Test Strips Market worth $12.9 billion by 2027
The report "Test Strips Market by Product Type (Blood test strip, Urine Test Strip), Application (Diabetes, Infectious Disease, Cardiac Marker Testing), End-use (Hospitals, Home Care, Diagnostic Laboratories) - Global Forecast to 2027", is projected to reach USD 12.9 billion by 2027 from USD 11.4 billion in 2021, at a CAGR of 2.1% during the forecast period . The growth of test strips market is owing to Increasing prevalence of diabetes across the globe, rising preference for point of care testing, and increasing technological advancements in test strips whereas the low accuracy of test strips are restraining this market up to certain extent.
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“Blood test strips accounted for the largest share in the test strips market”
The test strips market is segmented into blood test strips, urine test strips, and others (covid-19 & other test strips). In 2021, blood test strips accounted for the larger share of the global test strips market. The large share of this segment can be attributed to the increasing application of test strips for POC testing, during the forecast period.
“The hospitals & Clinics segment accounted for the largest share of test strips market in 2021”
Based on end users, the test strips market is segmented into hospitals & clinics, home care, diagnostic labs, and other end users. The hospitals & clinics segment accounted for the largest market share in 2021. Technological advancements, the increasing adoption of point-of-care testing and growing patient inclination toward fast and early diagnosis are driving the growth of the hospitals & clinics segment. The COVID-19 pandemic has also increased the demand for point-of-care testing in professional healthcare settings, further driving the growth of this market in the forecast period.
“North America accounted for the largest share of the test strips market in 2021”
The North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. In 2021, North America accounted for the largest share of the test strips market, followed by Europe, the Asia Pacific, Latin America, and the Middle East & Africa. However, the APAC is expected to grow at the highest CAGR during the forecast period. The rapidly developing healthcare industry in China and India, growth in the aging population, rising life expectancy, rising per capita income, increasing investments in the region by key market players, the expansion of private-sector hospitals & clinics to rural areas, the availability of low-cost labor for manufacturing, the presence of a favorable regulatory environment, and growing demand for home and POC testing are supporting market growth in the APAC. The current COVID-19 scenario and its high impact in the Asia Pacific (especially India) have also resulted in a high growth rate in the test strips market in this region.
Key players in the test strips market
The prominent players in the test strips market Abbott Laboratories (US), F. Hoffmann-La Roche Ltd. (Switzerland), Quidel Corporation (US), Danaher Corporation (US), Siemens AG (Germany), Life Scan (US), Taidoc (Taiwan), B Braun (Germany), and Hologic (US), and others.
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