Self-Monitoring Blood Glucose Strips Market Growth Analysis | Trends, Drivers and Vendor Forecasts for 2020-2024
Technavio has been monitoring the self-monitoring blood glucose strips market and it is expected to grow by $ 10.96 bn, accelerating at a CAGR of almost 11% during the forecast period. The growth trajectory of the market is traced through a detailed analysis of the prevalent market forces, trends, and drivers along with competitive benchmarking View Free Sample Report
Self-Monitoring Blood Glucose Strips Market: Key Trends to impact market growth
The availability of test strips made from Indian silk is one of the key self-monitoring blood glucose strips market market trends. This research report provides a detailed impact analysis of all the trends that are likely to influence the growth of the market in focus.
Self-Monitoring Blood Glucose Strips Market: Top Drivers to Boost Demand
The increase in global diabetic population is one of the primary factors driving the growth of the self-monitoring blood glucose strips market. The report provides a detailed study of all the factors that are likely to boost the market. This analysis will enable clients to leverage growth opportunities to their advantage and set their business
Vendor Analysis: Abbott Laboratories, ACON Laboratories Inc. and ARKRAY Inc. are key growth contributors
The market is fragmented. The research report provides insights into the top market player and their product portfolio along with a pipeline analysis of upcoming developments and growth opportunities. The growth of the players depends on several factors such as market conditions, government support, and industry development. To survive and succeed in such an intensely competitive market, players must distinguish their product and service offerings through clear and unique value propositions. Abbott Laboratories, ACON Laboratories Inc., ARKRAY Inc., Ascensia Diabetes Care Holdings AG, Becton, Dickinson and Co., B. Braun Melsungen AG, F. Hoffmann-La Roche Ltd., LifeScan IP Holdings LLC, Medtronic Plc, and Nipro Corp. are some of the major market participants.
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Self-Monitoring Blood Glucose Strips Market: Key Highlights of the Report for 2020-2024
Technavio has been monitoring the global self-monitoring blood glucose (SMBG) strips market and it is expected to grow by USD10.96 billion, accelerating at a CAGR of almost 11% during the forecast period. The growth trajectory of the market is traced through a detailed analysis of the prevalent market forces, trends, and drivers along with competitive benchmarking. View Our Free Sample Report
Self-Monitoring Blood Glucose Strips Market: Segmentation by Geography
North America was the largest Self-Monitoring Blood Glucose Strips Market in recent years owing to factors such as heavy investments in the healthcare sector, economic growth, and technological advancements in terms of BGM devices. 38% of the market growth will originate from North America during the forecast period with the US being one of the key markets for self-monitoring blood glucose strips in North America. However, market growth in this region will be slower than the growth of the market in Asia and Europe.
Self-Monitoring Blood Glucose Strips Market: Top Driver to Impact Growth
The availability of reimbursements will drive the growth prospects for the global SMBG strips market until the end of 2024. Since diabetes testing equipment, blood glucose test strips, and blood glucose meters are quite expensive, various health insurance plans in the US market provide reimbursement policies to cover the cost of these instruments. For instance, one of the leading insurance companies in the US, Medicare, covers approximately 80% of the cost of BGM devices. Such reimbursement facilities encourage individuals with diabetes to purchase BGM devices, which boosts the sales volume of these devices and accelerate the rate of revenue generation in the market.
Self-Monitoring Blood Glucose Strips Market: Emerging Trends
The availability of test strips produced from Indian silk will drive the growth prospects for the global SMBG strips market for the next four years. Diabetes test strips are usually produced from plastic or paper. However, recent studies have shown that the production of test strips from silk is a lot simpler and has got strong antibacterial properties. In addition, the manufacturing of test strips from silk reduces the need for embedded electrodes as it has the potential to transmit the electrical signals with enzyme coating alone, unlike other test strips that require enzymes as well as electrodes. This development is likely to influence market growth over the forecast period.
Self-Monitoring Blood Glucose Strips Market: Vendor Analysis
The market is fragmented. The growth of the players depends on several factors such as market conditions, government support, and industry development. To survive and succeed in such an intensely competitive market, players must distinguish their product and service offerings through clear and unique value propositions. Abbott Laboratories, ACON Laboratories Inc. and ARKRAY Inc. are some of the major market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their position in the slow-growing segments.
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