkray Inc., Ascensia Diabetes Care Holdings Ag, B. Braun Melsungen AG, Chiltern Medicare Ltd, Henry Schein, Lifeassay Diagnostics (Pty), Siemens Healthcare, Taidoc Technology Corporation, and Teco Diagnostics among others are some of the small players that accounts a reasonable amount of share in the test strip market.
The global test strip market is highly fragmented with the presence of many local players and international players. As a result, local players are focus on cost reduction and innovation to ensure sustainability. In addition, the international players implemented growth strategies through FDA approvals, collaborations to expand their overall market share. For instance, Abbot a leading player in the test strip market has received US Food and Drug Administration (FDA) clearance for its new product FreeStyle Lite blood glucose test strips that minimizes the interference during blood glucose testing, hence is fabricated for a better testing experience. This will help Abbott to create an impact on the patient pool and will help to increase its sales by volume.
Hoffmann-La Roche Ltd, Swiss multinational healthcare company focuses on the development and distribution of test strips. For this, in June 2017, Roche has acquired mySugr to form a leading open platform for digital diabetes management. Hence, the growing mergers and acquisitions, new product launches in the field of test strip has upsurged the growth of the market.
Report Details @ https://www.marketresearchfuture.com/reports/test-strip-market-672 .
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