Test Strip Market - Growth, Trends, COVID-19 Impact, and Forecast (2022-2027)

Market Overview

The test strip market is expected to register a CAGR of 4.5% during the forecast period, 2022-2027.

The COVID-19 pandemic has had a significant impact on the studied market. During the initial phase of the pandemic, the demand for test strips was extremely low due to the risk of transmission of the infection. Most of the patients were only permitted to receive treatment for COVID care. However, research and development related to the diagnosis of COVID-19 infection increased tremendously. Researchers at universities, along with prominent market players, developed several test strips for SARS-CoV-2 virus testing. For instance, in December 2021, researchers at UNC-Chapel Hill and the University of California, San Diego, developed a low-cost test strip that provides simple and accurate detection of COVID-19 infection within minutes, and they anticipated that its portability and ease of manufacture could make it globally available, especially in rural or low-income regions that typically lack easy access to expensive PCR (polymerase chain reaction) testing equipment. Thus, such developments have impacted the market's growth significantly over the pandemic phase.

Furthermore, the global test strip market is expected to grow significantly over the projected period, owing to the increased prevalence of diabetes and urinary tract infections (UTIs) around the world. For instance, according to the World Health Organization (WHO) data updated in November 2021, diabetes is expected to be the seventh-leading cause of mortality by 2030, and the prevalence of the disease has been rising more rapidly in low- and middle-income countries. Thus, the increasing burden of diabetes among the population across the world is anticipated to boost the demand for blood glucose test strips, which are widely used for the diagnosis of diabetes, thereby boosting the market. Additionally, increasing the rate of unwanted pregnancy is expected to boost the demand for pregnancy test strips. For instance, the data updated by the United Nations in March 2022 stated that there is a staggering number of unintended pregnancies globally and nearly half of all pregnancies, or approximately 121 million pregnancies each year worldwide, are unintended. Such a high number of unexpected pregnancies is expected to bolster the demand for test trips, thereby boosting the market's growth.

Furthermore, the key players in the market are involved in product innovations and developments. These product launches will have a positive impact on the test strip market's growth. For instance, in March 2022, Mankind Pharma's pregnancy test kit brand introduced a new and enhanced pregnancy detection test kit, "Prega News Advance." The company aims to continue to provide enhanced testing methods for verifying pregnancy. Such launches are propelling the growth of the market.

Thus, all the aforementioned factors are anticipated to drive the market's growth over the forecast period. However, reimbursement and the inaccuracy of test strips will limit the market during the forecast period.

Scope of the Report

As per the scope of the report, test strips are a key component of blood glucose testing and urinalysis. These test strips are used to monitor or control a diabetic patient's blood glucose level. It allows people who are pre-diabetic or diabetic to monitor their blood glucose levels on a regular basis without having to go to a clinic or a diagnostic laboratory. The test strip market is segmented by Product (Blood Test Strips and Urine Test Strips), Application (Diabetes, Pregnancy, Urinary Tract Infection, and Others), End-use (Hospitals, Home Care and Diagnostic Laboratories), and Geography (North America, Europe, Asia-Pacific, Middle-East and Africa, and South America). The market report also covers the estimated market sizes and trends for 17 different countries across major regions globally. The report offers the value (in USD million) for the above-mentioned segments.

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Key Market Trends

Diabetes Segment is Expected to Dominate the Market Over the Forecast Period

With an increase in prevalence and incidence of diabetes globally, the tests for diabetes are also increasing, which is expected to bolster the segment's growth over the forecast period. For diabetic patients, diabetes test strips are a convenient way to check blood sugar levels, often known as glucose levels. This is especially crucial for the diabetic population. The strips read blood sugar levels using glucose meters.

Diabetes is on the rise in both developing and established economies worldwide, contributing to high growth. Another key growth-promoting aspect is the public's increased preference for point-of-care testing. For instance, as per the December 2021 report of the International Diabetes Federation, in 2021, there were about 536 million people (aged 20–79 years) who were living with diabetes around the world, and it is estimated that the total diabetic population will reach 786 million by 2045. Furthermore, technological advancements in the products are anticipated to boost the segment. For instance, in July 2021, Australian scientists developed pain-free blood sugar testing for diabetics, a non-invasive strip that checks glucose levels via saliva.

Additionally, in April 2021, Roche Accu-Chek Instant was launched in the United Kingdom drug tariff with a positive reimbursement price decision of EUR 7.50 for 50 test strips. Such developments by key market players to bring technologically advanced products into the market are expected to boost the segment's growth.

Thus, all the aforementioned factors are expected to boost the segment over the forecast period.

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