The global market for blood glucose test strips has gained impetus primarily by the alarming prevalence of diabetes around the world, states Transparency Market Research in a report. Blood glucose test strips are disposable devices used to monitor as well as control diabetes. Titled “Blood Glucose Test Strips Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2013–2019”, the publication delves into the direct relationship between the rising number of diabetics and the surging demand for blood monitoring equipment.
The International Diabetes Federation states that in 2015, there were around 415 mn people living with diabetes, globally. This is slated to rise to 642 mn by 2040. This means that around 1 in 11 adults had diabetes in 2015. The effective management of diabetes warrants the need for proper monitoring of the blood glucose levels at regular intervals and this, in turn, drives the demand for blood glucose test strips.
Other factors fueling the market include technological advancements, efforts by players in creating awareness about regular glucose blood monitoring, the convenience offered by self blood glucose monitoring over traditional monitoring techniques, and a rise in government initiatives to propel the adoption of blood glucose test strips.
In contrast, the inadequacy of reimbursements for test strips and the introduction of generic strips threatens to hamper the growth of the blood glucose test strips market. Apart from this, the low adoption of self blood glucose monitoring devices in emerging economies compared to developed markets acts as a major deterrent. However, players can turn this restraint into an opportunity by focusing their efforts in these potential regions.
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F.Hoffmann-La Roche Ltd., Abbott Laboratories, Bayer Healthcare AG, and LifeScan, Inc. are the dominant players in the global blood glucose test strips market. Most of these companies have established a robust presence across the globe thanks to a strong sales and distribution network and state-of-the-art manufacturing facilities. TMR profiles some of the top companies competing in this market and evaluates them based on aspects such as product portfolio, developments, financials, and strategies.
The report on the worldwide market for blood glucose test strips is designed to offer clients an accurate and detailed blueprint of the current status of the market and its prospects in the coming years. With the help of effective industry tools such as SWOT analysis and the Porter’s Five Forces analysis model, the study delves into the nuances that drive and restrain this market. Helpful charts and tables give readers a clearer understanding of the key areas of operation and guides them in making strategic decisions for the future.
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