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Blood Glucose Test Strips or Diabetes Test Strips, helping people to monitor their Glucose level and control their diabetes have come a long way since the day of invention. From a dye-based technology to base on electrochemical technology, totally digitalized and from one test strip to glucose plus blood ketone tests, combo test strips. Growing prevalence of diabetes coupled with the important role these strips play in keeping a tab on diabetes levels; drive the demand for these strips in multiplication.Acknowledging the exponential growth, the market perceives currently and gauging the potential the market holds to grow in the future; Market Research Future (MRFR), in its recently published market forecast asserts that the global Blood Glucose Test Strip market will grow exponentially by 2027, registering a striking CAGR throughout the forecast period (2017 – 2027).
In addition to the advancements in the medical science & healthcare industry, other factors that predominantly contribute to the market growth include growing population, urbanization and increasing inclination of people towards the sedentary lifestyle. Improving economic conditions worldwide are increasingly availing access to the excellent healthcare, fueling healthcare expenditures & eventually the market growth.
Conversely, lack of awareness towards the advantages of improved test strips is likely to restrain the market growth during the forecast period. Unmet clinical needs coupled with the unavailability of external funding; especially in the developing regions are posing challenges to the market growth. Nevertheless, increasing demand for personal & hand-held diagnostic devices & augmenting demand for the test strips that can give fastest & accurate results is fostering the market growth.
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Blood Glucose Test Strip Global Market – Competitive Analysis
The market of Blood Glucose Test Strip is fiercely competitive as well as fragmented due to the presence of numerous matured & small key players in the market. These market players try to gain competitive advantage through strategic partnership, acquisition, expansion, collaboration, product & technology launch. Heavy investments are transpired in the R&D to develop a completely different technology compared to their competition.
Blood Glucose Test Strip Market – Key Players
Some of the key players for Blood Glucose Test Strip Market are:
Abbott Laboratories
Acon Laboratories, Inc
Allmedicus
Apex Biotechnology Corporation
Ascensia Diabetes Care Holdings Ag
Braun Melsungen Ag
HMD Biomedical
I-Sens, Inc.
Lifescan, Inc.
Roche Diagnostics
Taidoc Technology Corporation
Industry, Innovation & Related News
April 13, 2018 – Livongo Health (US) a start-up developing connected devices and software for diabetics and other chronic conditions. The company completely devoted to providing cost-competitive aid for diabetes, has already developed its own glucometer & apps providing accurate readings. Livongo, also ships test strips to patients at no additional cost. The company announced that it has bagged the investment for USD 105 million to support the further development of its technology and a partnership from Cambia Health Solution.
April 2018 Pops! Diabetes Care, which is a Twin Cities device maker has registered its first patient in their clinical study which it is backing to see whether their device named, Pops! One, can effectively monitor blood-sugar levels for diabetics. They are also additionally partnering with the Children's Minnesota health care system on a six-month research of 50 young patients who have been diagnosed with type 1 diabetes. They will use the Pops device to record their blood-glucose levels and alert them when they need to inject insulin. The most noticeable piece is the blood-testing device which is slightly smaller than a typical smartphone which contains a disposable cartridge with a glucose meter and three tiny lancets that have been designed so that they are less painful and easier than using a conventional finger-stick unit with individual test strips. The individual replacement cartridge can be used for up to three tests.
Blood Glucose Test Strip Market – Segments
The Blood Glucose Test Strip Market can be segmented in to 2 key dynamics for the convenience of the report and enhanced understanding;
By Technologies: Comprises Thick Film Electrochemical, Thin Film Electrochemical, & Optical among others
By Regions: North America, Europe, APAC and Rest of the World.
Blood Glucose Test Strip Market – Regional Analysis
North America market leads the Global Blood Glucose Test Strip Market with the significant market share. The market is further expected to reach astronomical amounts growing at a substantial CAGR throughout the forecast period (2017-2027). Well-developed healthcare sector, increasing prevalence of diabetes in the U.S. & Canada coupled with the high per capita healthcare expenditures of these economies, together drive the regional market growth. Moreover, presence of some of the matured market players fuels the market growth.
Europe & Asia Pacific is the second & third largest market respectively in the Global Blood Glucose Test Strip Market. Expected to be a fastest growing market Asia pacific region is estimated to grow rapidly over the projected period. Increasing healthcare expenditures along with favorable government policies of developing economies like India and China foster the market growth in APAC.
While the world’s second largest market of Blood Glucose Test Strip, Europe is predominantly driven by the availability of funds for research, well-developed healthcare infrastructure, huge patient population, & government support for research & development. Besides, economies having high healthcare expenditures such as the UK & Germany propel the growth of the Europe market.
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Major Table of Content
Chapter 1. Report Prologue
Chapter 2. Market Introduction
2.1 Definition
2.2 Scope of the Study
2.2.1 Research Objective
2.2.2 Assumptions
2.2.3 Limitations
Chapter 3. Research Methodology
3.1 Introduction
3.2 Primary Research
3.3 Secondary Research
3.4 Market Size Estimation
Chapter 4. Market Dynamics
Continued….
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