ALBANY, New York, August 16, 2018 /PRNewswire/ —
Transparency Market Research (TMR) has published a new report titled, “Blood Glucose Test Strips Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018-2026”. According to the new report, the global blood glucose test strips market was valued at almost US$ 8,000 Mn in 2017 and is projected to expand at a CAGR of more than 2.0% from 2018 to 2026.
Rise in prevalence of diabetes and the demand for accurate blood glucose test result are likely to boost the demand for blood glucose test strips during the forecast period. North America and Europe are likely to dominate the global blood glucose test strips market due to favorable reimbursement for test strips and rise in focus of key players on the development of new devices in the market in these regions. Increase in geriatric population and rise in prevalence of diabetes in countries such as China, India, and Australia are likely to boost the blood glucose test strips market in Asia Pacific from 2018 to 2026.
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Retail Pharmacy: Top Distribution Channel of Blood Glucose Test Strips
In terms of distribution channel, the retail pharmacy segment is projected to account for a dominant share of the global blood glucose test strips market during the forecast period. The segment is likely to expand at a CAGR of around 2.5% from 2018 to 2026 owing to the increase in the base of retail pharmacy and easy availability of all price range of test strips. The hospital pharmacy segment accounted for 16.0% share of the global blood glucose test strips market, in terms of value, in 2017. The segment is projected to lose market share during the forecast period owing to the increase in self-care testing to monitor blood glucose level.
Asia Pacific to Expand at Considerable Pace and Create High Incremental Opportunity
In terms of value, North America held a major share of the global market in 2017. This is due to high health care expenditure and presence of large players such as F. Hoffmann-La Roche Ltd., who dominated the market. However, the region is projected to lose market share during the forecast period, due to the high pricing pressure of test strips and increase in gray market of blood glucose test strips.
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Rise in incidence of type 1 diabetes, improving economy, and favorable reimbursement support from the government for test strips in Australia, India, and other countries in Southeast Asia are driving the blood glucose test strips market in Asia Pacific. Moreover, rise in awareness of self-care testing to check diabetes level in order to control diabetes further boosts the demand for blood glucose test strips in the region. This, in turn, is likely to fuel the market in Asia Pacific. According to the International Diabetes Federation, a 72% increase is expected in the number of diabetes patients in Middle East & Africa from 2017 to 2025. This would make the region a lucrative market for diabetes devices. This factor is anticipated to propel the global blood glucose test strips market in Middle East & Africa. The market in the region is expected to expand at a CAGR of around 3.0% from 2018 to 2026.
High Cost of Test Strips to Hamper Market
High price of the test strips makes the overall cost of treatment significantly expensive, as patients with diabetes are required to test four to eight times a day, depending on the diabetes type, in order to monitor their blood glucose levels. Therefore, several patients are eager to buy generic strips, as they are less expensive as compared to branded ones. For example, Abbott Laboratories’ Freestyle Lite test strips cost around US$ 30 to US$ 75 for a box 50 strips, whereas Walmart’s generic ReliOn test strips cost US$ 20 for 50 strips.
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Channel Technology to Lose Market Share
The report offers detailed segmentation of the global blood glucose test strips market based on technology and distribution. Based on technology, the wicking technology segment is projected to dominate the global market due to presence of major players in the segment. The segment is expected to hold 69.4% share of the market by the end of 2026, a rise from 67.6% of the market in 2017. However, the channel technology segment is expected to lose market share during the forecast period owing to more focus of major players on the development of strips through wicking technology owing to some limitation in channel technology such as large blood sample is required for testing and longer time required to provide result.
F.Hoffmann-La Roche Ltd., LifeScan, Inc. (Johnson & Johnson), and Abbott Laboratories to Dominate Market
The report provides profiles of leading players operating in the global blood glucose test strips market. These include Abbott Laboratories, AgaMatrix, Inc., (Ascensia Diabetes Care Holdings AG) PHC Holdings Corporation, F. Hoffmann-La Roche Ltd., LifeScan, Inc. (Johnson & Johnson), Sanofi, Trividia Health, Inc., and B. Braun Holding GmbH & Co. KG. Expansion of product portfolio by developing new products or through acquisition and licensing agreements to develop products is a key strategy adopted by these players. For instance, in 2016, Panasonic Healthcare Holdings, Co., Ltd. entered into an agreement to acquire the diabetes care business of Bayer AG., a Germany-based pharmaceutical and Life Science Company. This acquisition strengthened Panasonic Healthcare’s presence in the diabetes business segment. Other key players are also adopting similar strategies.
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