The global blood glucose test strips market is growing rapidly mainly due to the growing number of in diabetic patients, worldwide. Moreover, significant investments transpired into R&D to bring about improvements in the existing product line as well to develop new effective strips are escalating the market on the global height.
Acknowledging the continually ascending graph of the market growth, Market Research Future (MRFR) in its recently published study report asserts that the global blood glucose test strips market will garner the worth of USD 18.5 BN by 2020, growing at a CAGR over 6.2% throughout the review period (2015 – 2020).
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Drivers and Constraints Impacting the Market
Blood glucose test strips are self-testing strips which let pre-diabetic and diabetic people track their blood glucose level on a regular basis without visiting a diagnostic laboratory or a clinic. With the growing diabetic population, the global market for blood glucose test strip is considered to foster during the assessment period. For instance, as per the International Diabetic Federation, around 415 million people had diabetes in 2015. The number is estimated to reach 642 million by the end of 2040. Moreover, technological advancements such as accuracy of the tests along with awareness among the people regarding diabetes are stimulating the market growth.
On the flip side, product recall owing to the inefficiency of devices such as intense competition resulting in pricing pressure and false glucose reading are some of the major factors considered to impede the global blood glucose test strip market in the coming years.
Global Blood Glucose Test Strip Market: Segmental Analysis
The Blood Glucose Test Strip Market has been segmented on the basis of technology, distribution channel, and region.
By mode of technology, the global blood glucose test strip market has been segmented into optical, thin film electrochemical, and thick film electrochemical.
By mode of distribution channel, the global blood glucose test strip market has been segmented into retail pharmacy and hospital pharmacy. Among these, the hospital pharmacy is likely to dominate the global market and is anticipated to maintain its dominance over the assessment period. The growth is attributed to the increasing preference for self-care testing among the patients to monitor diabetes.
Geographically, the global blood glucose test strip market span across regions namely, North America, Europe, Asia Pacific, and the Middle East and Africa.
Among all the regions, North America is presumed to lead the global blood glucose test strip market with $ 7.89 billion revenue. The growth is attributed to the extensive use of information technology coupled with high expenditure on healthcare. Moreover, the presence of major medical device manufacturers and high adoption of latest technologies are considered to stimulate the market during the review period.
Europe is estimated to hold the second position in the global market and is likely to maintain its dominance during the review period. High healthcare expenditure led by France and Germany is anticipated to drive the global market.
The Asia Pacific region is presumed to expand at a rapid pace owing to the presence of major regions such as India and China which are expected to lead the market due to unmet needs. This region is presumed to expand at 12.9 % CAGR owing to the growing number of diabetic population.
January 2018: Ascensia Diabetes Care has recently announced the expansion of its strategic alliance with the Insulet Corporation which is a leader in tubeless insulin pump technology. The expansion follows the worldwide non-exclusive development agreement that Ascensia had announced in June 2017, to connect its CONTOUR NEXT ONE blood glucose monitoring system with Insulet’s next-generation Omnipod System.
The major players operating the global market are Apex Biotechnology Corp, Shanghai MicroSense, ALL Medicus, Beijing Yicheng Electronics, Elektronika, Nipro Diagnostics, Bayer Diabetes Care, B. Braun, LifeScan, ACON Laboratories, Jiangsu Yuyue, HMD BioMedical Inc., TaiDoc, Betachek National Diagnostics, Roche Diagnostics, i-SENS, Universal Biosensors, Abbott, SANNUO, AgaMatrix Inc, and others.
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