The report titled “Global Glucose Test Strips Market: Global Demand Analysis & Opportunity Outlook 2027” delivers detailed overview of the global glucose test strips market in terms of market segmentation by electrode material, by distribution channel, by end-user and by regions.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
The global glucose test strip market is segmented by electrode material into thin film strips, thick film strips and optical strips; by distribution channel into retail pharmacy and hospital pharmacy; by end user into diagnostic and hospital laboratories, home care settings and POC and by region. According to International Diabetic Federation 425 million people worldwide are suffering from diabetes and there were approximately 72 million cases in India in the year 2017. The glucose test strip market is anticipated to market a CAGR of approximately 5.5% during the forecast period i.e. 2019-2027.
The global glucose test strip market is observing a robust growth owing to increase in the diabetic population worldwide. This is due to the lifestyle changes and genetic mutations. Increase in government support in different types of healthcare sectors followed by technological advancement in glucose test strip is expected to drive the growth of the market. Moreover, awareness of diabetes created by the government and different types of existing market players is also projected to boost the market growth.
Geographically, the global glucose test strips market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Among these regions, North America have a significant market share of the global glucose test strip market as they are technologically advanced in the field of medicine and healthcare. Further, the market of Asia Pacific region is anticipated to expand at a faster pace in the forecast period owing to rising awareness regarding diabetes. Increment in the prevalence of diabetes in countries including Brazil, South Africa, Saudi Arabia is expected to drive the market in the Middle East and Latin America region.
Rising Cases of Diabetes to Boost Market Growth
The number of diabetic patients is increasing worldwide each year. It is very important to monitor blood glucose regularly on a daily basis for which the glucose test strips play an important role in measuring the blood glucose levels. Diabetic patients use glucose test strips at a very large scale. According to the data of International Diabetic Federation, 425 million people are suffering from diabetes worldwide and 82 million people in the South East Region, by 2045 this will rise to 151 million. There were over 72 million cases of diabetes in India in the year 2017. This rise in the diabetic population around the world is anticipated to drive the market during the forecast period.
However, buying test strips in large quantities are very costly for an average income individual. According to diabetesforecast.org, the average price of a glucose test strip can range from 40 cents to over USD 1 a piece, which is very expensive. These factors are anticipated to limit the market growth over the forecast period.
This reportalso provides the existing competitive scenario of some of the key players of the global glucose test strips market which includes company profiling of Abbott Laboratories, Sanofi, F. Hoffmann-La Roche Ltd, Trividia Health Inc., B. Braun Holding GmbH & Co. KG., Acon Laboratories, Apex Biotechnology Corporation, Ascensia Diabetes Care, Hmd Biomedical. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global glucose test strips market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.