Market Trends of Test Strip Industry
Diabetes Segment is Anticipated to Witness Significant Growth Over the Analysis Period
For diabetic patients, diabetes test strips are a convenient way to check blood sugar levels, often known as glucose levels. This is especially crucial for the diabetic population. The strips read blood sugar levels using glucose meters. With an increase in the prevalence and incidence of diabetes globally, the tests for diabetes are also increasing, which is expected to contribute to the segment's growth.
Diabetes is on the rise in both developing and established economies worldwide, contributing to the high demand for test strips. Another key growth-promoting aspect is the public's increased preference for point-of-care testing. For instance, as per the report published by IDF in December 2021, there were about 536 million people (aged 20-79 years) who were living with diabetes around the world last year, and it is estimated that the total diabetic population will reach 786 million by 2045. Additionally, technological advancements in the products are further anticipated to boost the segment's growth. For instance, in July 2021, Australian scientists developed pain-free blood sugar testing for diabetics, a non-invasive strip that checks glucose levels via saliva.
Additionally, in April 2021, Roche Accu-Chek Instant was launched in the United Kingdom drug tariff with a positive reimbursement price decision of nearly USD 8 or EUR 7.5 for 50 test strips. Thus, these increasing cases of diabetes and developments by key market players to bring technologically advanced products into the market are expected to boost the segment's growth.
North America is Anticipated to Grow Significantly Over the Forecast Period
North America holds a major share of the market studied and is expected to continue to do the same over the forecast period. Some of the factors that are driving the market growth in North America include increasing cases of diabetes and efforts taken by the national government to manage the disease at a larger level, along with the rising adoption of test strips and the presence of key market players.
The data updated by the CDC in January 2022 showed that 37.3 million, or 11.3% of the United States population, had diabetes, among which 28.7 million people, including 28.5 million adults, were diagnosed with the disease in the country last year. This population is anticipated to drive the demand for the use of test strips for diabetes, ultimately boosting the market's growth in the region.
Additionally, according to a research study published in NCBI in January 2022, at some point during their hospital stay, 12-16% of adult hospital inpatients in the United States were estimated to have an indwelling urinary catheter (IUC). For every day the IUC is left in place, a patient's chance of developing a catheter-associated urinary tract infection increases by 3-7% (CAUTI). Thus, overall, the prevalence of complicated UTIs is set to increase during the forecast period, mainly owing to the increasing bacterial resistance in UTI cases and the rise in the recurrence rate for UTIs. This is further expected to create demand for test strips, driving the market's growth.
Moreover, product launches by key market players are expected to further boost the studied market growth. For instance, in March 2021, FemBeat: Lia received approval from the USFDA for its flushable and biodegradable pregnancy test, and the company reported the launch of the test in the United States. Thus, owing to the rising burden of diabetes and urinary infections and continuous product launches, the market studied is expected to witness over the forecast period in North America.
