Blood Glucose Test Strip Market Dynamics, Therapeutics and Global Forecast to 2023
Market Overview:
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 based 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.
Obviously, the market of Blood Glucose Test Strips is ever increasing, flooding with the various brands of blood glucose test strips, floating in the space. Each brand having their own technology & design, spend increasingly on R&D activities to perfect the product.
Factors such as rising prevalence of diabetes is one of the major driver for the market growth. Moreover, growing obese population, increasing nutrition transitions, and rapid urbanization boost the market. According to the American Diabetes Association in 2015, approximately 30.3 million Americans, accounting for 9.4% of the total population, suffered from diabetes. Diabetes was estimated to be the seventh leading cause of deaths within the U.S. Additionally, rising technological advancements, increasing adoption of flexible packaging solutions, increasing awareness among the people, rising healthcare expenditure, changing reimbursement policies, and growing geriatric population are estimated to boost
This, in turn, is paying off well & increasing the market size, elevating it on the global platform. Over the period, these Blood Glucose Test Strips Market Analysis have evolved significantly along with the technological advancements from using a dye-based technology to the entirely digitalized, electrochemical technology such as one test strip, gluco plus blood ketone tests, and combo test strips; these strips have come a long way.
the Blood Glucose Test Strip Market, availing access to the quality healthcare with the increased healthcare expenditures.
Blood Glucose Test Strip Market – Competitive Landscape
Manufacturers bank on accuracy and collaboration to develop new technology. Forming partnerships with the players in diabetes technology is their growth mantra. The highly competitive blood glucose test strip market appears to be fragmented owing to the several big and small players along with the new entrants churning the competition in the market. Key market players are focusing on optimized situational awareness for customers, ensuring their mission success.
Matured players, through various strategic initiatives such as M&A activities, collaboration & innovations are constantly seeking market expansion. They increasingly invest in R&D activities and possess state of the art facilities along with the strong sales and distribution network. Marketers operating in the industry are focusing on inbound lead generation more than ever. Marketers look for ROI-oriented strategies that can pay off quickly.
Key Players:
· Abbott Laboratories
· Acon Laboratorie
· Allmedicus
· Apex Biotechnology Corporatio
· Ascensia Diabetes Care Holdings A G
· B.Braun Melsungen AG
· HMD Biomedical
· I-Sens, Inc
· Lifescan
Global Blood Glucose Test Strip Market – Segments
MRFR has segmented its analysis into two Key dynamics for an easy grasp;
By Technologies: Includes Thick-Film Electrochemical, Thin Film Electrochemical, and Optical among others.
By Regions : Europe, North America, APAC and Rest-of-the-World (RoW).
Global Blood Glucose Test Strip Market – Geographical Analysis
The North American region accounts for the leading market for blood glucose test strip, followed by Europe and the Asia Pacific, respectively. North America being a well-developed region has the edge over other regions, especially in terms of healthcare and technology. With its highest GDP and hence, the highest healthcare expenditures the region has a well-established healthcare sector that provides the best quality care.
Factors such as the huge patient pool suffering from diabetes, development in medical technology, and the presence of key manufacturers in the region are supporting the growth of the market. Countries such as the U.S. and Canada, backed by the increasing prevalence of diabetes among people contribute to the market growth in region to an extent.
The European region is the world’s second-largest market for blood glucose test strip, following the North American market closely. Factors predominantly driving the market growth include the proliferating healthcare infrastructure, availability of funds for R&D, a huge population of diabetic patients, and the governmental support for research & development.
Certainly, the resurging economy is a key force driving the market growth in the region, allowing access to the quality life and a great care. Germany, heading with its flourishing medical devices market significantly contributes to the growth of the regional market. Moreover, the U.K. and France with the increasing investment in glucometers and stripes drive the regional market at a large scale. Owing to the augmenting demand for the blood glucose test strip, the region is projected to create a larger revenue pocket in the global market by 2027.