Test Strip Market Size, Share, Growth Analysis, By Product(Blood Test Strips, Urine Test Strips), By Application(Diabetes, Pregnancy, Urinary Tract Infection, Others), By End-use(Hospitals, Home Care, Diagnostic Laboratories), By Region - Industry Forecast 2024-2031

Test Strip Market Driver

Increasing prevalence of diabetes across the globe to empower market growth

• The growing cost of blood glucose test strips has received a lot of attention (BGTS). Insulin users have traditionally been classified as a single homogenous group, leading in regulations that limit consumption (8.2 strips/day) in provincial prescription insurance systems. 
• Also, the rise in diabetes in patients is expected to propel the market growth in terms of market size, share and revenue. As more patients would require home-based treatments, several firms are now offering home-care treatments with proper guidelines for caretakers at home.

Test Strip Market Restraint

Inadequate reimbursement policies to limit the market expansion

• Some insurers have considered implementing quantity restriction policies in an attempt to rein in the skyrocketing costs of diabetic treatment. limiting yearly reimbursement for BGTS to 400 strips for patients using hypoglycaemic medications and 200 strips for all other patients.
• Besides, many insurers do not provide reimbursement on medications. Also, the per cost of strip is expensive and unaffordable for low-income groups. This might create limitations for the market to expand on this front.