The test strip market size is expected to grow from US$ 11 billion in 2022 to US$ 12.5 billion by 2030; it is estimated to register a CAGR of 2.1% from 2022 to 2030.
Analyst’s Viewpoint
The global test strip market analysis explains market drivers such as the rising cases of diabetes and growing demand for point of care testing. Further, technological advancements in test strips are expected to introduce new trends in the market during 2022–2030. Based on product type, the global test strip market is bifurcated into blood test strips and urine test strips. The blood test strips segment held a larger market share in 2022 and the same segment is anticipated to register a higher CAGR during the forecast period. The global test strip market, by application, is segmented into diabetes, pregnancy, urinary tract infection, and others. The diabetes segment held a larger market share in 2022 and the segment is anticipated to register a higher CAGR during the forecast period. Based on end user, the global test strip market, is segregated as hospitals & clinics, home care, and diagnostic laboratories. The hospitals & clinics segment is expected to account for a maximum share of the global test strip market during 2022–2030.
A test strip is crucial for the medical diagnostics industry, especially for blood sugar testing and urinalysis. Test strips consist of multiple layers, including hydrophilic inner, adhesive, and electrode layers and an outer layer that provides stability. Test strips monitor and control glucose levels in people with diabetes, enabling them to treat their disease effectively. Using test strips, prediabetics and diabetics can monitor their blood sugar levels regularly without visiting a clinic or diagnostic laboratory. Urine test strips are also crucial in medical diagnostics, particularly for monitoring kidney function and detecting urinary tract infections. These test strips detect the presence of various substances in the urine, such as glucose, ketones, and proteins.
Growth Drivers
Diabetes is a life-threatening chronic disease with no specialized cure. It is mainly caused by the body’s incapacity to produce or effectively utilize the hormone insulin. This incapacity prevents the body from adequately regulating blood glucose levels. Incidence and prevalence of diabetes are rapidly increasing across the globe. Test strips are an important part of blood glucose measurement and urinalysis and are used to monitor and control glucose levels in people with diabetes. They allow pre-diabetics and diabetics to monitor their blood sugar levels regularly from their homes. In 2021, 536 million people between 20 and 79 had diabetes. The most prevalent form of diabetes is Type 2 diabetes which has grown alongside cultural and societal changes. In high-income countries, up to 91% of adults suffering from diabetes have type 2 diabetes. Approximately 537 million people were living with diabetes in 2021, and it is likely to reach 643 million by 2030 & 783 million by 2045 across the globe according to the International Diabetes Federation (IDF),. Diabetes can lead to complications in many body parts and increase the risk of premature death. Primary complications include heart attack, stroke, kidney failure, leg amputation, vision loss, and nerve damage. Patients who have diabetes require frequent monitoring and external administration of insulin. Thus, the rising prevalence of diabetes globally is driving the insulin market.
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Test Strip Market: Strategic Insights
Test Strip Market
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CAGR (2023 - 2031)
2.10%
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Market Size 2023
US$ 11.23 Billion
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Market Size 2031
US$ 13.26 Billion
Market Dynamics
GROWTH DRIVERS
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FUTURE TRENDS
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OPPORTUNITIES
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Key Players
- F. Hoffmann-La Roche AG
- Abbott Laboratories
- Lifescan
- Bayer AG
- B Braun
- Siemens AG
- Arkray
- Henry Schein Inc.
- ACON Laboratories, Inc.
- TaiDoc Technology Corporation
Regional Overview
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
Market Segmentation
Product Type
- Blood Test Strips And Urine Test Strips
Application
- Diabetes
- Pregnancy
- Urinary Tract Infection
- And Others
End User
- Hospitals & Clinics
- Home Care
- And Diagnostic Laboratories
Geography
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South & Central America
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Test Strip Market: Strategic Insights
-
CAGR (2023 - 2031)2.10% -
Market Size 2023
US$ 11.23 Billion -
Market Size 2031
US$ 13.26 Billion
Market Dynamics
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- XXXXXXX
- XXXXXXX
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Key Players
- F. Hoffmann-La Roche AG
- Abbott Laboratories
- Lifescan
- Bayer AG
- B Braun
- Siemens AG
- Arkray
- Henry Schein Inc.
- ACON Laboratories, Inc.
- TaiDoc Technology Corporation
Regional Overview
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
Market Segmentation
Product Type - Blood Test Strips And Urine Test Strips
Application - Diabetes
- Pregnancy
- Urinary Tract Infection
- And Others
End User - Hospitals & Clinics
- Home Care
- And Diagnostic Laboratories
Geography - North America
- Europe
- Asia Pacific
- Middle East & Africa
- South & Central America
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Report Segmentation and Scope
Product Type-Based Insights
Based on product type, the global test strip market is bifurcated into blood test strips and urine test strips. Blood test strips segment accounts larger market share in 2022 and the same segment is anticipated to register a higher CAGR during the forecast period. Blood glucose test strips measure the glucose level in a drop of blood obtained from a finger prick. The test strip is inserted into a blood glucose meter, measuring the blood sample's amount of glucose. The data is then displayed on the meter's screen, allowing the patient to track their blood sugar levels over time.
Application-Based Insights
Based on application, the global test strip market is segmented into diabetes, pregnancy, urinary tract infection, and others. Diabetes segment accounts for a majority market share in 2022 and is expected to record a higher CAGR during the forecast period. This growth is accredited to the increasing prevalence of diabetes in various developing and developed countries worldwide. The population's growing preference for point-of-care testing is another important segment growth.
End User-Based Insights
Based on end user, the global test strip market is segmented into hospitals & clinics, home care, and diagnostic laboratories. The hospitals & clinics segment held a larger market share in 2022 for global test strip market.
Regional Analysis
The test strip market's growth is attributed to increasing incidence of diabetes and growing demand for point of care testing. However, the rising competition in the test strip market is likely to hinder the market growth. Based on geography, North America accounts largest share for test strip market. Likewise, Asia Pacific is expected to register the highest CAGR for test strip market during the forecast period 2022-2030.
The increasing number of diabetes cases, the national government's efforts to combat the disease more broadly, the increasing penetration of test strips, and the presence of major market players are some of the driving factors in North America market. In North America the US is expected to hold the largest market share. Data updated by the CDC in January 2022 showed that 37.3 million, or 11.3%, of the US population had diabetes, with 28.7 million people, including 28.5 million adults, having the disease in the country last year. This demographic is expected to drive demand for diabetes test strips and fuel market growth in the region. Additionally, an estimated 12-16% of adult hospital inpatients in the United States had an indwelling urinary catheter (IUC) at some point during their hospital stay, according to a research study published in NCBI in January 2022. Each day the IUC remains in place, a patient's risk of developing a catheter-associated urinary tract infection (CAUTI) increases by 3-7%. Overall, the prevalence of complicated urinary tract infections will likely increase over the forecast period, primarily due to increasing bacterial resistance to urinary tract infections and the increase in recurrence rates. This is expected to increase the demand for test strips and drive market growth.
The Europe test strip market accounts for the second largest market share due to the prevalence of chronic diseases and increasing support from the government through increasing investments in building hospitals with new equipment in the region. In addition, the German test strip market was reported to have the largest market share, and the UK test strip market is considered the fastest-growing market in Europe. In addition, the French test strip market will rank third in market share. Asia Pacific is expected to witness the highest CAGR for the test strips market. This is due to the increasing prevalence of obesity in the Asia-Pacific region. In addition, the test strip market in China is expected to hold the largest market share, and the test strip market in India is expected to be the fastest-growing market in the Asia Pacific. Furthermore, China is expected to experience positive growth due to the highest number of diabetics, followed by India. Therefore, the increasing prevalence of diabetes in these countries will boost the growth of the test strip market.
- In March 2022, Virtual Diabetes Clinic 9am.health partnered with Ascensia Diabetes Care to add the Contour Next One blood glucose meter to its diabetes toolkit for patients. As part of the collaboration, the clinic's type 2 diabetes and prediabetes patients can now add Ascensia's blood glucose meter and 100 to 300 test strips to their individualized treatment plan.
- In August 2021, Becton, Dickinson, and Company received approval for the OTC rapid antigen test with the Scanwell Health mobile app.
- In August 2021, FIND, the global alliance for diagnostics, signed an agreement with i-SENS Inc. and SD BIOSENSOR Inc. of South Korea to increase access to blood glucose test strips in low- and middle-income countries (LMIC) by improving affordability.
- In April 2021, Becton, Dickinson, and Company partnered with USA Track & Field (USATF) to provide rapid COVID-19 testing for athletes using the BD Veritor Plus System.
- In April 2021, Roche Accu-Chek Instant was introduced into the UK drug tariff with a positive reimbursement price notice of just under USD 8 or EUR 7.5 for 50 test strips.
- In April 2020, Hologic (USA) launched its second high-throughput molecular test for the novel coronavirus (SARS-CoV-2).
Company Profiles
- F. Hoffmann-La Roche AG
- Abbott Laboratories
- Lifescan
- Bayer AG
- B Braun
- Siemens AG
- Arkray
- Henry Schein Inc.
- ACON Laboratories, Inc.
- TaiDoc Technology Corporation
Test Strip Market Report Scope
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 11.23 Billion |
| Market Size by 2031 | US$ 13.26 Billion |
| Global CAGR (2023 - 2031) | 2.10% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Product Type
|
| Regions and Countries Covered |
North America
|
| Market leaders and key company profiles |
|
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Product Type, Application, End User, and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
- F. Hoffmann-La Roche AG
- Abbott Laboratories
- Lifescan
- Bayer AG
- B Braun
- Siemens AG
- Arkray
- Henry Schein Inc.
- ACON Laboratories, Inc.
- TaiDoc Technology Corporation
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
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Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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