The global SMBG strips market was valued at USD 12 billion in 2016 and is expected to surpass USD 21 billion by 2021, says Technavio.
Technavio has announced its latest market research report on the global SMBG strips market, under its in-vitro diagnostics portfolio. This market analysis discusses the main drivers and key emerging trends and offers a competitive analysis of major vendors like Abbott Laboratories, Roche Diagnostics, LifeScan, and Medtronic.
According to Sapna Jha, a lead analyst for in-vitro diagnostics research at Technavio, “The technological advances in BGM devices requiring test strips is driving growth in the SMBG strips market. Vendors are capitalizing on R&D for designing and developing innovative diabetes testing equipment that are patient-friendly, portable, and pain-free, and which can give accurate results.”
Moreover, the accessibility of non-invasive devices that use ultrasound is attracting customers as they do not require the pricking of the skin several times a day. For instance, Roche Diagnostics has designed a product called Accu-Chek Mobile, which, unlike conventional glucose meters, uses test strips in the form of a ribbon rolled like the recording tape in a cassette. Furthermore, CGM (continuous glucose monitoring) devices are increasing the potential of this market as they enable the recording of the blood sugar level of a patient throughout the day.
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Availability of test strips made from Indian silk
The wound healing properties of silk produced in India was discovered in 2014 by the scientists from Advanced Study in Science and Technology. In the process, the natural silk was combined with polypropylene to create a product with strong antibacterial properties and to improve wound healing. The manufacturing of tests strips from silk is easier compared to other material. Moreover, silk strips can transmit the electrical signals with enzyme coating which reduces the need for embedded electrodes, thereby making the manufacturing process easier.
Increasing adoption of home healthcare devices
To measure the glucose levels in the blood, most people prefer portable medical devices such as blood glucose monitoring devices. Blood glucose test strips and blood glucose meters have become a vital part of the healthcare management stock of individuals with diabetes. Using these devices at home can help individuals get accurate blood glucose level readings within seconds. This trend is expected to have a strong impact on the BGM Device market and the global SMBG strips market during the forecast period.
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This research report includes an in-depth analysis and market shares and sizes of the sub-segments and geography. A competitive analysis of the key companies, including their market shares, business overview, key financials, etc. is provided in this study. This market study also provides a detailed analysis of key drivers, challenges, and opportunities influencing this market.
A more detailed analysis is available in the Technavio market research report titled, ‘Global SMBG Strips Market 2017-2021‘. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global Blood Glucose Monitoring Devices Market 2017-2021
- Global Patient Monitoring Equipment Market 2017-2021
- Global Blood Stream Infection Testing Market 2016-2020
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