- Manufacturers forming partnerships with the players in diabetes technology is their growth mantra.
- 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 many times over.
- The European region is the world’s second-largest market for blood glucose test strips, following the North American market closely.
Blood Glucose Test Strips or Diabetes Test Strips, helping people monitor their Glucose level and control their diabetes, have come a long way: From a dye based technology to one 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 many times over.
Obviously, the market for 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. Over the period, the Blood Glucose Test Strips Market has evolved significantly along with the technological advancements from using a dye-based technology to the entirely digitalized, electrochemical technology.
In-addition to the increasing prevalence of diabetes and the efficacy of these strips demonstrated in keeping a tab on diabetes levels, other factors substantiating the market growth include significant investments transpired into on R&D activities and the advancements in the medical science, making the product better.
Furthermore, growing urbanization and ever-increasing population that is increasingly adopting the sedentary lifestyle drive market growth, as seen in the increase in diabetes cases. Undoubtedly, improving economic conditions are increasing the Blood Glucose Test Strip Market, availing access to the quality healthcare with increased healthcare expenditures.
Nevertheless, augmenting demand for the personal, hand-held diagnostic devices along with the demand for the test strips that can give fastest & accurate results are estimated to support the market growth over the review period (2017-2027).
Manufacturers bank on accuracy and collaboration to develop new technology. Forming partnerships with the players in diabetes technology is their growth mantra. The highly competitive blood glucose test strip market appears to be fragmented owing to the several big and small players along with the new entrants churning the competition in the market. Key market players are focusing on optimized situational awareness for customers, ensuring their mission success.
Matured players, through various strategic initiatives such as M&A activities, collaboration & innovations are constantly seeking market expansion. They increasingly invest in R&D activities and possess state of the art facilities supported by the strong sales and distribution network. Marketers operating in the industry are focusing on inbound lead generation more than ever. Marketers look for ROI-oriented strategies that can pay off quickly.
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The primary industry leaders are Abbott Laboratories, Acon Laboratorie, Allmedicus, Apex Biotechnology Corporation, Ascensia Diabetes Care Holdings A G, B.Braun Melsungen AG, HMD Biomedical, I-Sens, Inc, and Lifescan.
MRFR has segmented its analysis into two Key dynamics for an easy grasp. By Technologies: Includes Thick-Film Electrochemical, Thin Film Electrochemical, and Optical among others.
The market is analyzed by these regions: Europe, North America, APAC and Rest-of-the-World (RoW).
The North American region accounts for the leading market for blood glucose test strips, followed by Europe and Asia Pacific, respectively. North America, being a well-developed region, has the edge over other regions, especially in terms of healthcare and technology. With its highest GDP and hence, the highest healthcare expenditures, the region has a well-established healthcare sector that provides the best quality care.
Factors such as the huge patient pool suffering from diabetes, development in medical technology, and the presence of key manufacturers in the region are supporting the growth of the market. Countries such as the U.S. and Canada, backed by the increasing prevalence of diabetes among people, contribute to the market growth in region to an extent.
The European region is the world’s second-largest market for blood glucose test strips, following the North American market closely. Factors predominantly driving market growth include the proliferating healthcare infrastructure, availability of funds for R&D, a huge population of diabetic patients, and governmental support for research & development.
Certainly, the resurging economy is a key force driving market growth in the region, allowing access to the quality life and a great care. Germany, leading with its flourishing medical devices market significantly contributes to the growth of the regional market. Moreover, the U.K. and France, with an increasing investment in glucometers and strips, drive the regional market at a large scale. Due to the augmenting demand for the blood glucose test strip, the region is projected to create a larger revenue pocket in the global market by 2027.