Global Blood Glucose Test Strip Market To Accrue Exponentially by 2027 Registering A Substantial CAGR; Confirms MRFR

“Blood Glucose Test Strip Market”
Market Research Future published a half cooked research “Global Blood Glucose Test Strip Market Research Report – Forecast to 2027” – Market Analysis, Scope, Stake, Progress, Trends and Forecast up to 2027

International Blood Glucose Test Strip Market Highlights

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, gluco plus blood ketone tests, and combo test strips; these strips have come a long way.

Witnessing huge demand for these strips, the blood glucose test strips are growing pervasively owing to the prevalence of diabetes and the efficacy of these strips demonstrated in keeping a tab on diabetes levels.  Substantial investments transpired into on R&D activities are paying off well by increasing the market size, bringing further perfections to the product. 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.

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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.

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. 

Global Blood Glucose Test Strip Market – Segments

For the convenience of understanding, MRFR has segmented the report into two key dynamics.

By Technologies: Comprises Thin Film Electrochemical, Thick Film Electrochemical, and Optical among others.

By Regions:  North America, Europe, APAC and Rest-of-the-World (RoW).

Blood Glucose Test Strip Market – Competitive Landscape

The blood glucose test strip market appears to be intensively competitive & fragmented. The presence of some matured & small key players forms a competitive landscape, accounting for a substantial market share. These players try to expand competitive advantage through acquisition, strategic partnership, expansion, product & technology launch and collaboration.  Well-established players invest heavily in the R&D activities to develop products with the advanced technology which is entirely on a different level compared to their competition. 

Blood Glucose Test Strip Market Business Overview of Key Players:

Abbott Laboratories,

Acon Laboratories, Inc,

Allmedicus,

Apex Biotechnology Corporation,

Ascensia Diabetes Care Holdings A G,

B.Braun Melsungen AG,

HMD Biomedical,

I-Sens, Inc.,

Lifescan, Inc.,

Roche Diagnostics, and

Taidoc Technology Corporation

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.

Global Blood Glucose Test Strip Market – Geographical Analysis

The North America market accounts for the dominating market for blood glucose test strip globally, with the substantial market share. The market is further expected to continue with its dominance throughout the review period (2017-2027). Increasing prevalence of diabetes coupled with the high per capita healthcare expenditures and presence of a well-developed healthcare sector, in the U.S. & Canada commutatively drive the market growth in the region. Furthermore, the presence of matured market players in the region reasons the increase in the market growth.

Europe, the world’s second-largest market for blood glucose test strip, is predominantly driven by the well-developed healthcare infrastructure, availability of funds for research, huge patient population, and the governmental support for research & development. Moreover, economies such as the UK & Germany propel the growth of the Europe market, witnessing the high healthcare expenditures.

The Asia Pacific market is emerging as one of the promising markets for the blood glucose test strip, globally.  The region is expected to be the fastest growing market, proliferating over the projected period. Increasing healthcare expenditures along with the favorable government policies of some of the developing economies such as India and China support the market growth in APAC largely. 

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