Blood Glucose Test Strip Market Current Trends, Analysis, and Growth Factors
The factors that are playing a major role in the growth of the market are the production of generic blood glucose test strips, the availability of low-cost substitutes like silk strips, the growing number of diabetic patients, and the rising use of novel blood glucose testing method. Global blood glucose test strip market is expected to reach $18650 million by the end of 2028 as the scope and its applications are rising enormously across the globe. Blood glucose test strips, also termed as
The factors that are playing a major role in the growth of the market are the production of generic blood glucose test strips, the availability of low-cost substitutes like silk strips, the growing number of diabetic patients, and the rising use of novel blood glucose testing method. However, pricing pressure from competitors and errors like false glucose reading are the factors that may restrain overall market growth in the years to come. Blood glucose test strip market is segmented based on type, technology, distribution channel, and region.
Optical, glucose oxidase-based, thin film electrochemical, glucose dehydrogenase-based, thick film electrochemical blood glucose test strips are the types that could be explored in the market in the forecast period. Based on the technology, channel and wicking technology could classify the market in the forecast period. Wicking technology sector accounted for the substantial market share of the blood glucose test strip and is estimated to lead the overall market in the years to come.
Online retailers, retail pharmacy, hospital pharmacy, and other distribution channels could be explored in a blood glucose test strips market in the forecast period. Retail pharmacy sector accounted for the substantial share of the market in terms of revenue and is estimated to lead the overall market in the years to come.
Globally, North America accounted for the substantial share of the blood glucose test strip market and is estimated to lead the overall market in the years to come. The reason behind the overall market growth could be the growing demand for generic test strips, the presence of key manufacturers in the region, developed healthcare infrastructure, and the growing number of diabetic population in the region. The United States is a major consumer of blood glucose test strip in this region.
Europe and the Asia Pacific are also estimated to have a positive influence on future growth. Europe is the second largest region with significant market share. However, Asia Pacific is estimated to grow at the highest CAGR in the forecast period. The aspects that may be ascribed to the growth comprise the growing awareness regarding the usage of several devices to treat diabetes, the growing occurrence of diabetes in the region, and the developing healthcare system. The developing countries like India and China are the major consumers of the blood glucose test strip in this region.
The key players of the blood glucose test strip market are B. Braun Holding GmbH & Co. KG., Abbott Laboratories, Trividia Health, Inc., AgaMatrix, Inc., Sanofi, PHC Holdings Corporation, LifeScan, Inc., and F. Hoffmann-La Roche Ltd. These players are concentrating on inorganic growth to sustain themselves amidst fierce competition.
Firma: Million Insights
Ansprechpartner: Tom Clark
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