Market Size of Test Strip Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 4.50 % |
| Fastest Growing Market | North America |
| Largest Market | Asia-Pacific |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Test Strip Market Analysis
The test strip market is expected to register a CAGR of 4.5% during the forecast period.
The COVID-19 pandemic significantly impacted the studied market. During the initial phase of the pandemic, the demand for test strips declined due to the disruption of the supply chain following strict lockdown guidelines. However, research and development (R&D) related to the diagnosis of COVID-19 infection increased tremendously. Researchers at universities and 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 developed a test strip that provides simple and accurate detection of COVID-19 infection within minutes. Also, the researchers 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 significantly impacted the market's growth during the pandemic, and it is expected to continue its growth trend over the forecast period.
Factors such as the increasing burden of diabetes and urinary tract infections across the world, the rising preference for point-of-care (POC) testing, and increasing technological advancements in test strips at a global level are predicted to fuel the market's growth.
The 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 data updated by IDF Diabetes Atlas 10th edition report, 537 million adults, or 1 in 10 people of age between 20 to 79 years, were living with diabetes globally last year, and it is predicted to rise to 643 million by 2030 and 783 million by 2045. 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 positively impact 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. Therefore, these relevant product launches are expected to propel the growth of the market studied.
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.
