Blood Glucose Test Strip Market to Experience Unfaltering Growth at Double Digit CAGR During Forecast Period 2019-2027

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).

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 gluco 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.

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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, fuelling 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.

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 News:

February 08, 2019

LifeScan, Inc. (the US), a world leader in blood glucose monitoring published its new research that shows the long-term clinical accuracy of the OneTouch Select Plus® blood glucose test strip platform and highlights the products' consistently accurate performance in a leading diabetes technology journal.

In this latest study include a series of clinical studies that confirm the proven accuracy of OneTouch® brand blood glucose monitoring system in patients with diabetes.

Outcomes of this study show that the system constantly met the minimum requirements of the ISO standard 15197:2013 as well as the European harmonized version EN ISO 15197:2015, with an average of 97.6% of results within specification, demonstrating both product accuracy & consistency.

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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 Blood Glucose Test Strip Market, 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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