Blood Glucose Test Strip Market

Blood Glucose Test Strip Market is Expected to be Flourished by Growing Prevalence of Diabetes

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Blood glucose test strips are used for self-monitoring of blood glucose levels among patients with diabetes. They play a vital role in diabetes management by enabling users to track their blood sugar levels on a regular basis. The strips contain reagent pads that assess the glucose level in a small blood sample placed on the strip. This allows people with diabetes to make informed decisions about their medication, diet, and exercise. Some key uses of blood glucose test strips include monitoring blood glucose levels before and after meals, during physical activity or illness, before driving, and during the night to check for low blood sugar.

The global 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 9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

The growth of the blood glucose test strip market is driven by the growing prevalence of diabetes globally. According to the International Diabetes Federation, approximately 537 million adults were living with diabetes in 2021 worldwide, and the number is expected to rise to 643 million by 2030 and 784 million by 2045. Self-monitoring of blood glucose is considered an integral part of diabetes management. Regular monitoring helps patients and physicians understand how factors like diet, medications, and exercise affect blood sugar levels and timely make adjustments to therapy as needed.

The growing adoption of accurate and user-friendly blood glucose monitoring systems is also fueling the demand for test strips in the market. Technological advancements have led to the development of compact and painless monitoring devices that have enabled diabetic patients to test blood glucose levels conveniently and comfortably from home. This factor is encouraging more patients to opt for frequent self-monitoring, thereby augmenting the uptake of test strips.

Segment Analysis

The global blood glucose test strip market is dominated by the self-monitoring blood glucose test strip sub-segment, which holds around 95% share of the total market. This is because self-monitoring of blood glucose levels has become crucial for effective management of diabetes. Self-monitoring allows diabetic patients to monitor their blood sugar levels regularly and make necessary adjustments to their insulin dosage or diet.

PEST Analysis

Political: Governments across countries are initiating various awareness programs about diabetes and its management. They are also funding diabetes management and providing subsidies on blood glucose test strips to make it affordable.
Economic: Rising healthcare expenditures on treatment and management of diabetes is driving demand for blood glucose test strips. Growth in disposable incomes also allows people to spend more on diabetes care and monitoring devices.
Social: Increasing prevalence of diabetes and obesity has boosted social awareness about managing the condition. People are more willing to self-monitor their blood sugar levels regularly as an important healthcare practice.
Technological: Advancements are being made in blood glucose monitoring devices and test strips. New generation test strips require lesser amount of blood sample and give faster results. Connected devices also allow remote monitoring of glucose levels.

Key Takeaways

The Global Blood Glucose Test Strip Market Size is expected to witness high growth over the forecast period of 2023 to 2030, propelled by the growing diabetic population worldwide. The global blood glucose test strip market size is estimated to be valued at US$ 10.7 billion in 2023 and is expected to exhibit a CAGR of 9% over the forecast period 2023 to 2030.

 

The North American region currently dominates the market due to high awareness levels and early availability of advanced products. The Asia Pacific region is projected to be the fastest growing market for blood glucose test strips during the forecast period. This can be attributed to improving healthcare infrastructure and rising healthcare spending in developing countries such as India and China. According to the International Diabetes Federation, India had the second highest diabetic population globally after China in 2019.

Key players
Key players operating in the blood glucose test strip market are Hyosung Corporation, Roche, Lifescan, Bayer, Abbott, ARKRAY, I-SENS, Omron B. Braun, 77 Elektronika, Nipro Diagnostics, and AgaMatrix. These leading manufacturers are focussing on developing innovative testing solutions to gain more market share.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it