Market Trends of Test Strip Industry
The Diabetes Segment is Anticipated to Witness Significant 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. With an increase in the prevalence and incidence of diabetes globally, the number of diabetes tests is also increasing, which is expected to contribute to the segment's growth.
The number of diabetes cases is on the rise in both developing and established economies worldwide, contributing to the high demand for test strips. Another key growth-promoting aspect is the public's increased preference for point-of-care testing. For instance, according to the data updated by the Centers for Disease Control and Prevention (CDC), reported by World Diabetes Day pronouncements in November 2023, more than one-third of Americans are at risk for type 2 diabetes, and the need for tools to monitor blood sugar levels is poised to rise dramatically.
In addition, a study published by the British Diabetic Association from 2022 to 2023 highlighted that over 5.6 million people in the United Kingdom are living with diabetes, the highest number ever recorded. This represents a significant increase of 167,822 compared to the 2022. According to the QOF prevalence data, in England, over 7.5% of the population aged 17 and over, roughly 3.7 million people, have diabetes. Type 2 diabetes is the most prevalent form, affecting over 3.4 million people in England. However, type 1 diabetes also plays a role, with nearly 270,000 cases. This population is anticipated to drive the demand for the use of test strips for diabetes, ultimately boosting the market's growth in the region.
The escalating prevalence of obesity is expected to be a significant driver for the test strip market. As the number of people struggling with obesity increases, so too will the demand for effective treatment options. For instance, according to the World Obesity Federation, a report published by the World Obesity Atlas in March 2023 highlighted that a staggering rise in obesity is expected globally. Projections suggest that by 2035, over 4 billion people could be affected, a significant increase from over 2.6 billion in 2020. This translates to a leap from 38% to over 50% of the world’s population being overweight or obese. As the number of diabetes diagnoses increases due to obesity, the demand for tools like test strips to manage the condition also rises, thereby driving the test strip market.
Technological advancements are also anticipated to boost the segment's growth. For instance, in March 2024, Roche launched its latest innovation, Accu-Chek SmartGuide. This new device marks Roche's entry into the continuous glucose monitoring (CGM) market. It utilizes AI to predict future glucose trends, empowering users to make informed decisions about diet and medication.
Thus, these increasing cases of diabetes and developments by key market players to bring technologically advanced products into the market are expected to boost the segment's growth.
North America is Anticipated to Hold a Significant Market Share Over the Forecast Period
North America holds a major share of the market studied and is expected to continue to do so over the forecast period. Some of the factors driving the market growth in North America include increasing cases of diabetes and efforts by the national governments to manage the disease at a larger level, along with the rising adoption of test strips and the presence of key market players.
The high prevalence of urinary tract infections (UTIs) in the United States is fueling the demand for test strips as a convenient and effective tool for diagnosis, contributing to the growth of the test strip market. For instance, according to the study published by the Eastern Virginia Medical School in November 2023, nearly 40% of women will experience UTIs at some point in their lives, and there is a constant need for fast and reliable diagnosis. Test strips are a user-friendly and cost-effective way for healthcare providers to diagnose UTIs quickly. They allow for easy detection of factors like white blood cells and nitrites in urine, which can indicate infection. This population is anticipated to drive the demand for test strips for UTIs, ultimately boosting the market's growth in the region.
Additionally, the introduction of innovative technologies in blood glucose monitoring is significantly transforming the US test strip market, making diabetes screening more accessible and cost-effective. For instance, in March 2023, GlucoScreen, developed by researchers at the University of Washington in Seattle, represents a breakthrough in glucose testing technology. This modified version of a commercially available test strip leverages the capacitive touch-sensing capabilities of smartphones to measure blood glucose levels without needing a separate reader. This is further expected to create demand for test strips, driving the market's growth.
Furthermore, the substantial number of Canadians with diabetes and prediabetes creates a significant demand for test strips as a crucial tool for blood sugar monitoring and diabetes management. For instance, in January 2023, Empower Clinics Inc. announced that its subsidiary, MediSure Canada, received approval for its MediSure Empower test strips to be included in the formularies of four key government jurisdictions, including the provinces of Alberta and Quebec, Veterans Affairs Canada, and Non-insured Health Benefits for First Nations and Inuit. These approvals underscore the importance of MediSure's diabetes testing solutions in meeting the needs of a diverse patient population across Canada. Therefore, such approvals are expected to fuel the growth of the test strip market in Canada.
Moreover, product launches by key market players are expected to further boost the market growth. For instance, in August 2023, Clearblue, a brand in home pregnancy and fertility testing, made a strategic move into the menopause management industry with the launch of the Clearblue Menopause Stage Indicator, which is the first at-home test to combine follicle-stimulating hormone (FSH) measurements with age and cycle data to provide a personalized indication of menopause stage. Therefore, the manufacturers are focusing on launching innovative products that may increase the adoption of test strips during the forecast period.
Thus, owing to the rising burden of urinary tract infections and continuous innovative product launches, the market studied is expected to witness growth over the forecast period in North America.
