Blood glucose test strips are disposable strips used in determining glucose levels in the blood. Diabetes management requires constant surveillance and monitoring of blood glucose levels which can trigger the need for such medical devices. The global blood glucose test strip market reportby Market Research Future (MRFR) contains valuable insights and opportunities in the healthcare sector.
Blood Glucose Test Strip Market Outlook
Global blood glucose test strip market is set to exceed a valuation of USD 18.5 billion by 2020 by exhibiting a CAGR of 6.5% during the forecast period (2015-2020). Rising trend of self-testing devices over medical help is one of the major drivers of the market. Increasing cases of diabetes due to changing work life and sedentary lifestyle of patients can fuel the market demand. According to the International Diabetic Federation, close to 415 million have diabetes and the number predicted to touch 642 million by 2040. Financial backup by governments by providing free aid to rural regions and diabetes checkup camps can bode well for the market.
Technological advances in glucose test strips and government subsidies given to government hospitals for providing adequate treatment to patients can positively impact the market. Changes in expendable income levels of patients and launch of new devices by manufacturers can entice patients in their purchase decisions.
Paucity of reimbursement policies for medical strips can impede market growth.
Blood Glucose Test Strip Market Segmentation Analysis
The global blood glucose test strip market is segmented by technology and distribution channel. By technology, it is segmented into optical, thin film electrochemical, and thick film electrochemical. Thick film electrochemical strips accounted for USD 6.4 billion in 2015, while thin film electrochemical strips had accumulated close to USD 5 billion in the same year.
By distribution channel, it is segmented into hospital pharmacy and retail pharmacy. Hospital pharmacies can dominate the blood glucose test strip market due to availability of products and penchant of patients for procuring it at such establishments.
Blood Glucose Test Strip Market Regional Analysis
The Middle East & Africa (MEA), Europe, Asia Pacific (APAC), and the Americas are prominent regions considered with regards to the compilation of the blood glucose test strip market report.
The Americas can lead the global market due to two major regions of North and South America. North America had accrued close to USD 7.89 billion in 2015 for the global blood glucose test strip market due to extensive use information technology combined with increasing expenditure on healthcare. High use of generic strips due to low costs and similar functionality. The region has the presence of prominent medical device manufacturers and embraces latest technologies, which further stimulates the growth of the market during the review period. Europe has assumed the second position in the global market and is likely to retain its dominance due to high healthcare expenditure led by Germany and France. Reimbursement schemes of prescribed test strips in the U.K. is likely to net high revenues for the global market in the coming years.
The APAC is predicted to register a CAGR of 12.9 % owing to the soaring diabetic population in the region. Other factors driving market growth include presence of major economies like China and India, a large diabetic patient pool, and expendable income levels of patients which are likely to influence the blood glucose test strip market.
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Blood Glucose Test Strip Market Competitive Outlook
Betachek National Diagnostics, i-SENS, Roche Diagnostics, Beijing Yicheng Electronics, Nipro Diagnostics, ALL Medicus, LifeScan, TaiDoc, Shanghai MicroSense, Jiangsu Yuyue, AgaMatrix Inc, Apex Biotechnology Corp, ACON Laboratories, Abbott, SANNUO, HMD BioMedical Inc., Bayer Diabetes Care, Elektronika, Universal Biosensors, and B. Braun are key players within the global blood glucose test strip market.