Market Size of Test Strip Industry
Study Period | 2019 - 2029 |
Base Year For Estimation | 2023 |
CAGR | 4.50 % |
Fastest Growing Market | North America |
Largest Market | Asia-Pacific |
Market Concentration | Medium |
Major Players*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Test Strip Market Analysis
The test strip market is expected to register a CAGR of 4.5% during the forecast period.
The COVID-19 pandemic significantly impacted the studied market. During the initial phase of the pandemic, the demand for test strips declined due to the disruption of the supply chain following strict lockdown guidelines. However, research and development (R&D) related to the diagnosis of COVID-19 infection increased tremendously. Researchers at universities and prominent market players developed several test strips for SARS-CoV-2 virus testing. For instance, in December 2021, researchers at UNC-Chapel Hill and the University of California developed a test strip that provides simple and accurate detection of COVID-19 infection within minutes. Also, the researchers anticipated that its portability and ease of manufacture could make it globally available, especially in rural or low-income regions that typically lack easy access to expensive PCR (polymerase chain reaction) testing equipment. Thus, such developments have significantly impacted the market's growth during the pandemic, and it is expected to continue its growth trend over the forecast period.
Factors such as the increasing burden of diabetes and urinary tract infections across the world, the rising preference for point-of-care (POC) testing, and increasing technological advancements in test strips at a global level are predicted to fuel the market's growth.
The test strip market is expected to grow significantly over the projected period, owing to the increased prevalence of diabetes and urinary tract infections (UTIs) around the world. For instance, according to the data updated by IDF Diabetes Atlas 10th edition report, 537 million adults, or 1 in 10 people of age between 20 to 79 years, were living with diabetes globally last year, and it is predicted to rise to 643 million by 2030 and 783 million by 2045. Thus, the increasing burden of diabetes among the population across the world is anticipated to boost the demand for blood glucose test strips, which are widely used for the diagnosis of diabetes, thereby boosting the market.
Additionally, increasing the rate of unwanted pregnancy is expected to boost the demand for pregnancy test strips. For instance, the data updated by the United Nations in March 2022 stated that there is a staggering number of unintended pregnancies globally, and nearly half of all pregnancies, or approximately 121 million pregnancies each year worldwide, are unintended. Such a high number of unexpected pregnancies is expected to bolster the demand for test trips, thereby boosting the market's growth.
Furthermore, the key players in the market are involved in product innovations and developments. These product launches will positively impact the test strip market's growth. For instance, in March 2022, Mankind Pharma's pregnancy test kit brand introduced a new and enhanced pregnancy detection test kit, "Prega News Advance." The company aims to continue to provide enhanced testing methods for verifying pregnancy. Therefore, these relevant product launches are expected to propel the growth of the market studied.
Thus, all the aforementioned factors are anticipated to drive the market's growth over the forecast period. However, reimbursement and the inaccuracy of test strips will limit the market during the forecast period.
Test Strip Industry Segmentation
As per the scope of the report, test strips are a key component of blood glucose testing and urinalysis. These test strips are used to monitor or control a diabetic patient's blood glucose level. It allows people who are pre-diabetic or diabetic to monitor their blood glucose levels on a regular basis without having to go to a clinic or a diagnostic laboratory.
The Test Strip Market is Segmented by Product (Blood Test Strips and Urine Test Strips), Application (Diabetes, Pregnancy, Urinary Tract Infection, and Other Applications), End User (Hospitals, Home Care, and Diagnostic Laboratories), and Geography (North America, Europe, Asia-Pacific, Middle-East and Africa, and South America). The report offers the value (in USD million) for the above-mentioned segments.
By Product | |
Blood Test Strips | |
Urine Test Strips |
By Application | |
Diabetes | |
Preganancy | |
Urinary Tract Infection | |
Others |
By End User | |
Hospitals | |
Home Care | |
Diagnostic Laboratories |
Geography | ||||||||
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Test Strip Market Size Summary
The test strip market is poised for significant growth, driven by the increasing prevalence of diabetes and urinary tract infections globally. The market's expansion is further supported by the rising preference for point-of-care testing and technological advancements in test strip products. The COVID-19 pandemic initially disrupted the market due to supply chain challenges, but it also spurred innovation, with researchers developing rapid and portable test strips for SARS-CoV-2 detection. This innovation has contributed to the market's resilience and growth trajectory. The demand for blood glucose test strips is expected to rise as diabetes cases continue to increase, while the prevalence of unintended pregnancies is anticipated to boost the demand for pregnancy test strips. Key players in the market are actively engaged in product innovations, which are expected to further propel market growth.
North America is expected to maintain a dominant position in the test strip market, driven by the high incidence of diabetes and urinary tract infections, along with supportive government initiatives and the presence of major market players. The region's market growth is also supported by continuous product launches and advancements in testing technologies. The competitive landscape is characterized by rapid expansion efforts, acquisitions, and partnerships among key players such as Abbott, Acon Lab, and Ascensia. These companies are focusing on increasing market share in developing regions and enhancing the affordability of test strips in low- and middle-income countries. Overall, the test strip market is anticipated to experience robust growth over the forecast period, fueled by these dynamic factors.
Test Strip Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.2.1 Increasing Burden of Diabetes and Urinary Tract Infection Across The Globe
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1.2.2 Rising Preference for Point of Care Testing
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1.2.3 Increasing Technological Advancements in Test Strips
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1.3 Market Restraints
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1.3.1 Dearth of Reimbursement Policies
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1.3.2 Lack of Accuracy in Test Results
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1.4 Porter's Five Force Analysis
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1.4.1 Threat of New Entrants
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1.4.2 Bargaining Power of Buyers/Consumers
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1.4.3 Bargaining Power of Suppliers
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1.4.4 Threat of Substitute Products
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1.4.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION (Market Size by Value - USD million)
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2.1 By Product
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2.1.1 Blood Test Strips
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2.1.2 Urine Test Strips
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2.2 By Application
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2.2.1 Diabetes
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2.2.2 Preganancy
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2.2.3 Urinary Tract Infection
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2.2.4 Others
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2.3 By End User
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2.3.1 Hospitals
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2.3.2 Home Care
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2.3.3 Diagnostic Laboratories
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2.4 Geography
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2.4.1 North America
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2.4.1.1 United States
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2.4.1.2 Canada
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2.4.1.3 Mexico
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2.4.2 Europe
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2.4.2.1 Germany
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2.4.2.2 United Kingdom
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2.4.2.3 France
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2.4.2.4 Italy
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2.4.2.5 Spain
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2.4.2.6 Rest of Europe
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2.4.3 Asia-Pacific
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2.4.3.1 China
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2.4.3.2 Japan
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2.4.3.3 India
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2.4.3.4 Australia
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2.4.3.5 South Korea
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2.4.3.6 Rest of Asia-Pacific
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2.4.4 Middle East and Africa
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2.4.4.1 GCC
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2.4.4.2 South Africa
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2.4.4.3 Rest of Middle East and Africa
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2.4.5 South America
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2.4.5.1 Brazil
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2.4.5.2 Argentina
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2.4.5.3 Rest of South America
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Test Strip Market Size FAQs
What is the current Test Strip Market size?
The Test Strip Market is projected to register a CAGR of 4.5% during the forecast period (2024-2029)
Who are the key players in Test Strip Market?
Acon Lab, Ascensia, Arkray, B. Braun and Abbott Laboratories are the major companies operating in the Test Strip Market.