Pune, India, April 08, 2021 (GLOBE NEWSWIRE) --
The global test strips market size is projected to show tremendous growth during the forecast period as test strips play a vital role in urinalysis and blood glucose testing of diabetics and pregnant women, amongst other patients.
They are also deployed extensively for patients with urinary tract infection (UTIs) and kidney disease. The following top nine factors have been driving the international demand for test strips in the current scenario:
The physical inactivity and adoption of sedentary lifestyle amongst the North American population has been triggering diabetes amongst them. A growing incidence of kidney disorders due to high consumption of alcoholic drinks has also been observed. These conditions have been responsible for the increasing consumption of diabetes test strips. The diabetes segment accounted for more than $5.1 billion in the overall North America test strips market.
Canada to witness high adoption
The Canadian test strips industry is slated to rise at a fast pace, growing at a constant 2.1% CAGR through the coming years. By 2027, the Canadian market will have accrued a fair sum in terms of revenue, thanks to the growing preference for test strips amongst diabetics. As per the Public Health Agency of Canada report, by 2025, there will be more than 330,000 individuals suffering from type-1 diabetes. The provincial governments in Canada have also been encouraging the adoption of home test strips. These factors are set to drive the North America test strips industry outlook.
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Urine test strips to see considerable demand in North America
The urine test strips segment in the North America test strips market held a share of more than $262.3 million during 2020 and is certain to register a higher growth through 2027. Most prominently, the rising frequency of UTIs is pushing the demand for these strips. As per a report by the Canadian Women’s Health Network, almost 9% of the total postmenopausal females were diagnosed with a UTI during 2018.
Hospitals to surface as key contributors in Europe
The hospital segment in the Europe test strips market is expected to surface as a leading contributor by 2027. Although the home care segment is also exhibiting significant demand in the light of the COVID-19 pandemic, the availability of skilled healthcare personnel promises better patient outcomes in hospital settings. Owing to these advantages, the segment attained a share of over 31.5% of the total European market for test strips during 2020.
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Homecare segment to gain traction in Europe
The Europe test strips market outlook is expected to benefit from the growing popularity of telemedicine and the need to consult doctors online during the pandemic. The segment attained a share of over $1.1 billion during 2020 and is poised to grow at a 3.9% CAGR. The need to embrace point of care testing devices has been encouraging product adoption. Moreover, since multiple tests per day are required for the diabetic population, the demand might further soar.
Growing affordability of test strips in Germany
Apart from the growing incidence of diabetes pushing the adoption of glucose test strips and urine test strips in the country, the introduction of cost-sensitive solutions is adding to the impetus of the test strips market in Germany. An increasing number of companies have set out to offer highly effective diabetes test strips at lower prices, promoting their use to a greater extent. The convenience offered by these strips, especially since the outbreak of the pandemic, has been promoting their use for home glucose monitoring.
Cheap and convenient COVID-19 test strips in India
India is set to gain a considerable revenue share in the total Asia Pacific test strips market, promoted by the approval of new COVID-19 test strips by the Drugs Controller General of India in September 2020. In the forthcoming years, the test strips could be utilized for self-testing even through the present prototype can be used for testing in laboratories. Since these test strips cater to the urgent needs of a massive population base at reasonable costs, the potential of similar test strips for a variety of conditions is being recognized.
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Chinese market to witness an upsurge
The China market for test strips is certain to expand at a robust pace through the forthcoming years, as the country ranks first in the world in terms of diabetic population. In 2020, the revenue share from the segment was valued at $186.2 million in the overall APAC test strips market. The International Diabetes Foundation estimated that more than 116 million individuals between age 20 and 79 were suffering from diabetes in China.
Companies aiming to launch new products
Some leading test strip manufacturers in the global market include Lifescan, Abbott Laboratories, Tiadoc, Roche Diabetes Care, Henry Schein, B Braun, Arkray, and Siemens Healthineers. Apart from acquisitions, mergers, and partnerships, the industry players have been investing in product development for introducing new products to ensure that they cater to the needs of patients amidst the pandemic. For example, during September 2020, Lifescan launched OneTouch Amazon storefront for patients with type 1 and type 2 diabetes.
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