The global blood glucose test strips market displays fierce competition among the prominant players. This is due to prominent players adopting several organic and in-organic growth strategies to expand their market share, states a report by Transparency Market Research (TMR). Some of the key players in the global blood glucose test strips market are Abbott Laboratories, AgaMatrix, Inc. F. Hoffmann-La Roche Ltd., Trividia Health, and B. Braun Holding GmbH & Co. KG.
As per the recent TMR report, global blood glucose test strips market is expected to reach US$9.7 Bn by 2026. The market was valued at US$8 Bn in 2017. During the forecast period from 2018 to 2026, the global blood glucose test strips market is predicted to expand at a CAGR of 2.0%.
Geographically, the global blood glucose test strips market is segmented into Asia Pacific, Europe, North America, South America, and the Middle East and Africa. Among all these regions, Asia Pacific, on the other hand, holds maximum potential for global blood glucose test strips market in near future. This is due to the increased incidence of type1 diabetes, improving economy, and favorable reimbursement support from the government in the region. Based on technology, the wicking technology segment is expected to dominate the market in upcoming years. Increasing usage of the technology to achieve accurate results is the key factor propelling growth.
Increasing Prevalence of Diabetes Worldwide Propels Growth
Diabetes patients largely contribute to sales of the blood glucose test strips. The high prevalence of diabetes across the world is one factor aiding growth in the global blood glucose test strips market. Change in eating habits, malnutrition, genetic mutation and so forth. Furhter, rise in awareness among the customer regarding self-care test strips for effective monitoring of blood sugar level boosts the demand for blood glucose test strips in the region. Technological advancement in health care industry is other factor which could augment growth of the global blood glucose test strips market. Regulatory bodies are helping manufacturers incorporate high end technology in their products. This is also driving the global blood glucose test strips market.
High Cost of Test Strips, a restrain to Market
High price associated with the test strips is one of the key restraints of the global blood glucose test strips market. It increases the overall cost of treatment significantly as a diabetic patent require 4 to 5strips in day for effective monitoring of their blood glucose. Therefor most of the patients are turning towards the less expensive generic strips. Despite it, the growing preference of the self-care testing among patients for effective monitoring of diabetes is a huge plus for the global blood glucose test strips market. The changing preference of the patients contributes to the growth of the market.
The study presented here is based on a report by Transparency Market Research (TMR) titled “Blood Glucose Test Strips Market (Technology - Wicking Technology, Channel Technology; Distribution Channel - Retail Pharmacy, Hospital Pharmacy, Online Retailer) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018-2026”
The Global Blood Glucose Test Strips Market is segmented based on:
Global Blood Glucose Test Strips Market, by Technology
Global Blood Glucose Test Strips Market, by Distribution Channel
Global Blood Glucose Test Strips Market, by Region
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