Albany, NY -- (SBWIRE) -- 10/24/2018 -- Global Blood Glucose Test Strips Market – Snapshot
Blood glucose test strips are used to measure the glucose level in the blood. In terms of revenue, the global blood glucose test strips market was valued at US$ 8,000 Mn in 2017 and is anticipated to reach around US$ 9,700 Mn by 2026, expanding at a CAGR of above 2.0% from 2018 to 2026. Rise in prevalence of diabetes and high awareness for continuous glucose monitoring in order to control diabetes are likely to drive the global blood glucose test strips market from 2018 to 2026.
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Prevalence of diabetes is expected to increase exponentially, worldwide, due to change in lifestyle and various factors such as malnutrition and genetic mutations. According to various government and private organizations operating in the diabetes industry, diabetes is considered a major fatal disease. Large number of global manufacturers are focusing on the development and manufacture of novel diabetes products in order to meet the medical need of patients with the favorable support of the government. For instance, the U.S. Food and Drug Administration (FDA) granted 510(k) clearance for DarioHealth Corp., the manufacturer of Dario blood glucose monitoring system, including its components such as meter, test strips, and apps on the Apple iOS 6.1 platform and higher. Such key developments are likely to augment the global blood glucose test strips market in the near future. However, incidence of product recall due to device inefficiency such as false glucose reading or intense competition leading to pricing pressures are some factors that are likely to restrain the global blood glucose test strips market during the forecast period.
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The global blood glucose test market can be segmented based on technology, distribution channel, and region. In terms of technology, the wicking technology segment is projected to dominate the market; however, it is expected to maintain its dominance during the forecast period due to increase in usage among patients to achieve accurate results during testing. The channel technology segment is likely to lose market share during the forecast period. Increase in demand for accurate result in short time and less focus of major players on the development of strips through channel technology are key factors fueling the segment. Based on distribution channel, the retail pharmacy segment led the market, in terms of revenue, in 2017, while the hospital pharmacy segment is projected to lose market share during the forecast period due to rise in preference for self-care testing among patients for diabetes monitoring.
In terms of region, North America held a major share of the global blood glucose test strips market in 2017. However, it is expected to lose market share during the forecast period due to rise in usage of generic test strips. Europe followed North America in terms of share of the global market. In terms of revenue, the market in Asia Pacific is projected to expand at a rapid pace during the forecast period. Rise in prevalence of diabetes and awareness about the treatment and usage of different devices to treat diabetes in countries such as Brazil, Saudi Arabia, and South Africa are likely to boost the market in Latin America and Middle East & Africa.
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Key companies operating in the global blood glucose test strips market, which are profiled in the report, include Abbott Laboratories, AgaMatrix, Inc., (Ascensia Diabetes Care Holdings AG) PHC Holdings Corporation, F. Hoffmann-La Roche Ltd., LifeScan, Inc. (Johnson & Johnson), Sanofi, Trividia Health, Inc., and B. Braun Holding GmbH & Co. KG. These players are adopting organic and in-organic growth strategies to expand their product offerings, strengthen their geographical reach, increase customer base, and gain market share. For instance, in June 2017, F. Hoffmann-La Roche Ltd. acquired Austria-based company mySugr GmbH. This acquisition helped F. Hoffmann-La Roche Ltd to access its mobile diabetes platform apps and services, which include diabetes coaching, therapy management, and unlimited test strips.
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