The United States blood glucose test strips market is poised to register a significant growth rate during the forecast period 2020-2027.
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Blood glucose test strips are small disposable plastic strips, which are used to measure the sugar level of patients. These strips are infused with glucose oxidase that reacts with glucose present in the blood and indicates the glucose level in the blood to test the level of diabetes.
Factors such as increasing prevalence of diabetes, favorable initiatives by the government to create awareness related to managing and treating diabetes and technological advancements to monitor diabetes are expected to drive the market growth. According to a data published by the Centers for Disease Control & Prevention (CDC) in February 2020, in the United States, 34.2 million people suffered from diabetes, i.e. 10.5% of the population of the country. Furthermore, as per a data published by the American Diabetes Association, diabetes caused around 83,564 deaths in the United States in the year 2017. Other factors responsible for the market growth include increasing geriatric population and growing healthcare expenditure
However, poor reimbursement scenario for blood glucose test strips and less accurate results by the test strips, is expected to negatively impact the market growth during the forecast period. For instance, in March 2013, Medicare in the US reduced reimbursement for diabetes testing supplies up to 72%. Additionally, lack of awareness and availability of alternatives is also expected to hamper the market growth.
The United States blood glucose test strips market is witnessing an emerging trend of manufacturing generic blood glucose test strips by some domestic market players, which are available at a significant low cost as compared to the branded alternatives. For instance, US-based Pharma Tech Solutions manufactures and sells the Shasta GenStrip, which is a much cheaper alternative to the branded test strips. Other trend that the market is experiencing is that of using the Indian silk to manufacture the test strips. This is a low cost alternative and might pose as a lucrative opportunity for blood glucose test strips companies.
Competitive Landscape:
Key market players covered in the report include F. Hoffmann – La Roche Ltd (Switzerland), Life Scan, Inc. (US), Arkray, Inc. (Japan), ForaCare (US), AgaMatrix, Inc. (Germany), Sanofi (France), i-SENS, Inc. (South Korea), Omron Healthcare (Japan), Medtronic (Ireland), Ypsomed Holding AG (Switzerland), Entra Health (US), Fifty50 Medical (US), iHealth Labs (US), Oak Tree Health (US), Omnis Health (US), Trividia Health, Inc. (US), Nova Diabetes Care (US), Abbott (US), Ascensia Diabetes Care (Switzerland), Prodigy Diabetes Care, LLC (US), Osang Healthcare Co., Ltd. (South Korea) and B. Braun Holding GmbH & Co. KG (Germany), and others. These companies are involved in product approvals, mergers, and acquisitions to gain a competitive edge over the other market players.
For instance: In August 2016, F. Hoffmann-La Roche Ltd. launched Accu-Chek Guide blood glucose monitoring system, which comprises of spill resistant SmartPack test strip vials. With this, the company expanded its blood glucose test strips product portfolio.
In January 2016, Panasonic Healthcare Holdings, Co., Ltd. acquired Bayer AG’s diabetes care business portfolio. With this, the company expanded its product portfolio as well as broadened its customer base.
Various companies are investing in smaller companies in order to launch novel, innovative test strips in the market. For instance, in June 2018, LaunchByte, an investment company invested USD 11 billion in StripSupply, which is a Boston, US-based blood glucose testing product manufacturer. This funding helped StripSupply to accelerate its blood glucose test strips business by helping the diabetes patients by providing affordable blood glucose test strips for daily use.
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