Selbyville, Delaware, Sept. 25, 2019 (GLOBE NEWSWIRE) --
Germany test strips market is estimated to exceed USD 470.0 million by 2025. Germany is recognized as one of the highly populated countries with diabetes. Prevalence rate of diabetes is expected to grow more in the forthcoming years, owing to increasing adoption of sedentary lifestyle, thus fostering the market growth. Additionally, affordable cost of diabetes test strips coupled with growing number of firms operating in the market are few of the major factors influencing test strips business growth.
Diabetes test strips segment held the largest revenue share, accounting for a total value of USD 8.1 billion in 2018 and is estimated to show considerable growth throughout the analysis timeframe. High growth is attributable to increasing prevalence of diabetes across the globe. As per the IDF, China, India and U.S. consist of the highest number of people suffering from diabetes. People with diabetes are mostly prescribed for regular testing, thus boosting product demand. Rising awareness among the population about the ill effects of undiagnosed diabetes will significantly contribute to business growth.
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Global Test Strips Market value is poised to exceed USD 11 billion by 2025; according to a new research report by Global Market Insights, Inc. Rising prevalence of chronic diseases such as diabetes and kidney disorders will significantly augment test strips market growth, across the forecast timeframe. For instance, as per the International Diabetes Federation (IDF), in 2017, there were more than 114 million cases of diabetes in China and this is expected to grow more over the forthcoming years. Increasing adoption of sedentary lifestyle among the population, rising habit of alcohol intake in developed as well as developing economies are major reasons fueling diabetes prevalence, thus propelling business growth.
Presence of major players operating in the test strips market such as Lifescan, Ascensia, Roche and Abbott is another chief growth stimulating factor. Furthermore, rising technological advancements in the blood glucose test strips will significantly boost business growth. Also, rising preference for point of care testing solutions among the population will boost product demand, thus fostering market growth.
Browse key industry insights spread across 140 pages with 172 market data tables & 7 figures & charts from the report, “Test Strips Market Size By Product (Diabetes Test Strips {Thick-film, Thin-film}, Urine Test Strips), By End-use (Hospitals, Home Care, Diagnostic Laboratories), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Spain, Italy, Russia, Japan, China, India, Australia, Argentina, Brazil, Mexico, South Africa, Saudi Arabia, UAE, Kuwait), Application Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2025” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/test-strip-market
However, dearth of reimbursement policies for test strips in several developed as well as emerging economies is a major growth hindering factor. Also, lack of accuracy in tests conducted with test strips is another chief growth impeding factor.
Home care as an end-use segment is estimated to hold market share of about 50.5 % in 2018 owing to rising preference of people for point of care testing. Diabetic population follows a particular treatment regimen, that might demand multiple tests in a day. Hence, it is more convenient for the population to adopt point for care testing products for regular checkups, thus boosting segmental growth.
Some of the prominent players operating in the global test strips market are B. Braun Melsungen AG, Abbott Laboratories, Ascensia Diabetes Care Holdings Ag, Taidoc Technology Corporation, among others. Key strategies adopted by these industry players include mergers & acquisitions, innovative product launches, partnerships, and strategic collaborations with other participants to expand their business product portfolio and gain a competitive edge over other enterprises operating in the market. The advances in test strips are growing and are under development. For instance, the advanced test strips offer the user with the ability to reapply blood when the test strip is underfilled and provide more accurate and reliable test results.
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