Published Date: 2021-03-22
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APAC Test Strips Market size is anticipated to cross USD 1.4 billion by 2027, according to a latest forecast report by Graphical Research.
The Asia pacific test strips industry growth is attributed to multiple factors such as the growing prevalence of the disease among geriatric population, rapid urbanization, and associated alterations in the adult lifestyle. As per the Asian Diabetes Prevention Initiative, nearly 60% of the diabetics in the world reside in the countries of Asia Pacific. Further, it is also studied that over 14% of the regional population suffers from chronic kidney diseases. Hence, the increasing burden of diabetes and kidney related illnesses is projected to create opportunities in the regional market.
However, it is noted that populations in several developing and under-developed countries in the region have minimal to negligible access to test strips which hinders the market demand. Countries with under-developed healthcare structures are also noted to burden the users instead of insurance service providers to bear the costs of test strips.
The diabetes test strips segment accounted for USD 964 million of market revenue in 2020. The high market proportion is due to several fast-paced developing countries, such as China and India, witnessing large scale socioeconomic transition. The rapid transition is one of the prominent factors leading to a lifestyle change, including dietary habits.
Browse detailed statistical insights from the report, “Asia Pacific Test Strips Market Size By End-use (Hospital, Home Care, Diagnostic Laboratories), By Product (Diabetes Test Strips {Thick Film, Thin Film}, Urine Test Strips), Research Report, Country Outlook (Japan, China, India, Australia, New Zealand, Indonesia, South Korea, Singapore, Malaysia, Thailand, Vietnam), Price Trends, Growth Prospects, Competitive Industry Share & Forecasts, 2021 - 2027” along with the table of contents (ToC) @
https://www.graphicalresearch.com/industry-insights/1718/asia-pacific-test-strips-market
The hospitals segment size was over USD 283.9 million in 2020 and is expected to expand at a CAGR of 4.2% between 2021 and 2027. The increasing focus of developing countries on enhancing the healthcare infrastructure and several hospitals offering comprehensive diabetes testing packages have been noted to contribute for the healthy growth rate.
The test strips market revenue in India valued at USD 135.7 million in 2020. The increasing awareness surrounding the illness is noted to be the prime factor driving the market expansion. Several government initiatives coupled with large scale campaigns by private hospital chains is noted to contribute to the country’s market size. Additionally, several government initiatives focused towards increasing the healthcare expenditure as a percentage of the country’s GDP from 1.6% in 2020 to 3% by 2022 are noted to optimistically impact the market revenue.
Major market players are Abbott Laboratories, Roche Diabetes Care, Lifescan, B Braun, Siemens Healthineers, Arkray, Henry Schein and Tiadoc among others. These industry players are focusing on various business strategies such as collaboration, geographic expansion to strengthen their market position.
The APAC test strips market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million from 2016 to 2027, for the following segments:
Asia Pacific Market, By Product, 2016-2027 (USD Million)
Asia Pacific Market, By End-Use, 2016-2027 (USD Million)
The above information has been provided for the following countries:
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