Test Strips Market Size & Share 2021-2027, North America, Europe & APAC Industry Statistics with COVID-19 Impact Analysis: Graphical Research
Europe test strips market size to reach $2.5 billion valuation by 2027 | Urine test strips segment to boost growth in North American market | Asia Pacific industry to register 4.2% CAGR through the projected duration
Pune, India – August 5, 2021 /MarketersMedia/ —
Graphical Research has recently added a report on test strips market which provides a succinct analysis of the market size, revenue forecast, and the regional landscape of this industry. The report also highlights the major challenges and current growth strategies adopted by the prominent companies that are a part of the dynamic competitive spectrum of this business sphere.
Hospitals to surface as key contributors in Europe
The hospital segment in the Europe test strips market share 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.
Access sample pages of the report, “Europe Test Strips Market Forecasts 2027” in detail along with the table of contents (ToC) @
https://www.graphicalresearch.com/request/1716/sample
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.
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.
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.
Access sample pages of the report, “North America Test Strips Market Forecasts 2027” in detail along with the table of contents (ToC) @
https://www.graphicalresearch.com/request/1711/sample
Cheap and convenient COVID-19 test strips in India
The Indian market for test strips is set to gain a considerable revenue share in the total Asia Pacific 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.
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.
About Graphical Research:
Graphical Research is a business research firm that provides industry insights, market forecast and strategic inputs through granular research reports and advisory services. We publish targeted research reports with an aim to address varied customer needs, from market penetration and entry strategies to portfolio management and strategic outlook. We understand that business requirements are unique: our syndicate reports are designed to ensure relevance for industry participants across the value chain. We also provide custom reports that are tailored to the exact needs of the customer, with dedicated analyst support across the purchase lifecycle.
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