Dublin, Feb. 12, 2024 (GLOBE NEWSWIRE) -- The "Global Test Strips Market Analysis & Forecast to 2024-2034" report has been added to ResearchAndMarkets.com's offering.
The latest market analysis report on the Global Test Strips Market has been released, highlighting significant growth prospects and industry trends that stakeholders in the medical diagnostics and healthcare sectors will find indispensable. The report reveals that the market size, valued at USD 6.34 billion in 2023, is anticipated to expand to USD 17.33 billion by 2034, with a compound annual growth rate (CAGR) of 9.57% during the forecast period from 2024 to 2034.
Reflective of the extensive research undertaken, the report expounds on several key dynamics propelling the market. Enhanced by a surge in diabetes and urinary tract infection cases, demand for point-of-care testing, and the advent of advanced technological innovations, the test strips market is set to experience remarkable expansion. Additionally, the increasing rate of unwanted pregnancies further underscores the need for easy-to-use and accurate testing solutions.
Blood test strips have been identified as the top revenue-generating segment, attributed to their broad application range, especially in point-of-care testing environments. Meanwhile, urine test strips are projected to experience the fastest growth rate, driven by the urgency to diagnose and manage urinary tract infections effectively.
By application, the diabetes segment led the market in terms of revenue in 2023, a trend that is expected to continue. Sustained by the growing incidence of diabetes worldwide and the rise of innovative products like the integration of Ascensia Diabetes Care’s Apple Health and Eversense CGM systems, the test strips market is well-positioned to address the needs of this demographic.
In the end-user analysis, hospitals were the dominating segment, benefitting from heightened patient visitations, stringent regulations, and increased efforts to manage prevalent chronic conditions. However, the homecare segment is anticipated to grow at the fastest CAGR, supported by the development of patient-friendly innovations like OmegaQuant’s HbA1c home-testing kit, which significantly simplifies diabetes management.
Geographically, the North America region is forecasted to continue its dominance through the projection period, reflecting the region's proactive approach to disease management, high adoption rates of test strips, and the presence of dominant market players. On the horizon, the Asia Pacific region shows promising growth, fueled by an aging population, investments by major industry actors, and an uptrend in POC testing.
The segmentation within the report offers a detailed breakdown, providing readers valuable insights into products and applications ranging from pregnancy and diabetes to urinary tract infections, across various end-users including hospitals, homecare, and diagnostic laboratories.
The report's comprehensive regional analysis includes pivotal markets such as North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, presenting a global perspective on the Test Strips Market trajectory.
Key Segments of the Test Strips Market:
- Product Analysis: Urine Test Strips, Blood Test Strips
- Application Analysis: Pregnancy, Diabetes, Urinary Tract Infection, Others
- End-user Analysis: Hospitals, Homecare, Diagnostic Laboratories
- Regional Analysis: North America, Europe, Asia Pacific, Latin America, Middle East & Africa
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 200 |
| Forecast Period | 2023 - 2034 |
| Estimated Market Value (USD) in 2023 | $6.34 Billion |
| Forecasted Market Value (USD) by 2034 | $17.33 Billion |
| Compound Annual Growth Rate | 9.5% |
| Regions Covered | Global |
Companies Profiled
- Siemens Healthineers AG
- Ascensia
- B. Braun
- Arkray
- Acon Lab
- Lifescan
- Teco Diagnostics
- Abbott Laboratories
- F. Hoffmann-La Roche Ltd
- Tiadoc Technology Corporation
For more information about this report visit https://www.researchandmarkets.com/r/7zb68r
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