Test Strip Market Growth Worth $12.5 Billion, Globally, by 2030 - Exclusive Report by The Insight Partners

The global test strip market is growing at a CAGR of 2.1% from 2022 to 2030.

Pune, India, Oct. 25, 2023 (GLOBE NEWSWIRE) -- 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.

According to our new research study on “Test Strip Market covers analysis By 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), and Geography (North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America)”; the global test strip market size is projected to grow from $11 billion in 2022 to $12.5 billion by 2030; it is projected to record a CAGR of 2.1% from 2022 to 2030.

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Global Test Strip Market: Competitive Landscape and Key Developments
F. Hoffmann-La Roche AG, Abbott, Lifescan, Bayer AG, B Braun, Siemens AG, Arkray, Henry Schein Inc., ACON Laboratories, Inc., and TaiDoc Technology Corporation are among the leading companies operating in the test strip market. These players are focusing on expanding and diversifying their market presence and acquiring a novel customer base, thereby tapping prevailing business opportunities in the Test Strip market. Many market players are launching their innovative products in the Test Strip market with advanced features.

In April 2020, Hologic (USA) launched its second high-throughput molecular test for the novel coronavirus (SARS-CoV-2).

In August 2021, Becton, Dickinson, and Company received approval for the OTC rapid antigen test with the Scanwell Health mobile app.

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.

Growing Demand for Point of Case Testing:
Point-of-care testing allows individuals to monitor their health status from their homes without frequent visits to clinics or diagnostic laboratories. The test strip market is primarily driven by the increasing prevalence of diabetes and the demand for home monitoring solutions. Point-of-care testing offers several advantages over traditional laboratory testing, such as faster results, better patient outcomes, and lower costs. It enables early diagnosis and timely intervention, resulting in better disease management and improved quality of life for patients. Additionally, the convenience and ease of use of point-of-care testing devices such as test strips are becoming increasingly popular among patients, particularly those with chronic illnesses. The COVID-19 pandemic has also contributed to the growth of point-of-care testing and highlighted the need for rapid and accurate diagnostic testing outside healthcare settings. This has further accelerated the adoption of point-of-care testing devices, including test strips.

Additionally, the industry's major players continually invest in research and development activities to improve the accuracy and reliability of their products. For example, many companies are focusing on developing non-invasive and painless testing solutions, such as saliva-based test strips, to improve patient compliance and comfort. In summary, the growing preference for point-of-care testing is driving the growth of the test strip market. Given the increasing prevalence of chronic diseases and demand for home monitoring solutions, the test strip market is expected to grow in the coming years. Thus, the growing demand for point of care testing is driving the market growth.

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Global Test Strip Market: Segmental Overview
The “Global Test Strip Market” is segmented on the basis of product type, application, end user, and geography. Based on product type, the global test strip market is bifurcated into blood test strips and urine test strips. Blood test strips segment accounted larger market share in 2022 and the same segment is anticipated to register a higher CAGR during the forecast period. Based on application, the global test strip market is segmented into diabetes, pregnancy, urinary tract infection, and others. The diabetes segment held a larger market share in 2022 for global test strip market. This growth is attributed 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. 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.

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