Health & Safety Industry Today
Americas Blood Glucose Test Strip Packaging Market Projected to Grow Radiantly by 2027; Asserts MRFR Unleashing Industry Forecast
The Americas blood glucose test strip packaging market is growing mainly due to rising cases of diabetes. According to a recent study report published by the Market Research Future, the Americas 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 2027, surpassing its previous growth records in terms of value with a striking CAGR during the anticipated period (2017 – 2027).
Blood glucose test strip packaging is the process of enclosing test strips in vials and high barrier pouches to protect them from environmental factors such as moisture, bacterial contamination, and other gases.
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Notably, rising prevalence of diabetes is the primary driver for Americas blood glucose test strip packaging market. Epidemic of obesity, socioeconomic transitions, nutrition transitions, and rapid urbanization are promoting the rising prevalence of most of the diseases. According to WHO, global prevalence of diabetes has risen from 4.7% to 8.5% in 2014. It is also estimated that around 1.6 million deaths have been occurred in 2015 due to diabetes worldwide. The rising prevalence of diabetes in low and middle-income countries appears to be fuelled by nutrition transition, rapid urbanization, and increasingly sedentary lifestyles, suggested by a study published in Pharmacoeconomics in 2015.
Other push factors such as, rising technological advancements, increasing adoption of flexible packaging solutions, increasing awareness among the people, vital role of packaging in maintaining test strips efficiency, rising healthcare expenditure, changing reimbursement policies, and growing geriatric population are also fuelling the growth of the market. Centers for Disease Control and Prevention (CDC) suggested that the Per capita national health expenditures in 2015 was amounted to be USD 9,990 and total national health expenditure was USD 3.2 trillion. It is also reported that out of total national health expenditures in the US, prescription drugs 10.1% share. According to the American Diabetes Association, nearly 30 million Americans are dealing with diabetes and every 21 seconds one person is diagnosed with diabetes.
Despite these drivers, high cost associated with blood glucose test strip packaging, and presence of other successful alternatives are expected to hinder the growth of the blood glucose test strip packaging market.
Americas Blood Glucose Test Strip Packaging Market - Competitive Analysis
CSP Technologies, Inc. (U.S), SANNER GMBH (Germany), Multisorb Technologies, Inc. (U.S), Impak Cororation (U.S), Laminatedfilms & Packaging (LF&P), INC (U.S), Flow Dry Technology Inc. (U.S), LPS Industries, LLC (U.S) are some of the prominent players at the forefront of competition in the Americas blood glucose test strip packaging market and are profiled in MRFR Analysis.
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The Americas blood glucose test strip packaging market is currently dominated by various players. Due to rising prevalence of diabetes various existing and new marketers are continuously coming up with advanced technologies to control various chronic diseases. The Americas blood glucose test strip packaging market is currently dominated by numerous players.
CSP Technologies, Inc. is one of them by holding a strong share in the market. The company is a manufacturer, and distributor of custom polymeric and specialty protective packaging products for the medical device, diagnostics, pharmaceutical, consumer packaging, electronics, confectionary, and nicotine delivery markets. On March 15th, 2016, CSP Technologies announced the acquisition of Maxwell Chase Technologies, LLC, for the additional expansion into the food industry. Product portfolio of the company falls into four main categories i.e. films and blisters, vials, molded components and specialty packaging capabilities.Sanner Gmbh is another renowned market player in Americas blood glucose test strip packaging market. The company develops, manufactures, and markets various plastic packaging and components for pharmaceutical, household, and medical products.
Strategic partnership is an essential part of Sanner’s strategy to reach its goal of new products pipeline, by accruing partner’s technology, and products. For instance, On May 18, 2017, Sanner acquired the Plastina Holding AG, parent company of Jaco S.A. The main aim of the acquisition is to expand effervescent packaging business. The parties agreed on keeping the purchase price confidential. On July 11, 2014, Sanner expanded its effervescent packaging product range with the launch of the new BrillianceTube for effervescent tablets with in-mold labeling (IML).
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The report for Americas Blood Glucose Test Strip Packaging Markets of Market Research Future comprises of extensive primary research along with the detailed analysis of qualitative as well as quantitative aspects by various industry experts, key opinion leaders to gain the deeper insight of the market and industry performance. The report gives the clear picture of current market scenario which includes historical and projected market size in terms of value and volume, technological advancement, macro economical and governing factors in the market. The report provides details information and strategies of the top key players in the industry. The report also gives a broad study of the different markets segments and regions
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