According to the report analysis, ‘Blood Glucose Test Strips Global Market Opportunities And Strategies To 2023’ states that in the blood glucose test strips market there are several corporates which presently operating more effectively for leading the highest market growth and dominating the handsome value of market share around the globe during the short span of time while spreading the awareness related to the blood glucose test strips, decreasing the linked prices, advancing the applications of such, implementing the profitable strategies, analyzing the strategies and policies of the government policies, developing the specifications of the production technologies and employing the young work force contains F. Hoffmann-La Roche AG, LifeScan, Inc., Abbott Laboratories, Ascensia Diabetes Care Holdings AG, Terumo Corporation, and several others.
The worldwide blood glucose test strips market reached a value of approximately USD 11.7 billion in 2019, having increased at a compound annual growth rate (CAGR) of 4.1% since 2015, and is predicted to develop at a CAGR of 5.0% to nearly USD 14.3 billion by 2023.
Prominent growth in the historic period resulted from increase in the diabetes prevalence, augment in disposable income and technological improvements. Aspects that negatively affected growth in the historic duration were lack of awareness, increasing investments in alternative blood observing approaches and decrease in reimbursement for test strips. Going forward, auspicious government enterprises and changing lifestyles will propel growth. Aspects that could restrict the growth of the blood glucose test strips market in the future involve decreasing price of blood glucose test strips and great prices linked with other the consumables for blood glucose testing.
The blood glucose test strips market is divided by technology into glucose dehydrogenase and glucose oxidase. The glucose dehydrogenase market was greatest segment of the blood glucose test strips market, registering for USD 7.9 billion or 67.7% of the total during 2019 and this market is projected to be the fastest-growing sector going forward at a CAGR of 6.1%.
The blood glucose test strips market is classified by electrode material utilized into thick film electrochemical strips, thin film electrochemical strips and optical strips. The thick film electrochemical strips market was the greatest sector of the blood glucose test strips market, dominating for USD 5.3 billion or 45.0% of the total in 2019.
Additionally, the blood glucose test strips market is categorized by end use into homecare, diagnostic centre, and hospitals. The home care market was the largest sector of the blood glucose test strips market segmented by end use, dominating for USD 7.04 billion or 60.0% of the total during 2019.
Furthermore, the North America was the greatest region in the blood glucose test strips market, dominating for 46.8% of the worldwide market in 2019. It was followed by Western Europe, Asia-Pacific and then the other regions. Going forward, the wildest increasing regions in the blood glucose test strips market will be Asia-Pacific and Western Europe, where growth will be at CAGRs of 6.5% and 5.7% correspondingly. These will be followed by Eastern Europe and Africa, where the markets are projected to increase at CAGRs of 5.13% and 5.12% respectively.
The worldwide blood glucose test strips market is moderately concentrated, with a small number of great players registering the market. The top ten competitors in the market made up to 46.12% of the entire market during 2018.
Market-trend-based strategies for the blood glucose test strips market involve developing cost-effective generic test strips for diabetic patients, implementing innovative technologies to suggest test strips at affordable prices, underwriting in continuous test tapes and compact systems to augment patients’ convenience and aiming on M&A growth strategies to enlarge their customer base and geographic existence. Player-implemented strategies in the blood glucose test strips industry involve expanding product portfolio and augmenting investments in research development to improve new products and developing strategic partnerships and relationships to advance diabetes products and to improve innovative products.
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Ankur Gupta, Head Marketing & Communications