Blood Glucose Test Strip Market Size, Trends and Growth Analysis By Technology (Thick Film Electrochemical, Thin Film Electrochemical, Optical), Key Players and Region, Forecast To 2020
Global Blood Glucose Test Strips Market size and share is projected to reach USD 18.5 billion at a 6.2% CAGR by 2020 says Market Research Future (MRFR). Blood glucose test strips offer a more accurate and cost-effective solution to keep a check on glucose level, which further helps to manage the diabetic conditions. As a result, people prefer using glucometer more than investing in other means to read sugar levels. The blood glucose test strips market is expected to be witnessing a significant rise, mainly due to the growing prevalence of diabetes. The market also observes considerable numbers of product launches. Moreover, substantial investments transpired into R&D to develop new effective strips, as well as, to improve the existing product line accelerate the market on a global level.
Besides, improving economic conditions are increasing the size of the market, increasing the per capita healthcare expenditures and access to quality healthcare. Rapid urbanization, ever-increasing population, and increasingly inclining to the sedentary lifestyle are substantiating the growth of the market.
Conversely, the lack of patient awareness regarding the advantages of unmet clinical needs, improved test strips, and the unavailability of external funding can impede market growth, especially in the developing regions. Nevertheless, the augmenting demand for the personal, hand-held diagnostic devices and the test strips that can give the fastest & accurate results would support the market growth throughout the review period (2015-2020).
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Blood Glucose Test Strips Market Segmentations:
The global blood glucose test strips market is segmented by technology and region
By Technology, the global blood glucose test strips market is segmented into Thin Film Electrochemical, Thick-Film Electrochemical, Optical and others.
By Regions, the global blood glucose test strips market is segmented into Europe, North America, APAC, and the Rest-of-the-World (RoW).
Blood Glucose Test Strips Market Regional Analysis:
North America leads the global blood glucose test strip market. The significant market share attributes to the presence of a huge patient pool with diabetes, well-defined care sectors, and several key manufacturers in the region. The well-established healthcare sectors in the region create an enormous market demand to provide the best quality care. Besides, factors such as the high healthcare expenditures, advancements in medical technology
The US and Canada account for major contributing markets in the region due to the increasing number of diabetic populations.
Europe stands second in the global blood glucose test strip market. Factors like the proliferating healthcare infrastructures, a vast diabetic population, and the provision for funds for R&D can act as key growth drivers for the regional market growth. Indeed, the resurging economy is a major driving force behind the regional market growth, allowing access to the quality life and great care.
Germany, heading with its flourishing medical device market, significantly contributes to the growth of the regional market. Moreover, the UK and France, hold a substantial market share in the region with their increasing investments in glucometers and stripes development. The region is expected to create a larger revenue pocket in the global market by 2020, witnessing an augmenting market demand.
The Asia Pacific blood glucose test strip market is growing rapidly owing to favorable government policies in developing economies, such as India and China. Furthermore, the rising prevalence of diabetes and the improving economic conditions provide massive impetus to the growth of the Asia Pacific blood glucose test strip market.
The region is projected to witness a spurting growth over the projected period, receiving contributions from the rapidly growing markets in China, Japan, South Korea, and India. These countries are witnessing the massive growth in healthcare sectors due to the augmenting demand for quality care and rapidly evolving healthcare technology led by the rising economy in the region.
Blood Glucose Test Strips Market Competitive Analysis:
Fiercely competitive, the blood glucose test strip market appears to be fragmented with the presence of several well-established leaders. To gain a substantial market share, players incorporate strategic initiatives such as mergers & acquisitions, collaborations, expansion, and product/technology launch.
The high growth potential that the market holds attracts several new entrants, which in turn intensifies the competition in the market. Players substantially invest in their strategic approaches and R&D to develop new products, state-of-the-art infrastructure, and strong sales & distribution network, which can position them well.
Blood Glucose Test Strips Market Major Players:
Players active in the global blood glucose test strip market include i-SENS Inc., LifeScan, Abbott Laboratories, Roche Diagnostics, AgaMatrix Inc, Universal Biosensors, Bayer Diabetes Care, Elektronika, Nipro Diagnostics, TaiDoc Technology Corporation, HMD BioMedical Inc., Apex Biotechnology Corp, ALL Medicus, B. Braun Melsungen AG, SANNUO, Betachek National Diagnostics, Beijing Yicheng Electronics, Shanghai MicroSense, Jiangsu Yuyue, and ACON Laboratories among others.
Blood Glucose Test Strips Industry, Innovation & Related News
One Drop (the USUS), a leading global diabetes management platform, announced that its wireless glucose meter kits and supplies are now available across the Walmart retail locations in the USUS. This move shows One Drop ‘s commitment to increase access to affordable care options. The easy availability allows millions of American diabetic patients with access to real-time support from certified diabetes educators.
The system comprises a blood glucose meter, test strips, and a mobile app for smartphones and smartwatches. The purchases of the kit come with a year of free access to the company’s certified coaches. Subscribers of the service can track their glucose levels, diet, activity, and insulin doses through the app and can receive replacement testing strips through the mail.
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