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Global Test Strip Market is expected to reach significant valuation at a 12.8% CAGR over the forecast period of 2017 to 2021. Test strips are a type of diagnostic devices used primarily in Point of Care (PC) and for the effective and rapid diagnosis of multiple health disorders such as liver disease, kidney diseases, diabetes test, urinary tract infection (UTI), ophthalmic disease, among others. Test strips are also extensively used for monitoring the blood glucose level in the diabetic patient pool, owing to its easy operability and large diabetes afflicted patient population. test strip market expected to grow due to increasing adoption in diagnostics.Additionally, factors such as the growing geriatric population, technological advancements of test strips, changing lifestyle leading to the rising prevalence of diseases, and government initiatives towards research and development activities, is expected to drive the test strip market over the forecast period.
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Test Strip Market Leading Players:
The key player of the market is Arkray Inc., Roche Diagnostics, Lifescan, Inc., Abbott Laboratories, Bayer, 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.
Test Strip Market Segmental Analysis:
The global test strip market has been segmented based on function and end users.
Based on function, the test strips market has been segmented into visual test strip and automated test strips. The visual test strips segment is expected to account for the largest market share over the forecast period, owing to the ease-of-use and efficiency. The automated test strips segment is expected to offer lucrative opportunities to the global test strips market over the forecast period.
Based on end-use, the test strips market has been segmented into consumers, diagnostic laboratories, hospitals and clinics, and institutes and research laboratories. Among these, the diagnostic laboratories segment, followed by hospitals and clinics segment, is expected to account for the largest market share over the forecast period.
Test Strip Market Regional Analysis:
Based on the region, the market has been segmented into North America, Europe, Asia Pacific, and the Middle East and Africa.
North America is the largest region in the global test strips market and is expected to account for the leading market share over the forecast period. This is attributable to the established healthcare and pharmaceutical sectors in the region, along with technological advancements, and the need for efficient diagnostics is owing to the rising prevalence of diseases.
Europe is the second largest region in the global market for test strips and is estimated to reach a significant market share over the forecast period, owing to the increasing research and development activities, large investments towards technological advancements for enhancing test strips for better diagnostic properties.
The Asia Pacific is the fastest growing region in the global test strips market over the forecast period, owing to the growth in government initiatives in emerging economies such as China and India to enhance the healthcare sector in order to provide consumers with proper medical facilities and early diagnosis of life-threatening and chronic diseases.
The Middle East and Africa region is accounted for the smallest market share in the global test strips market and is assessed to grow at a gradual pace over the forecast period. This is attributable to the poor healthcare and pharmaceutical sectors in the region, lack of technological advancements and low adoption of test strips. The weak economical factors and political unrest is also expected to hinder the market growth in this region, especially in Africa. The developing Middle Eastern countries such as Saudi Arabia, United Arab Emriates and Kuwait are expected to contribute to majority of the market share.
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