Blood Glucose Test Strip Market Opportunities, Drivers, Manufacturers, Analysis and Forecasts Till 2
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Blood Glucose Test Strip Global Market – Competitive Analysis
The Blood Glucose Test Strip Market is fiercely competitive as well as fragmented due to the presence of numerous matured & small key players in the market. These market players try to gain competitive advantage through strategic partnership, acquisition, expansion, collaboration, product & technology launch. Heavy investments are transpired in the R&D to develop a completely different technology compared to their competition.
Global Blood Glucose Test Strip Market – Synopsis
Blood Glucose Test Strips or Diabetes Test Strips, helping people to monitor their Glucose level and control their diabetes have come a long way since the day of invention. From a dye based technology to based on electrochemical technology, totally digitalized and from one test strip to gluco plus blood ketone tests, combo test strips.
Growing prevalence of diabetes coupled with the important role these strips play in keeping a tab on diabetes levels; drive the demand for these strips in multiplication.
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Obviously, the market of Blood Glucose Test Strips is ever increasing, flooding with the various brands of blood glucose test strips, floating in the space. Each brand having their own technology & design, spend increasingly on R&D activities to perfect the product. This, in turn, is paying off well & increasing the market size, elevating it on the global platform.
Acknowledging the exponential growth the market perceives currently and gauging the potential the market holds to grow in the future; Market Research Future (MRFR), in its recently published market forecast asserts that the global Blood Glucose Test Strip market will grow exponentially by 2027, registering a striking CAGR throughout the forecast period (2017 – 2027).
In addition to the advancements in the medical science & healthcare industry, other factors that predominantly contribute to the market growth include growing population, urbanization and increasing inclination of people towards the sedentary lifestyle. Improving economic conditions worldwide are increasingly availing access to the excellent healthcare, fuelling healthcare expenditures & eventually the Blood Glucose Test Strips Market growth.
Conversely, lack of awareness towards the advantages of improved test strips is likely to restrain the market growth during the forecast period. Unmet clinical needs coupled with the unavailability of external funding; especially in the developing regions are posing challenges to the market growth. Nevertheless, increasing demand for personal & hand-held diagnostic devices & augmenting demand for the test strips that can give fastest & accurate results is fostering the market growth.
Blood Glucose Test Strip Market, Innovation & Related News
April 13, 2018 – Livongo Health (US) a start-up developing connected devices and software for diabetics and other chronic conditions. The company completely devoted to provide cost-competitive aid for diabetes, has already developed its own glucometer & apps providing accurate readings. Livongo, also ships test strips to patients at no additional cost. The company announced that it has bagged the investment for USD 105 million to support the further development of its technology and a partnership from Cambia Health Solution.
Worldwide Blood Glucose Test Strip Market – Segments
The Blood Glucose Test Strip Market can be segmented in to 2 key dynamics for the convenience of the report and enhanced understanding;
By Technologies: Comprises Thick Film Electrochemical, Thin Film Electrochemical, & Optical among others
By Regions: North America, Europe, APAC and Rest of the World.
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Worldwide Blood Glucose Test Strip Market – Regional Analysis:
North America market leads the global Blood Glucose Test Strip market with the significant market share. The market is further expected to reach astronomical amounts growing at a substantial CAGR throughout the forecast period (2017-2027). Well-developed healthcare sector, increasing prevalence of diabetes in the U.S. & Canada coupled with the high per capita healthcare expenditures of these economies, together drive the regional market growth. Moreover, presence of some of the matured market players fuels the market growth.
Europe & Asia Pacific is the second & third largest market respectively in the global Blood Glucose Test Strip market. Expected to be a fastest growing market Asia pacific region is estimated to grow rapidly over the projected period. Increasing healthcare expenditures along with favourable government policies of developing economies like India and China foster the market growth in APAC.
While the world’s second largest market of Blood Glucose Test Strip, Europe is predominantly driven by the availability of funds for research, well-developed healthcare infrastructure, huge patient population, & government support for research & development. Besides, economieshaving high healthcare expenditures such as the UK & Germany propel the growth of the Europe market.
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