Abbott Acquired Alere To Expand Its Channels In Blood Glucose Test Strips
The blood glucose test strips market size is expected to grow around $10 billion by 2022. Growth in the blood glucose test strips market is due to rising number of diabetic patients globally, adoption of sedentary lifestyle, rising disposable income and government initiatives to support research and development in the diabetes area.
Innovative blood glucose testing methods, adopting low cost alternatives of blood glucose strips and development of generic blood glucose test strips are a few trends witnessed in the diabetes test strips industry.
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Merger and acquisition activity in the blood glucose test strips market has been at a low level. Major deals were done by Abbott, Panasonic Healthcare Holdings, Sinocare and Pharma Tech Solutions.
In February 2016, Abbott acquired Alere Inc. for a consideration of $5.8 billion. Under the terms of the agreement, Abbott agreed to pay $56 per common share in cash. With this acquisition, Abbott plans to gain access to new channels and markets, including entry into fast-growing outlets, such as doctor’s offices, clinics, pharmacies and at-home testing. Alere Inc. is a US-based company which manufactures and markets rapid point-of-care diagnostic tests and products for consumer and professional markets.
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