Global Test Strip Market – Competitive Analysis
The highly competitive Test Strip market appears fragmented with the several large and small key players along with the new entrants forming the competitive landscape. Substantial investments are made into R&D activities to develop technically advanced kits. The key strategies traced from the analysis of recent developments of the key players include Product Launch, Agreement & Partnership, Acquisition, and expansion.
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Owning state of the art manufacturing facilities and strong sales and distribution network are another key strategies helping the key players to gain the leadership position in the market. Flourishing markets in some of the developing countries of APAC such as China, and India, create additional opportunities to sell Test Stripes, attracting manufacturers from the developed region.
Once considered as space with limited opportunities, some vendors now view significant opportunities in the market. New entrants are increasingly getting attracted only to find that it is incredibly challenging for them to displace well-entrenched existing competitors without a truly innovative technology.
Eventually, a combination of technology innovations, patient education, and economic incentives may be needed to ominously expand the Test Strip market and build sustainable long-term dollar growth for Test Strip vendors.
Industry/ Innovations/ Related News:
June 5, 2018 – Waters Corporation (US), a publicly traded Analytical Laboratory instrument and software company launched its new user-friendly lateral flow zearalenone strip test – The Zearala-V AQUA. Eliminating the for organic solvents using a water-based dilution-free extraction the Zearala-V AQUA test strips use the proven sensitivity and selectivity of VICAM’s monoclonal antibodies to accurately detect and measure zearalenone at levels as low as 0.1 ppm and as high as 5.0 ppm.
Global Test Strip Market – Key Players
Hoffmann-La Roche Ltd (Switzerland), Siemens Ltd. (Germany), Abbott (US), B. Braun (Germany), LifeScan, Inc. (US), Chiltern MediCare Ltd. (US), Henry Schein, Inc. (US), Lifeassay Diagnostics (South Africa), Siemens Healthcare Private Limited (Germany), ARKRAY Inc. (US), Ascensia Diabetes Care Holdings AG. (Switzerland), TaiDoc Technology Corporation (Taiwan), Teco Diagnostics (US) are some of the prominent players at the forefront of competition in the Global Test Strip Market and are profiled in MRFR Analysis.
Global Test Strip Market – Overview
The Global Test Strip Market is a rapidly evolving space. The key factor substantiating the market growth is the rising prevalence of chronic diseases and disorders. The ever-increasing type 2 diabetes patients’ pool, fuelled by the epidemic obesity disorder, and increasing geriatric population predominantly substantiates the sales of Test Strips.
Furthermore, initiatives undertaken by the health care professionals, insurance companies, and disease management companies to educate diabetic patients on the importance of self-monitoring of blood glucose or diabetic Tests are providing impetus to the market growth. Resultantly, Test Stripes are garnering a huge prominence and demand globally.
Considering the rapid market expansion, & the growth potential the market holds, Market Research Future (MRFR) recently published an in-depth study report, giving out the complete market prognosis for the period 2017 – 2021. In its analysis MRFR asserts that the global Test Strip market is forecasted to grow exponentially by 2021, registering a staggering CAGR during the review period.
Advancements in Test Strip technology along with the emergence of software and apps.is also one of the key factor propelling the market growth, making it easier and more convenient to perform testing. For instance; diabetes software programs which allow medical professionals to easily download patient data from glucose meters or the devices, facilitating a more open communication between healthcare providers and patients about Stripe Tests. Factors as such cumulatively add on to the market growth of Test Stripe Market.
On the other hand, factor such as stringent regulatory policies, inadequate reimbursement programs and low uptake of this technology in underdeveloped regions of Latin America and Africa are expected to inhibit the market growth during the review period. Also, market penetration of private-label brands in retail outlets at discounted prices is one of the growth restraining factors.
Majority of drugstore chains have their brands available at affordable prices, this has, in turn, brought the overall average cost per test strip down. Similarly, a general unwillingness among the patients from the low-income group. Although co-pays are rising, some patients opt for lower-cost alternatives or testing less frequently which is further anticipated to restrict the market growth.
Global Test Strip Market – Segmentation
MRFR has segmented the report into four key dynamics:
Product Types: Comprises Diabetic Strips, Urine Test Strip and Fluorescein, among others.
By Applications: Diagnosis (Urinalysis, Blood Glucose Analysis, and Ophthalmic Diagnostic, others). Pregnancy Test, and Disease Diagnosis (UTI, Liver & Kidney Diseases, Diabetic Test, others) among others.
By End-Users: Hospitals, Consumers, Clinics, Institutes & Research Laboratories, and Diagnostic Laboratories.
By Regions: North America, Europe, APAC and Rest of the World.
The Diabetic Strips segment is expected to witness high growth rate due to rising government initiatives and concerns for diabetics across the globe.
The end-users segment is driven by the rising demand for point of care (POC).
Global Test Strip Market – Regional Analysis
Globally, the North America market dominates the Test Strip market. Factors such as rising incidences of UTIs, diabetes and other chronic diseases such as liver & kidney disease, and ophthalmic disease among others, and the augmenting demand for a faster diagnosis drive the market growth in the region.
Simultaneously, well-spread awareness among people towards the advantages of test strips and the presence of the leading global players in the region are some of the key factor substantiating the growth of the regional market. Witnessing a widening uptake across the region, the North America market for Test strip is likely to continue its dominance throughout the assessment period.
The Europe market accounts for the second-largest market for Test Strip owing to the proliferation of healthcare sector, the presence of well-established players and growing healthcare expenditures in the region. Certainly, the resurging economy is the main driving force increasing the market value in the region.
Furthermore, support and funding from the public and private entities for research & development activities are paying off well, availing the advanced technology to drive the Test Strip market in the European region.
The Asia Pacific Test Strip market emerging as the fastest growing market accounts for a substantial market share on the global platform. Factors such as the proliferation of healthcare sector in populous countries such as India and China substantiate the market growth in the region.
Also, factors such as growing prevalence of UTIs, diabetes and other chronic diseases coupled with the augmenting demand for rapid diagnosis processes are fostering the market growth in the region. Increasing awareness about the healthcare, combined with the government Support influence the market growth positively.
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