Blood Glucose Test Strips also known as Diabetes Test Strips are used to monitor the glucose level in the patients suffering from diabetes and thus control and manage the disease. Over the period, along with the technological advancements, these test strips have evolved significantly since the day of its invention. From using a dye-based technology to electrochemical technology, getting completely digitalized to one test strip, glucose plus blood ketone tests, and combo test strips; these strips have come a long way.
Recognizing the kind of growth, the market is witnessing currently, Market Research Future (MRFR) recently published a study report. According to MRFR, continuing with the same trends, the Global Blood Glucose Test Strips Market is projected to grow exponentially by 2017, registering a modest CAGR between 2017 and 2027.
Additionally, advancements in the medical science & healthcare industry growing along with the growing population, and urbanization drive the market growth, witnessing the increasing inclination of people towards the sedentary lifestyle. Simultaneously, improving economic conditions are supporting the market growth, availing access to the quality healthcare, and increasing the healthcare expenditures.
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On the other hand, lack of awareness among the patients about the advantages of improved test strips is expected to restrain the market growth during the review period. Besides, the unmet clinical needs and the unavailability of external funding observed mainly in the developing regions are presenting challenges to the market growth. However, augmenting demand for the personal, hand-held diagnostic devices along with the demand for the test strips that can give fastest & accurate results are expected to fuel the market growth.
Blood Glucose Test Strip Global Market – Competitive Analysis
The market of Blood Glucose Test Strip is fiercely competitive as well as fragmented due to the presence of numerous matured & small key players in the market. These market players try to gain competitive advantage through strategic partnership, acquisition, expansion, collaboration, product & technology launch. Heavy investments are transpired in the R&D to develop a completely different technology compared to their competition.
Blood Glucose Test Strip Market – Key Players
Some of the key players for Blood Glucose Test Strip Market are:
- Abbott Laboratories
- Acon Laboratories, Inc
- Allmedicus
- Apex Biotechnology Corporation
- Ascensia Diabetes Care Holdings Ag
- Braun Melsungen Ag
- HMD Biomedical
- I-Sens, Inc.
- Lifescan, Inc.
- Roche Diagnostics
- Taidoc Technology Corporation
Blood Glucose Test Strip Market – Segments
The Blood Glucose Test Strip Market can be segmented in to 2 key dynamics for the convenience of the report and enhanced understanding;
By Technologies: Comprises Thick Film Electrochemical, Thin Film Electrochemical, & Optical among others
By Regions: North America, Europe, APAC and Rest of the World.
Industry, Innovation & Related News:
July 05, 2018 – Researchers at MIT’s Little Devices Lab (US) presented a Lego-like device they have developed to perform diagnostic tests at a fraction of the cost of traditional methods. Referred to as “plug-and-play” the engineered system device is called as Ampli blocks, can test blood glucose levels in diabetic patients and also detect viral infection.
June 22, 2018 – The U.S. Food and Drug Administration (FDA) approved a mHealth platform that includes a sensor embedded in the arm, a wearable transmitter and an app, all designed to help those with diabetes and their care teams continuously track blood-glucose levels. The Eversense CGM, system useful in continuous glucose management is developed by Senseonics and accounts for the first approved implantable device that promises up to three months of constant monitoring, contrary to other wearable CGM platforms.
April 13, 2018 – Livongo Health (US) a start-up developing connected devices and software for diabetics and other chronic conditions. The company completely devoted to providing cost-competitive aid for diabetes, has already developed its own glucometer & apps providing accurate readings. Livongo, also ships test strips to patients at no additional cost. The company announced that it has bagged the investment for USD 105 million to support the further development of its technology and a partnership from Cambia Health Solution.
April 2018 Pops! Diabetes Care, which is a Twin Cities device maker has registered its first patient in their clinical study which it is backing to see whether their device named, Pops! One, can effectively monitor blood-sugar levels for diabetics. They are also additionally partnering with the Children’s Minnesota health care system on a six-month research of 50 young patients who have been diagnosed with type 1 diabetes. They will use the Pops device to record their blood-glucose levels and alert them when they need to inject insulin. The most noticeable piece is the blood-testing device which is slightly smaller than a typical smartphone which contains a disposable cartridge with a glucose meter and three tiny lancets that have been designed so that they are less painful and easier than using a conventional finger-stick unit with individual test strips. The individual replacement cartridge can be used for up to three tests.
Blood Glucose Test Strip Market – Regional Analysis
North America market leads the Global Blood Glucose Test Strip Market with the significant market share. The market is further expected to reach astronomical amounts growing at a substantial CAGR throughout the forecast period (2017-2027). Well-developed healthcare sector, increasing prevalence of diabetes in the U.S. & Canada coupled with the high per capita healthcare expenditures of these economies, together drive the regional market growth. Moreover, presence of some of the matured market players fuels the market growth.
Europe & Asia Pacific is the second & third largest market respectively in the Global Blood Glucose Test Strip Market. Expected to be a fastest growing market Asia pacific region is estimated to grow rapidly over the projected period. Increasing healthcare expenditures along with favorable government policies of developing economies like India and China foster the market growth in APAC.
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While the world’s second largest market of Blood Glucose Test Strip, Europe is predominantly driven by the availability of funds for research, well-developed healthcare infrastructure, huge patient population, & government support for research & development. Besides, economies having high healthcare expenditures such as the UK & Germany propel the growth of the Europe market.
Major Table of Content
Chapter 1. Report Prologue
Chapter 2. Market Introduction
2.1 Definition
2.2 Scope of the Study
2.2.1 Research Objective
2.2.2 Assumptions
2.2.3 Limitations
Chapter 3. Research Methodology
3.1 Introduction
3.2 Primary Research
3.3 Secondary Research
3.4 Market Size Estimation
Chapter 4. Market Dynamics
Continued….
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