The Global Blood Glucose Test Strip Market is expected to reach US$ 18.5 billion by 2020, and the market is projected to grow at a CAGR of ~ 6.2 % during the forecast period 2015-2020. The market may experience the growth due to several forces, such as government initiatives, convenience offered by self-blood glucose testing over the traditional methods, support and incentives by the governments and healthcare organizations etc. Blood glucose test strip is a small disposable plastic strip and is an important component of blood glucose meters that monitors and controls diabetes. These strips are impregnated with glucose oxidase, which reacts with glucose present in the blood and indicate of the blood glucose level.
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Blood Glucose Test Strip Market Segmentation:
The global blood glucose test strip market has been segmented on the basis of technology.
On the basis of technology, the market has been segmented into thick film electrochemical, thin film electrochemical, and optical.
Key Players in Global Blood Glucose Test Strip Market:
Some of key the players in the market are Bristol-Myers Squibb Company (U.S.), GlaxoSmithKline Plc. (U.K.), Bayer AG (Germany), Novartis AG (Switzerland), Spectrum Pharmaceuticals Inc. (U.S.), Amgen, Inc. (U.S.), Eli Lilly and Company (U.S.), AstraZeneca Plc. (U.K.), F. Hoffmann-La Roche Ltd. (Switzerland), Janssen Biotech, Inc. (U.S.), AbbVie Inc. (U.S.), Takeda Pharmaceuticals (Japan), Pfizer, Inc. (U.S.), Sanofi (France), Merck & Co., Inc. (U.S.), Immunomedics (U.S.),and Oncomed Pharmaceuticals (U.S.).
Blood Glucose Test Strip Market Regional Analysis:
The Americas account for the major share of the global Blood Glucose Test Strip market owing to the increasing prevalence of Blood Glucose Test Strips, well-developed technology and increasing government support for research & development. Moreover, high healthcare expenditure and changing lifestyle have fuelled the growth of the Americas Blood Glucose Test Strip market. The concentration of major players in this region is likely to support the growth of the market during the forecasted period.
Europe holds the second largest Blood Glucose Test Strip market, which is followed by Asia Pacific. Availability of the funds for research & development and strong government support have driven the market growth. Asia Pacific is the fastest growing Blood Glucose Test Strip market owing to the increasing prevalence of cancer, rapidly developing the economy and increasing government support.
On the other hand, the Middle East & Africa hold the least share of the market due to poor political conditions in Africa and limited availability of funds and availability of medical facilities. The Middle East dominates the Middle East & Africa Blood Glucose Test Strip market due to the presence of well-developed countries like Kuwait, Qatar, Oman and South Arabia. Whereas, Africa region is expecting a healthy growth due to the presence of huge opportunity for the development of the market.
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