Test strips Market growth outlook with industry review and forecasts
Ocean View, DE -- (SBWIRE) -- 04/05/2020 -- Test Strips Market will exceed USD 11.0 billion by 2025; as per a new research report.Increasing prevalence of diabetes is one of the major factors augmenting test strips market growth across the forecast timeframe. For instance, as per the National Diabetes Statistics Report, nearly 30.3 million Americans suffer from diabetes and the prevalence rate is expected to grow in the forthcoming years. Moreover, the growing incidence of other chronic diseases such as kidney disorders and urinary tract infections will further boost industry growth.
Technological advancements in the test strips is another major growth propelling factor. Based on technology blood glucose test strips are further bifurcated into thick-film and thin-film test strips. Major companies are developing thin-film test strips, owing to its advanced technology and efficiency in monitoring blood glucose levels. Rising awareness among the population pertaining to point of care testing will further augment business growth.
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However, dearth of reimbursement policies for test strips might restrict industry growth to certain extent. Also, lack of accuracy in test strips owing to their relatively low resolution will majorly impact market growth.
Diabetes test strips segment accounted for revenue of USD 8.1 billion in 2018. High growth is attributed to increasing prevalence of diabetes across the globe. As per the International Diabetes Federation (IDF), countries such as India, China and U.S. has the highest diabetes prevalence rate. This is due to increasing adoption of sedentary lifestyle and lack of physical activities. Hence, the aforementioned factors will foster segmental growth across the forecast timeframe.
Hospitals as an end-use are estimated to witness considerable growth of 3.8% across the analysis period. High growth is attributable to increasing number of diabetes tests in the hospital settings. Moreover, people with high blood sugar level prefer to test their blood glucose levels in the hospitals owing to presence of required medical facilities and precision regarding test results. Additionally, low cost associated with diabetes test will further boost industry growth.
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UK test strips market accounted for significant share in 2018 and is forecasted to reach USD 401.9 million by 2025. Rise in number of retail pharmacies in UK coupled with presence of major players operating in the test strips industry will significantly drive market growth. Moreover, increasing number of diagnostic laboratories performing blood glucose tests and urine analysis is another major growth augmenting factor. Also, rising prevalence of urinary tract infections specifically in females will further boost product demand.
China test strips market is forecasted to expand at 5.1% CAGR over the analysis period. Increasing number of people suffering from diabetes is the chief factor boosting China test strips market. Factors such as adoption of alcohol intake and smoking habits will lead to high number of diabetes cases. Furthermore, taxes on all self-monitoring of blood glucose products including meters, lancets and tests trips are comparatively low in Asian countries, thus boosting product demand.
Few of the prominent market players involved in global test strips market are: Lifescan, Roche, Abbott, Ascensia Diabetes Care, B. Braun, Acon Lab, Arkray, Henry Schein, Siemens and Tiadoc. These players are engaged in various strategies such as mergers, acquisitions and new product launch to enhance the market foothold. For instance, in January 2016, Panasonic Healthcare Holdings, Co., Ltd. Announced the acquisition of Bayer AG's diabetes management business. The acquisition enabled the company to develop, manufacture and market blood glucose monitoring test strips and meters in more than 125 countries across the globe, thus augmenting revenue growth as well as market presence.