by The Blood Glucose Test Strip Market is estimated to be valued at US$ 10.7 Bn in 2023 and is expected to exhibit a CAGR of 7.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Blood glucose test strips are thin, flexible plastic strips that are used in blood glucose meters to test the blood glucose level in a person’s body. These test strips contain an enzyme called glucose oxidase, which produces electrons proportional to the amount of glucose present in a blood sample. The most commonly used blood glucose test strips are basic test strips that only measure glucose levels quickly. Advanced blood glucose test strips can communicate additional information like recent meal data, medication intake details, etc. to the glucometer device and show personalized insights to help manage diabetes effectively.
Market Dynamics:
The increasing prevalence of diabetes across the globe is a major driver of the blood glucose test strip market. According to the International Diabetes Federation, around 537 million adults aged between 20 and 79 years were living with diabetes in 2021 globally and by 2045 this figure is projected to rise to around 643 million individuals. Diabetes requires constant monitoring of blood glucose levels to manage the condition properly. This drives the demand for blood glucose test strips. Another driver influencing the market growth is technological advancements in blood glucose monitoring devices leading to the development of advanced glucometers and test strips. These new devices offer features like cloud connectivity, insulin dosing reminders, data analytics and digital logbook to help diabetics remotely track and control their condition better. However, high cost of advanced blood glucose monitoring devices and test strips poses a challenge for market growth in price sensitive regions.
Segment Analysis
The global blood glucose test strip market can be segmented by technology, distribution channel, and geography. Based on technology, glucose dehydrogenase (GDH) is the dominating segment as it is more stable and works efficiently in a wide pH range, making it suitable for multiple diagnostic needs. It has high specificity towards glucose detection.
PEST Analysis
Political: regulatory policies on quality standards and approval procedures impact R&D and manufacturing costs. Harmonization of these policies promote international trade.
Economic: increasing healthcare expenditure and rise in disposable incomes in developing nations boost market growth. However, healthcare reforms in some countries restrain costs.
Social: growing prevalence of diabetes and obesity, coupled with rising awareness about self-monitoring of glucose levels, drive demand.
Technological: continuous technological advancements aid miniaturization and automation, enhancing ease of use and accuracy readings. Connected devices attract both patients and healthcare providers.
Key Takeaways
The Global Blood Glucose Test Strip Market Size is expected to witness high growth, exhibiting CAGR of 7.4% over the forecast period, due to increasing prevalence of diabetes globally. According to International Diabetes Federation, approximately 537 million adults aged 20-79 years were living with diabetes in 2021 worldwide.
The Asia Pacific region is expected to witness fastest growth in the market owing to surge in diabetic population and rise in healthcare expenditure in countries such as India and China. Increasing economic developments and expansion of private healthcare facilities strengthen regional growth.
Key players operating in the blood glucose test strip market are Abbott, F. Hoffmann-La Roche Ltd, Johnson & Johnson, ARKRAY, Inc., Ascensia Diabetes Care Holdings AG, AgaMatrix, Bionime Corporation, ACON Laboratories, Inc., MEDISANA GMBH, Tividia Health, Inc. and Rossmax International Ltd. Major players focus on new product launches, acquisitions, and collaborative agreements with regional players to strengthen their geographic presence globally.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
