Blood Glucose Meters and Strips: A Global Strategic Business Report
San Jose, CA (Vocus) October 28, 2010
Global economic slump has affected the income and health insurance of diabetics, forcing many to cut back spending on blood-sugar tests, insulin and other medicines, and even curtail their regular physician visits. Sales of leading diabetes medicines, blood glucose monitors, test strips, and other products plunged considerably following the global economic crisis. However, with diabetes reaching epidemic proportion, there has been increased stress on frequent blood glucose testing. The current scenario translates into burgeoning market potential for blood glucose meters and test strips. Increasing patient education on the advantages of frequent monitoring of blood glucose levels as part of intensive disease management of both type I and type II diabetes is expected to increase the average number of tests per day. Furthermore, the advent of patient-friendly and pain-free testing instruments is promoting the potential in the growing market. Other factors at play in the stupendous growth of diabetes testing category include ready insurance coverage for diabetes testing equipment and supplies.
The United States represents the largest market for Blood Glucose Meters and Strips worldwide, as stated by the new market research report on Blood Glucose Meters and Strips. Though temporarily impacted by the economic downturn, leading to consumers either cutting back or completely skipping blood sugar testing, the US market for blood glucose meters and strips is forecast to regain momentum over the coming years, backed by increased health consciousness among diabetics, and the arrival of sophisticated and patient-friendly devices.
Aging population, lack of physical activity, and poor diet habits are contributing to rising incidence of diabetes, which in turn is prompting manufacturers to innovate new technologies and products. Nevertheless, demand for blood glucose meters and strips is expected to emanate mainly from the Asia-Pacific market, which would be increasing at an impressive CAGR of 16% over the analysis period. Rapid industrialization and demographic shifts have considerably changed the living standards and food habits, providing a ground for lifestyle diseases such as diabetes and heart-related ailments. Asian countries, specifically China, India, the Taiwan, Pakistan, Malaysia, Thailand, Philippines, Indonesia, Hong Kong, South Korea, and Singapore, have emerged to be major markets with a high diabetic population.
Blood Glucose Strips represents the largest and the fastest growing market segment. Use of blood glucose strips to measure blood glucose levels has become well established. These tests provide an opportunity for individual patients to monitor their blood glucose on their own. The strips are also a quick and fairly reliable way of testing patients in diabetes clinics. Affordable cost of blood glucose test strips, and increase in daily monitoring, also contributes for market growth. Meanwhile, demand for Blood glucose meters is forecast to grow at a compounded annual growth rate of 10% over the next few years.
Major players profiled in the report include Abbott Diabetes Care Inc., Arkray USA Inc., Bayer, DexCom Inc., LifeScan Inc., Nipro Diagnostics Inc., Nova Biomedical, Roche Diagnostics Corp., Sanwa Kagaku Kenkyusho Co. Ltd., Sanofi-aventis, Terumo Europe NV, among others.
The research report titled “Blood Glucose Meters and Strips: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of the Blood glucose meters and strips markets, current market trends, key growth drivers, recent product introductions, recent industry activity, review of diabetes, its prevalence and incidence, and profiles of major/niche global as well as regional market participants. The report provides annual sales estimates and projections for 2000 through 2015 for the following geographic markets - US, Canada, Japan, Europe, Asia-Pacific, Latin America, and Rest of World. Key segments analyzed include Blood Glucose Strips and Blood Glucose Meters.
For more details about this comprehensive market research report, please visit – http://www.strategyr.com/Blood_Glucose_Meters_and_Strips_Market_Report.asp
About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) is a reputed publisher of off-the-shelf market research. Founded in 1987, the company is globally recognized as one of the world’s largest market research publishers. The company employs over 800 people worldwide and publishes more than 1200 full-scale research reports each year. Additionally, the company also offers thousands of smaller research products including company reports, market trend reports, and industry reports encompassing all major industries worldwide.
Global Industry Analysts, Inc.
Web Site http://www.StrategyR.com/
# # #