According to the report, global blood glucose test strips market was valued at approximately USD 11.04 billion in 2017 and is expected to generate revenue of around USD 17.44 billion by end of 2024, growing at a CAGR of around 6.70% between 2018 and 2024.
New York, NY, Sept. 04, 2018 (GLOBE NEWSWIRE) — Zion Market Research has published a new report titled “Blood Glucose Test Strips Market by Drug Technology (Channel Technology and Wicking Technology), By Sales Channels (Hospital Pharmacies, Retail Pharmacies, and Online Pharmacies): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018 – 2024”. According to the report, global blood glucose test strips market was valued at approximately USD 11.04 billion in 2017 and is expected to generate revenue of around USD 17.44 billion by end of 2024, growing at a CAGR of around 6.70% between 2018 and 2024.
Blood glucose test strip is a small non-reusable plastic strip. It is an important component of blood glucose meter which monitors as well as controls diabetes. These blood glucose strips are impregnated with an enzyme, glucose oxidase, which reacts with glucose present in the blood and then indicates the sugar level in the blood. Blood glucose testing or monitoring is used to determine the quantity of glucose or sugar in the patient’s bloodstream. The glucose screening is conducted to check gestational, type 1 and type 2 diabetes. The blood glucose test strips are significant tools used in the blood glucose screening or monitoring. These small strips play a very important role in assisting people suffering from diabetes to keep a check on their blood glucose levels and control the levels. A blood glucose test strip is prepared from numerous layers that help in providing precise test results.
Browse through 60 Tables & 15 Figures spread over 110 Pages and in-depth TOC on “Global Blood Glucose Test Strips Market: By Type, Industry Size, Share, Trends and Forecast, 2018 – 2024”.
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Blood glucose test strips market is expected to have a moderate growth during the forecast period attributing to the increasing incidences of diabetes mellitus, in turn increasing the demand for screening and monitoring technologies. Furthermore, rising elderly population and an alarming rate of increasing number of type-2 diabetes mellitus are driving factors for the blood glucose test strips market. The blood glucose test strips are easy to use and do not require skilled professionals. The concentrated efforts by pharmaceutical companies, skilled healthcare professionals, and government officials to instruct people about the significance of diabetes test strips are also anticipated to have a positive impact on the growth of the market during the forecast period. Advances in screening and monitoring technology for blood glucose are also making it suitable and easier to carry out tests among patients who are uncertain to perform tests because of infection.
Based on the technology, blood glucose test strips market has been segmented into channel technology and wicking technology. Based on the sales channel, blood glucose test strips market has been segmented into hospital pharmacies, retail pharmacies, and online pharmacies. Based on region, blood glucose test strips market is further segmented into North America, Europe, Latin America, the Middle East & Africa, and the Asia Pacific.
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North America blood glucose test strips market is a developed market. The rise in a number of patients having diabetes has driven the blood glucose test strips market in this region. The U.S. holds a major portion of the blood glucose test strips market in North America compared to other countries in the region. The high growth rate of blood glucose test strips market in this country is mainly attributed to the developed healthcare infrastructure, awareness, rise in the research and development on the unexplored applications of blood glucose test strips and more healthcare expenditure.
The second largest market for blood glucose test strips market is Europe as it is expected to show a prominent growth in the forecast years. This growth is mainly due to the increase in number of patients diagnosed with diabetes. Increasing awareness of screening and monitoring of blood sugar and rising number of research and development centers in Europe are driving the blood glucose test strips market in Europe.
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Asia Pacific is expected to witness a considerable growth in the forecast period. China, India, and Japan will continue to be the principal growing markets in blood glucose test strips market. Growth in Asia Pacific market is expected to be determined by rising prevalence of diabetes mellitus type 1 and type 2, large geriatric population base, and increasing disposable income.
In the Middle East & Africa, Africa region is probably projected to register a reasonable growth rate due to lack of awareness. Latin America is another important regional market and is expected to experience modest growth over the forecast period. Thus, all the above-mentioned parameters are expected to propel the market growth in this region.
Browse the full “Blood Glucose Test Strips Market by Drug Technology (Channel Technology and Wicking Technology), By Sales Channels (Hospital Pharmacies, Retail Pharmacies, and Online Pharmacies): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018 – 2024” report at https://www.zionmarketresearch.com/report/blood-glucose-test-strips-market
Some of the key players in blood glucose test strips market consist of Abbott Laboratories, B.Braun Melsungen Ag, i-SENS. Inc., AgaMatrix, Bayer Healthcare AG, TaiDoc Technology Corporation, BioSensors, Inc., Universal Biosensors, Beijing Yicheng Electronic Co., Ltd., HMD Biomedical, LifeScan, Inc., and F.Hoffmann-La Roche Ltd., among others.
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This report segments the global blood glucose test strips market as follows:
Global Blood Glucose Test Strips Market: By Type
- Channel technology
- Wicking technology
Global Blood Glucose Test Strips Market: By Sales Channel
- Hospitals pharmacies
- Retail pharmacies
- Online pharmacies
Global Blood Glucose Test Strips Market: By Region
- North America
- The U.S.
- Asia Pacific
- Latin America
- The Middle East and Africa
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