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.
For More Information, Click on the Link Below:-
Global
Blood Glucose Test Strips Market
Contact Us:-
Ken Research
Ankur Gupta, Head Marketing &
Communications
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