Redefining Test Strips: Test Strip Market Set to Soar Past USD 12.64 Billion by 2030
The global Test Strip market size is expected to reach USD 12.64 billion by 2030 and exhibit a CAGR of 9.5% in the forecast period (2023−2030), according to Skyquest’s latest research report. The increasing prevalence of chronic diseases, favorable reimbursement policies, growing adoption of self-monitoring devices, strategic collaborations and partnerships among manufacturers and healthcare providers are fueling the market’s growth.
Westford, USA, July 10, 2023 (GLOBE NEWSWIRE) — According to SkyQuest’s latest global research of the test strip market, increasing adoption of digital test strip solutions, development of smartphone-compatible test strips and apps, integration of artificial intelligence and machine learning in test strip technology, growing demand for personalized and at-home testing, rising focus on continuous glucose monitoring, expanding applications beyond glucose testing (e.g., pregnancy tests, infectious disease testing), emphasis on user-friendly and intuitive test strip designs, advancements in connectivity and data management capabilities, are the trends that aid in the market’s growth.
Browse in-depth TOC on “Test Strip Market”
- Pages – 250
- Tables – 90
- Figures – 76
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Test strips are small, disposable strips that are used to measure the concentration of a specific substance in a sample. They are often used in medical testing, such as to measure blood glucose or cholesterol levels.
Prominent Players in Test Strip Market
- Abbott
- Bayer
- Bio-Rad Laboratories
- DiaSorin
- Dynacare
- Esterline Technologies
- Fujifilm
- Genzyme
- Grifols
- Hologic
- Immunodiagnostic Systems
- Johnson & Johnson
- LifeScan
- Nova Biomedical
- Roche Diagnostics
- Siemens Healthineers
- Sysmex
- Trinity Biotech
- Uni-Med
- Wako Chemicals
Glucose Test Strip Demand to Grow Substantially in the Forecast Period
Glucose test strips dominated the global market owing to the rising prevalence of diabetes. It is also an essential tool for diabetes management. People with diabetes must monitor their blood glucose levels to adjust their medication, diet, and lifestyle accordingly. This ongoing need for monitoring ensures a consistent demand for glucose test strips.
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Diabetes Management is the Leading Application Segment
In terms of application, diabetes management is the leading segment due to the prevalence of diabetes. In addition, individuals with diabetes need to monitor their blood glucose levels regularly to manage their condition effectively. Test strips play a crucial role in this process by providing a quick and convenient method for measuring blood glucose levels at home or on-the-go.
North America is the leading Market Due to the High Prevalence of Chronic Diseases
Region-wise, North America is one of the largest growing markets with a huge emphasis on chronic disease. The region has a well-developed healthcare infrastructure, including hospitals, clinics, and diagnostic centers. This infrastructure supports the accessibility and availability of test strips, ensuring their widespread use and distribution.
A recent report thoroughly analyzes the major players operating within the Test Strip market. This comprehensive evaluation has considered several crucial factors, such as collaborations, mergers, innovative business policies, and strategies, providing invaluable insights into the key trends and breakthroughs in the market. Additionally, the report has carefully scrutinized the market share of the top segments and presented a detailed geographic analysis. Finally, the report has highlighted the major players in the industry and their ongoing endeavors to develop innovative solutions that cater to the ever-increasing demand for Test Strip.
Key Developments in Test Strip Market
- In late 2022 Abbot acquired the Medica Corporation
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Key Questions Answered in Test Strip Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- Can you list the top companies in the market and explain how they have achieved their positions of influence?
- In what ways do regional trends and patterns differ within the global market, and how might these differences shape the market’s future growth?
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