Global “Blood Glucose Test Strips Market 2019-2023” has been providing up and changing the worldwide economy as far as growth rate, revenue, deal, market proposition, and scope. The Global Blood Glucose Test Strips market Consumption market report is an extensive analysis of this corporate field, which has been established to be one of the most profitable business verticals in futures. The Reportspecifies the complete estimate of Global Blood Glucose Test Strips market business terms, in addition to presenting a brief segmentation of the industry, the expansion opportunities, as well as Key region.
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Overview of Blood Glucose Test Strips Market:
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 2018-2023 (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 MonitoringContinuous 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 StripDiabetes 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 GrowthNorth 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 RandD in diabetes.
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Key Highlights from Blood Glucose Test Strips Market Report 2019.
Revenue and Sales Estimation — Historical Revenue and sales volume is presented and further data is triangulated with top-down and bottom-up approaches to forecast complete market size and to estimate forecast numbers for key regions covered in the report along with classified and well recognized Types and end-use industry. Additionally, macroeconomic factor and regulatory policies are as curtained in Blood Glucose Test Strips industry evolution and predictive analysis.
Manufacturing Analysis —the report is currently analyzed concerning various product type and application. The Blood Glucose Test Strips Market provides a chapter highlighting manufacturing process analysis validated via primary information collected through Industry and Key officials of profiled companies.
Competition — Leading players have been analyzed depending on their company profile, product portfolio, capacity, product/service price, sales, and cost/profit.
Demand and Supply and Effectiveness — Blood Glucose Test Strips Market report additionally provides distribution, Production, Consumption for the complete industry.
Blood Glucose Test Strips MarketTop Regions(regional analysis covers):-
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Blood Glucose Test Strips Market 2019 Report Brief:-
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