The global diabetic test strips market was valued at $50 billion in 2018. North America was the largest region in the diabetic test strips market with over 39% of the market.
The diabetes therapies market consists of manufacturers’ sales of drugs and therapies for treating diabetes. The drugs most commonly used are alpha-glucosidase inhibitors, biguanides/metformin, sulfonylureas, meglitinides and thiazolidinediones.
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Diabetic Test Strips Market Size
The global diabetic test strips market size is expected to grow to over $69 billion in 2023 at a rate of about 6%. Growth in the forecast period can be attributed to an increasing incidence of diseases such as Parkinson’s, cancer and other chronic diseases mainly due to population ageing; this is expected to significantly increase the demand for diagnosis equipment and wearable devices enabled with IoT technology for diagnosing and monitoring patients’ medical conditions.
Novo Nordisk A/S was the largest competitor with around 20% of the diabetic test strips market, followed by Eli Lilly and Company, Sanofi S.A., Merck & Company, Inc. and C.H. Boehringer Sohn AG & Ko. KG (exact figures are mentioned in report).
Novo Nordisk is a healthcare company, engaged in the discovery, development, manufacture, and marketing of pharmaceutical products worldwide. The company was founded in 1923 and is headquartered in Bagsvaerd, Denmark.
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Company profiles included in the diabetic test strips market report are Novo Nordisk A/S, Eli Lilly and Company, Sanofi S.A., Merck & Company, Inc., C.H. Boehringer Sohn AG & Ko. KG.
The diabetes therapies market is segmented into oral and injectables diabetes therapies market. The injectable drugs segment accounted for the largest share of the diabetic therapies market in 2018 at $32.3 billion. This large share in the market was due to the prices of injectables being higher than for oral drugs. The highest growth is also projected to come from the injectables segment, which is forecast to grow at a CAGR of about 6.9%. Major factors for this growth include increasing access to injectables in developing and some underdeveloped countries. Increasing awareness of diabetes also contribute to this growth.
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