The Diabetic Test Strips Market is forecast to reach USD 21.00 Billion by 2030, according to a new report by Reports and Data. Blood glucose strips are one of the key components to test the glucose level of a sample blood. The sample blood is put onto the strip and then the other end of the test strip is placed inside the blood glucose test meter. The glucose oxidase provided by each test strip help determine the testing meter of the glucose level of blood. The global market is growing at a substantial pace as the amount of diabetes patients and patients with pre-diabetes symptoms are drastically being propelled. Type 2 diabetes by application is calculated to dominate the market. Amongst the end-users, the hospitals sub-segment is leading in the market due to the highest number of test and use of the strips in the hospitals. The use of alternatives to blood glucose strip test are predominantly restraining the market growth.
The North American market is forecasted to generate the highest revenue of USD 5.76 Billion in the year 2030, owing to its huge demand for Diabetic Test Strips in the hospitals and individuals sub-segments. Asia Pacific, with its elevated increase of using the test strips over other alternatives and a drastic increase in the number of diabetes patients in China, India, and Japan, are likely to surpass the European market. China and India are some of the fastest-growing markets, while the United States and Switzerland hold some of the most prominent players in the market.
Top players profiled in the report include:
- Abbott Laboratories
- Hoffmann-La Roche Ltd.
- Agamatrix
- LifeScan, Inc.
- ARKRAY, Inc.
- Others
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The report on the global Diabetic Test Strips market discusses in depth the current and emerging trends of the industry and discusses in detail the advancements in the technological and product sector. The report talks about the current and emerging and disruptive technologies in the healthcare sector that is impacting the market growth. Improvements in service quality, automation, increasing focus on patient-centric approaches, and rapid adoption of telehealth, especially amid the COVID-19 pandemic, have accelerated the market growth.
Incorporation of advanced technologies such as artificial intelligence, machine learning, VR, AR, and wearable has emerged as significant tools in the healthcare industry. Doorstep medicine delivery, modernized medical facilities, and increasing investment in technology are some key emerging trends and are expected to continue to be prevalent going ahead. Key companies are actively investing in advanced technologies and forming strategic alliances such as mergers acquisitions, joint ventures, collaborations, partnerships, licensing agreements, and corporate deals to gain a robust footing in the market.
The report further segments the Diabetic Test Strips market on the basis of the different product types offered by the market, application spectrum, end-use industries, regions, and technologies among others. Regional analysis of the Diabetic Test Strips market provides an extensive overview of the key regions where the market has gained a robust footing. It also studies the import/export, production and consumption patterns, supply and demand ratio, trends, demands, and presence of the prominent players in the regions.
Based on Diabetes Type, the Diabetic Test Strips market is segmented into:
- Type-1 Diabetes
- Type-2 Diabetes
- Prediabetes
- Gestational Diabetes
- Others
Based on End-Use, the Diabetic Test Strips market is segmented into:
- Hospitals
- Diagnostic Centers
- Nursing Homes and Polyclinics
- Pharmacies and Retail Outlets
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Diabetic Test Strips Market Segmentation based on Regions:
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., France, Italy, Spain, Benelux, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Rest of Asia Pacific)
- Latin America (Brazil, Rest of Latin America)
- Middle East Africa (Saudi Arabia, UAE, South Africa, Rest of Middle East Africa)
Summary of the Diabetic Test Strips Market Research Report:
- Insightful information regarding the global Diabetic Test Strips market
- Strategic recommendations for the investment opportunities
- The report covers significant statistics related to the industry along with products, applications, price analysis, demand supply, and production and consumptions rate
- Emerging trends and current market segment analysis to help investors formulate new business strategies
- Thorough SWOT analysis and Porter’s Five Forces analysis along with feasibility analysis and investment return analysis
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