360 Research Reports offers the latest published report on “Global Blood Glucose Test Strips Market – Segmented by Device Type, Application and Geography – Growth, Trends and Forecasts (2019 – 2023)” delivering key insights and providing a competitive advantage to clients through a detailed report.
Global Blood Glucose Test Strips Market 2019-2023 considers the past, current and future state of the industry while encapsulating modest landscape analysis, manufacturers, marketing strategies, industry effect factor analysis. An unbiased and detailed analysis of the on-going trends, opportunities/ high growth areas has been included to help stakeholders to device and align Blood Glucose Test Strips market strategies according to the current and future market. All enterprise profiles of the main players and brands are shown in this research. The report presents the drivers and restrictions of the market that have been explained by SWOT analysis.
Blood Glucose Test Strips Market Segmentation by Major Players:
F. HOFFMANN-LA ROCHE, LIFESCAN, BAYER HEALTHCARE AG, ABBOTT LABORATORIES, ARKAY INC. amongst others.
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Overview of Blood Glucose Test Strips Market Report:
In 2017, the global blood glucose test strips market was estimated at around USD 11,000 million. The market is expected to register a CAGR of about 6.5% during 2019-2023 (the forecast period). North America, followed by Asia-Pacific, accounts for the largest share in the blood glucose test strips market.
Convenience of CGM over Conventional Monitoring
Continuous glucose monitoring (CGM) provides a frequent and real-time feedback about glucose levels and retrospective 24-hrs glucose profiles. Incorporating CGM in the treatment of type 1 diabetes (T1D) has given potential advantages over conventional self-monitoring of blood glucose (SMBG). The real-time use of CGM results can equip people with T1D and parents of youths with T1D, to respond promptly and address glycemic excursions, minimizing, both, hyperglycemia and hypoglycemia. Retrospective use of CGM profiles can reveal recurring glycemic fluctuations that are not apparent with conventional SMBG, permitting regimen adjustments to stabilize glucose control. As CGM systems have become more widespread, the market for blood glucose test strip is likely to experience growth. Moreover, owing to the rising diabetic population and technological advancements, this market is expected to grow and combat diabetes.
High Cost Per Strip
Diabetes treatment requires constant monitoring of glucose levels. If blood glucose levels are not monitored regularly, it can lead to severe complications. Diabetes management process is an expensive service. At large scale, patients use blood glucose test strips. The retail cost of these strips varies from 50 cents per strip to as high as USD 5 per strip. Since, constant monitoring is necessary for diabetic patients, the cost often becomes a problem. Although various countries, like the United Kingdom, provide reimbursements for prescribed test strips, the majority patients have to pay for them from their pockets. The frequency of monitoring glucose levels depends on the type of diabetes and varies from patient to patient. For type 1 diabetes patients, at least four tests are advised per day. If the patient is using insulin injections, the count can go up to seven tests per day. Therefore, if a patient performs 5-6 tests in a day, the average expenditure on test strips would be over USD 180 each month. These expenses add to the already high diabetes management costs and are impeding the market growth.
North America to Dominate the Market Growth
North America accounted for the largest share of 56% of the global market, owing to the availability of healthcare reimbursements and the fastest adoption rate for new medical technologies. Europe is also the leading region in the global blood glucose test strips market. Asia-Pacific is the fastest growing region for blood glucose test strips market and portrays a huge potential for growth in the future, due to the increasing government initiatives to combat diabetes and corporate investments to streamline R&D in diabetes.
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Important factors that are mentioned in the Blood Glucose Test Strips Market report 2023…
Key Market Dynamics: The Global Blood Glucose Test Strips Market research report provides complete forecasts on the latest market trends, development methods, and research methodologies. Some of the factors that are directly in affecting the market including the Strategic Production and Methods, development platforms, and the product model itself, and even a minute change within the product profile would result in a huge amount of changes within the mentioned factors. All of these factors are explained in detail in the research study.
Major Growth Prospects: The report also focuses on some of the Key growth prediction, including new product launches, Mergers and Acquisitions, Research and Development, joint ventures, collaborations, agreements, partnerships, and growth of the key Manufacturers working effectively in the market, both in terms of regional and global scale depending on geography.
Key Market Highlights: The report gives us an in-depth Market analysis on some of the Blood Glucose Test Strips Market key factors, including revenue, cost, capacity, capacity utilization rate, production, production rate, consumption, supply, demand, Market share, CAGR, and gross margin. Additionally, the report presents a comprehensive study of the market growth factors and their latest trends, along with related Market sections and subsections.
Potential Customers: The Blood Glucose Test Strips Market report provides significant insights to readers, service providers, suppliers, distributors, manufacturers, stakeholders, and individuals who are interested in evaluation and self-studying the Blood Glucose Test Strips market.