Test Strips Market statistics and research analysis released in latest report
Category: #business  By Rahul Varpe  Date: 2020-01-14
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Test Strips Market statistics and research analysis released in latest report

With the alarming rise in the prevalence of various chronic diseases such as diabetes and renal disorders, test strips market demand has increased exponentially. Gradual pursuance of sedentary lifestyles coupled with rising alcohol intake among the global populace has increased the risk of acquiring such chronic disorders, which, in turn, has fueled test strips market trends.

A study by International Diabetes Federation (IDF) reported more than 114 million cases of diabetes in China in 2017 and anticipates the number to increase in the foreseeable timeframe. Growing consumer inclination towards point of care testing solutions and considerable progress achieved in terms of technological advancements are further stimulating test strips market outlook.

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A recent report published by Global Market Insights, Inc., projects the worldwide test strips market share to surpass USD 11 billion by 2025.

Based on product spectrum, diabetes test strips market is anticipated to showcase positive growth trend in the coming years driven by the rising prevalence of the disease at a global level. As per the findings of IDF, the US, China, and India are among the regions with highest number of diabetic patient base. Given the colossal rise in the incidence rate of the disease, the demand for test strips has witnessed a substantial surge. In addition, growing awareness about the ill effects of undiagnosed diabetes is anticipated to contribute to business growth. For the record, diabetes test strips market share was valued at USD 8.1 billion in 2018.

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Considering the end use backdrop, test strips market size from home care segment is expected to achieve significant gains through 2025. Management of diabetes requires multiple tests in a single day, which has fueled the product demand. Moreover, the increasing prevalence of point of care testing approach as an alternative to hospital visits is further boosting product penetration in home care. Test strips industry share from home care applications held almost 50.5% of the global share in 2018.  

With drastic rise in the occurrence of diabetes, Germany test strips business is forecast to amass USD 470 million through 2025. The presence of eminent industry players along with rising affordability of test strips is supporting the regional market growth.

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Besides Germany, India is also poised to become a pivotal growth ground in global test strips market. The presence of a vast patient pool and rising geriatric population are favoring India test strips industry trends. Moreover, government efforts to provide test strips at affordable price and surging awareness and acceptability of technologically advanced treatment options are other factors underpinning business share in India. India test strips market is estimated to achieve a CAGR of 5.7% over 2019-2025.

Renowned players such as Abbott Laboratories, Taidoc Technology Corporation, Ascensia Diabetes Care Holdings Ag, B. Braun Melsungen AG, and others are governing the competitive landscape of global test strips market. The market is highly competitive with the players vying for gaining an edge over their contemporaries. The industry players are adopting various approaches such as mergers, acquisitions, partnerships, as well as product development to gain a competitive advantage. Heavy investments directed towards R&D activities and rapid product portfolio expansion in terms of accuracy, reliability, and reusability are anticipated to underline the strategic terrain of test strips market through 2025.

 

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About Author

Rahul Varpe

Rahul Varpe    

Rahul Varpe currently writes for Technology Magazine. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products ...

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