Blood Glucose Test Strip Market Size, Trends and Growth Analysis by technology (Thin Film Electrochemical, Thick Film Electrochemical, Optical), Region, Key Players and Dynamics, Forecast to 2020
Global Blood Glucose Test Strip Market Size Worth USD 18.5 Billion at a CAGR of 6.2% by 2020 says market research future (MRFR). The blood glucose test strip market is expected to witness significant growth owing to the rising number of diabetic patients, globally. Although there are several, breakthrough technological advancements that are centering on artificial pancreas systems, people still rely on blood glucose test strips as more accurate and cost-competitive means of controlling the conditions. Undoubtedly, improving economic conditions are playing a vital role in increasing the size of the market, availing access to the quality of healthcare and increasing the per capita healthcare expenditures.
Nevertheless, factors such as the augmenting demand for the personal, hand-held diagnostic devices and the increasing demand for the test strips that can give fastest & accurate results are estimated to support the growth of the market throughout the review period (2015-2020).
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Blood Glucose Test Strip Market Competitive Landscape
Manufacturers bank on accuracy and collaboration to develop new technology. Forming partnerships with players in diabetes technology is their growth mantra. Highly competitive, the blood glucose test strip market appears to be fragmented owing to the presence of several large and small-scale players. High potential growth opportunities that the market demonstrates are in turn, attracting several new entrants to the market, further intensifying the competition in the already fiercely competitive market.
Well-established players incorporate strategic initiatives such as acquisition, collaboration, expansion, partnership, and product & technology launch in order to gain a competitive advantage in this market and to maintain their market positions. These players invest substantially in R&D to develop advanced devices and possess state of the art facilities along with the strong sales and distribution network. Whereas marketers are focusing on inbound lead generation more than ever and look for ROI-oriented strategies that can pay off quickly.
Key players leading the global blood glucose test strip market include
- Universal Biosensors
- TaiDoc Technology Corporation
- Nipro Diagnostics
- Apex Biotechnology Corp
- HMD BioMedical Inc.
- Braun Melsungen AG
- Abbott Laboratories
- Roche Diagnostics
- i-SENS Inc.
- Bayer Diabetes Care
- AgaMatrix Inc
- ALL Medicus
- Beijing Yicheng Electronics
- Betachek National Diagnostics
- Jiangsu Yuyue
- Shanghai MicroSense
- ACON Laboratories
Global Blood Glucose Test Strip Market Segmentation:
By Technology, the blood glucose test strip market has been segmented into
- Thick-Film Electrochemical
- Thin Film Electrochemical
Blood Glucose Test Strip Market Regional Analysis:
The North American region leading with largest global blood glucose test strip market share owing to huge patient pool suffering from diabetes. This well-developed region has an edge over other regions, especially in terms of healthcare and technology. With its highest GDP, the region has a well-established healthcare sector that provides the best quality care, witnessing the highest healthcare expenditures.
Factors such as the development in medical technology and the presence of key manufacturers in the region are acting as a major tailwind that is pushing up the market. Countries such as the U.S. and Canada, backed by the increasing number of diabetic populations contribute to the market growth in the region to an extent.
The European blood glucose test strip market in the region accounts for the world’s second-largest market, globally. Factors such as the proliferating healthcare infrastructure, a huge population of diabetic patients and the availability of funds for R&D from the public and private sector are predominantly driving the growth in the regional market. Certainly, the resurging economy is a key force driving the market growth in the region, allowing access to the quality life and great care.
Germany, heading with its flourishing medical devices market contributes to the growth of the regional market significantly. Moreover, the U.K. and France with the increasing investment in glucometers and stripes drive the regional market at a large scale. Owing to the augmenting demand for the blood glucose test strip, the region will create a larger revenue pocket in the global market by 2020.
The Asia Pacific blood glucose test strip market is rapidly emerging as one of the promising markets, globally. Factors such as the increasing number of diabetic patients and the improving economic conditions are providing impetus to the growth of the regional market. Furthermore, the favorable government policies in some of the developing economies such as India and China largely propel the market growth in the APAC.
The region is expected to witness a spurting growth over the projected period, receiving contributions from the markets in China, Japan, South Korea, and India that are witnessing spurting growth in the healthcare sector due to the augmenting demand for quality healthcare and rapidly developing healthcare technology led by the rising economy.
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