Blood Glucose Test Strips or Diabetes Test Strips, have come a long way since the day of its inception, helping people to monitor their Glucose level and control their diabetes. From a dye-based technology to electrochemical technology and completely digitalized and from one test strip to gluco plus blood ketone tests, and combo test strips the journey of these test strips was quite fulfilling. —
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Growing incidents of diabetes cases coupled with the important role these strips play in keeping a tab on diabetes levels; drive the demand for these strips in multiplication. Needless to say that the Blood Glucose Test Strips market is ever increasing, with the various brands of blood glucose test strips, available in the market. Each brand having their own technology & design, spend increasingly on R&D activities to perfect the product. This, in turn, is paying off well & increasing the market size, elevating it on the global platform.
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 during the review period (2017 – 2027).
Along with the advancements in the medical science & healthcare industry, other factors that predominantly contribute to the market growth include the 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 and the market growth.
On the flip side, lack of awareness towards the advantages of improved test strips is impeding the market growth. Moreover, the unmet clinical needs coupled with the unavailability of external funding; especially in the developing regions are obstructing 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.
Global Blood Glucose Test Strip Market – Competitive Analysis
The Blood Glucose Test Strip Market appears to be fiercely fragmented and competitive owing to the numerous matured & small key players churning the competition. These players try to gain the competitive edge through acquisition, strategic partnership, expansion, product & technology launch, and collaboration. To achieve their goal, they invest substantially in the R&D activities to develop a technology that is entirely different compared to their competition.
Global Blood Glucose Test Strip Market – Key Players
The global blood glucose test strip market is led by some of the fervent players including Abbott Laboratories, Acon Laboratories, Inc., Allmedicus, Apex Biotechnology Corporation, Ascensia Diabetes Care Holdings A. G., B. Braun Melsungen AG, HMD Biomedical, I-Sens, Inc., Lifescan, Inc., Roche Diagnostics, and Taidoc Technology Corporation. Profiling them in its analysis, MRFR finds out the strategies keep them at the forefront of the market competition.
Industry, Innovation & Related News
July 23, 2018 – Abbott (US), a healthcare giant announced its plans to expand its existing manufacturing facility at Donegal site which manufactures test strips used in its FreeStyle blood glucose-monitoring meters. The facility is the sole manufacturing plant and distributor for Abbott’s test strips, which help patients with diabetes manage their condition. Furthermore, the site researches and develops technology, processes and materials to progress tests for patients with diabetes.
Global Blood Glucose Test Strip Market – Segments
The MRFR analysis is segmented into two key dynamics for the convenience of understanding;
By Technologies : Comprises Thick Film Electrochemical, Thin Film Electrochemical, & Optical among others
By Regions : North America, Europe, APAC and Rest-of-the-World (RoW).
Global Blood Glucose Test Strip Market – Geographical Analysis
North America market is expected to retain its dominance over the global blood glucose test strip market with the largest market share. A well-developed healthcare sector, increasing prevalence of diabetes especially in the US & Canada and the high per capita healthcare expenditures are some of the factors driving the market growth in the region. The market is projected to create a substantial revenue pocket registering a substantial CAGR throughout the forecast period (2017-2027). Moreover, the presence of prominent market players impacts the market growth positively.
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Europe & Asia Pacific region account for the second & third largest market respectively for the blood glucose test strip. Asia Pacific region is emerging as one of the promising market owing to the increasing healthcare expenditures and favorable government policies of developing economies like India and China.
While the substantial funds primarily drive the world's second-largest market, Europe blood glucose test strip market transpired into R&D activities, well-developed healthcare infrastructure, huge patient population, and government support. Besides, economies having high healthcare expenditures such as the UK & Germany propel the growth of the Europe market.
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