Global Blood Glucose Test Strip Packaging Market - Overview
According to a recent study report published by the Market Research Future, the Global Blood Glucose Test Strip Packaging Market is booming and expected to gain prominence over the forecast period. The market is forecasted to demonstrate a spectacular growth by 2021, surpassing its previous growth records in terms of value with a striking CAGR during the anticipated period (2017 – 2021).
Blood glucose test strip packaging involves enclosing the glucose test strips in vials and pouches. This protects them from moisture, bacterial contamination, and others.
Factors such as rising prevalence of diabetes is one of the major driver for the market growth. Moreover, growing obese population, increasing nutrition transitions, and rapid urbanization boost the market. According to the American Diabetes Association in 2015, approximately 30.3 million Americans, accounting for 9.4% of the total population, suffered from diabetes. Diabetes was estimated to be the seventh leading cause of deaths within the U.S. Additionally, rising technological advancements, increasing adoption of flexible packaging solutions, increasing awareness among the people, rising healthcare expenditure, changing reimbursement policies, and growing geriatric population are estimated to boost the market growth during the forecast period. According to the Centres for Disease Control and Prevention in 2015, the total healthcare within the U.S. was about 3.2 trillion, accounting for USD 9,990 per capita healthcare expenditure. However, high cost associated of blood glucose test strip packaging, and presence of alternatives in the market is expected to hinder the market growth during the forecast period.
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Key Players Operating in Blood Glucose Test Strip Packaging Market
F. Hoffmann-La Roche Ltd, Abbott, LifeScan, Inc., I-SENS., Trividia Health, Inc., Ascensia Diabetes Care Holdings AG, APEX BIOTECHNOLOGY CORP., AgaMatrix, TaiDoc Technology Corporation., Universal Biosensors, ACON Laboratories, Inc., Allmedicus, HMD BIOMEDICAL, Yu Yue medical, B. Braun Melsungen AG are some of the prominent players at the forefront of competition in the Global Blood Glucose Test Strip Packaging Market and are profiled in MRFR Analysis.
Global Blood Glucose Test Strip Packaging Market - Competitive Analysis
Characterized by the presence of several well-established and small players, the global ophthalmic suspension market appears to be highly competitive and fragmented. International players who are increasingly expanding their footprint in the developing economy, making it difficult for regional vendors to compete with them, especially in terms of features such as product differentiation, product portfolios, quality, and pricing. The market is witnessing intensified competition which is expected to get more intensified further during the forecast period. The intense competition prevalent in the market dictates the consolidation among marketers.
Well established players incorporate acquisition, collaboration, partnership, expansion, and product launch in order to gain competitive advantage in this market and to maintain their market position.
In August 2014, Roche and InterMune, Inc. announced that they entered into a definitive merger agreement under which Roche fully acquired InterMune at a price of USD 74.00 per share in an all-cash transaction. This corresponded to a total transaction value of USD 8.3 billion. This offered represented a premium of 38.0% to InterMune’s closing price on 22 August 2014 and a premium of 63% to InterMune’s unaffected closing price on 12 August 2014.
In January, 2017 Aclara Technologies LLC, a leading supplier of smart infrastructure solutions (SIS) to electric, gas and water utilities, has acquired the Smart Grid Solutions division of Apex CoVantage, LLC. The transaction includes the award-winning ProField mobile workforce management technology used for smart grid deployments as well as the Smart Grid Professional Services business comprising utility field services and consulting.
Global Blood Glucose Test Strip Packaging Market - Regional Analysis
The North America holds the largest market share due to a well-developed healthcare sector, increasing prevalence of the diabetes, and growing geriatric population. Moreover, the presence of the developed economies like the U.S. and Canada within the region boost the market growth. Followed by the similar trends, Europe is estimated to be the second largest market. Increasing awareness, growing technological advancements and rising investment in healthcare domain by government facilitates the market growth within the region. Asia Pacific, is the fastest growing region in the market due to the presence of the developing economies like the India and China. This can be attributed to the growing healthcare sector and rising healthcare expenditure. According to the Indian Brand Equity Foundation, in 2017, India was expected to rank amongst the top three healthcare markets by 2020. Moreover, Indian healthcare sector was estimated to be one of the fastest growing industries and was expected to advance at an approximate CAGR of 22.87% from 2015to 2020 and reach USD 280 billion by 2020.
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