The consistent prevalence of chronic diseases like kidney disorders and urinary tract infections along with the influx of various cutting-edge technologies will accelerate the demand for test strips.
The consistent prevalence of chronic diseases like kidney disorders and urinary tract infections along with the influx of various cutting-edge technologies will accelerate the demand for test strips. There is also a noticeable rise in the number of diabetic patients. The National Diabetes Statistics Report estimated that over 30.3 million individuals across the U.S. are affected by diabetes and its rate of prevalence is set to witness significant inclination through the coming years.
Blood glucose test strips can be identified as thick-film and thin-film based on technology. Solution providers are coming up with various thin-film test strips that deploy some of the latest technologies to offer effective monitoring of the blood glucose levels. Increasing consumer awareness regarding point of care testing will further add positive impetus to the adoption of the test strips.
As per a recent research report, the global test strips market size will reach more than USD 11 billion in annual value by 2025.
Higher adoption of test strips for diabetics
Annual revenue from diabetes test strips surpassed USD 8.1 billion in 2018 considering the rising instances of the disease worldwide. The International Diabetes Federation (IDF), revealed that there is a higher prevalence of diabetes across countries like India, the U.S., and China. This can be owed to the shifting inclination of consumers towards sedentary lifestyles that shows a dearth of physical activities.
In the wake of this shift, the test strips market players are also coming up with innovative products. For instance, Roche Diabetes Care (RDC) India, in January 2020, launched a new Accu-Chek Guide blood glucose monitoring system that offers a 10/10 accuracy. The device consists of a smart pack and spill-resistant test strip vial for easy data upload.
Hospitals to see a considerable presence
Demand for test strips across hospitals is anticipated to witness a growth of up to 3.8% through the next few years due to the lower costs associated with the diabetic tests. This has led to the surge in the number of individuals undergoing the tests across these settings as they offer higher precision for the test results. Furthermore, individuals diagnosed with high blood sugar levels are widely opting for tests across hospitals on account of the ease of access to the required medical facilities.
To access sample pages of this report titled, “Test Strips Market Size By Product (Diabetes Test Strips {Thick-film, Thin-film}, Urine Test Strips), By End-use (Hospitals, Home Care, Diagnostic Laboratories), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2019 – 2025” in detail along with the table of contents, please click on the link below:
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Urinary disease prevalence in the UK
The U.K. test strips market size was responsible for a prominent business share in 2018 and is likely to amass an annual revenue of more than USD 401.9 million through 2025. The growth can be attributed to the strong presence of some of the leading product suppliers. There is a jump in the number of retail pharmacies across the country.
Prevalence of chronic disorders has also given rise to a significant number of diagnostic laboratories across the region to carry out blood glucose tests and urine analysis. Furthermore, the growing episodes of urinary tract infections particularly in the female population base will boost the regional adoption of the test strips.
China to witness increasing consumption
China is one of the leading producers of test strips and this regional test strips market is poised to grow at a 5.1% CAGR up to 2025. The considerable rise in alcohol intake and smoking habits by consumers across the region has resulted in a higher number of people diagnosed with diabetes in the region. Lower taxes imposed on self-monitoring of blood glucose products with the help of meters, test strips, and lancets across the Asian countries will also favor the test strips market expansion.
Competitive business strategies
Providers of test strips are employing inorganic strategies like mergers, acquisitions, and partnerships to strengthen their market position. For instance, Panasonic Healthcare Holdings, Co., Ltd., in January 2016 acquired Bayer AG for its diabetes management business. This move assisted the firm to develop, produce as well as market the blood glucose monitoring test strips and meters across 125 countries in the world. The present COVID-19 pandemic could have also positively influenced the test strips market trends, paving the way for novel product developments.
Lifescan, Acon Lab, Arkray, Ascensia Diabetes Care, Tiadoc, Henry Schein, Abbott, B. Braun, and Siemens are few other global suppliers of the product.