Global Blood Glucose Test Strip Market – Industry Trends and Forecast to 2030

Blood Glucose Test Strip Market Analysis and Size

The global blood glucose test strip market is rising steadily as a result of the increasing prevalence of diabetes all over the world, especially in North America. The growing adoption of self-monitoring glucose tests drives the global blood glucose test strip market. Strategic initiatives by the key market players are one of the elements driving the market's rapid rise. Market players are expanding their product offerings to acquire a competitive advantage.

Data Bridge Market Research analyses that the global blood glucose test strip market, which was USD 23,160.87 in 2022, will reach USD 38,035.76 Million by 2030 and is expected to undergo a CAGR of 6.1% during the forecast period. "Thick Film Electrochemical Films" dominates the type segment of the global blood glucose test strip market due to the increasing diabetes prevalence. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.

Blood Glucose Test Strip Market Scope and Segmentation

Market Definition

The blood glucose test strip market refers to the segment of the medical diagnostics industry that focuses on the production, distribution, and sale of disposable strips used for measuring blood glucose levels in individuals with diabetes. These test strips are designed to be used with a blood glucose meter, a handheld device that provides a digital reading of the blood glucose level.

Global Blood Glucose Test Strip Market Dynamics

Drivers

• Increasing prevalence of diabetes

The rising global incidence of diabetes is a major driver for the blood glucose test strip market. As the number of individuals diagnosed with diabetes continues to grow, the demand for blood glucose monitoring devices, including test strips, is expected to increase.

• Growing adoption of self-monitoring

Self-monitoring of blood glucose levels is becoming more prevalent among individuals with diabetes. This trend is driven by the desire for better disease management, increased awareness about the benefits of regular monitoring, and the availability of user-friendly blood glucose test strips and meters.

Opportunity

• Emphasis on disease management and preventive care

Governments, healthcare organizations, and insurers are focusing on disease management and preventive care to reduce the burden of diabetes and associated complications. This emphasis creates opportunities for proactive monitoring and regular testing, including blood glucose test strips.

Furthermore, the rising collaboration, merger, and acquisition among the market players will extend profitable opportunities for the market players in the forecast period of 2023 to 2030. In addition, the rising number of market players will further expand the market's growth rate in the future. 

Restraints/Challenges

• The high cost associated with the product

The high cost associated with product manufacturing is expected to obstruct market growth. Also, the supply chain industry disruption can challenge the market's growth. Also, the lack of a favorable reimbursement scenario, technology penetration in the developing economies, and lack of suitable infrastructure are projected to challenge the market in the forecast period of 2023-2030.

This global blood glucose test strip market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the global blood glucose test strip market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Recent Development

• In September 2014, they launched the FreeStyle Libre system, which uses a continuous glucose monitoring (CGM) sensor instead of traditional test strips. This system provides real-time glucose readings without the need for finger pricking. Abbott has also focused on improving the accuracy, ease of use, and connectivity of their blood glucose test strips.

Global Blood Glucose Test Strip Market Scope

The global blood glucose test strip market is segmented based on type, technology, and end-user. The growth amongst these segments will help you analyse meager growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Type

• Thick Film Electrochemical Films
• Thin Film Electrochemical Films
• Optical Strips

Technology

• Glucose Oxidase
• Glucose Dehydrogenase

End-User

• Hospitals
• Home Care
• Diagnostic Laboratories

Global Blood Glucose Test Strip Market Regional Analysis/Insights

Global blood glucose test strip market is analyzed, and market size insights and trends are provided by type, technology, and end-user, as referenced above.

The countries covered in the global blood glucose test strip market report are U.S., Canada, Mexico, Germany, Italy, U.K., France, Spain, Netherland, Belgium, Switzerland, Turkey, Russia, rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, rest of Asia- Pacific, Brazil, Argentina, rest of South America, South Africa, Saudi Arabia, UAE, Egypt, Israel, rest of Middle East and Africa.

North America dominates the market due to rising healthcare costs, increased R&D related to diabetes treatment and trending technological advancements.

Asia-Pacific is expected to witness the fastest growth during the forecast period of 2023 to 2030 because of the rising strategic initiatives by the key market players and favorable government initiatives in the region.

The country section of the report also provides individual market-impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, the impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.

Healthcare Infrastructure growth Installed base and New Technology Penetration

The blood glucose test strip market also provides you with detailed market analysis for every country growth in healthcare expenditure for capital equipment, installed base of different kind of products for blood glucose test strip market, impact of technology using life line curves and changes in healthcare regulatory scenarios and their impact on the blood glucose test strip market. The data is available for historic period 2015-2021

Competitive Landscape and Blood Glucose Test Strip Market Share Analysis

The blood glucose test strip market competitive landscape provides details of competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to the market.

Some of the major players operating in the blood glucose test strip market are:

• Abbott (U.S.)
• F. Hoffmann-La Roche Ltd (Switzerland)
• LifeScan IP Holdings, LLC (Pennsylvania)
• i-SENS, Inc. (Korea)
• Ascensia Diabetes Care Holdings AG (Switzerland)
• AgaMatrix, Elektronika Sales Pvt Ltd. (India)
• Universal Biosensors (Australia)
• Nipro (Japan)
• TaiDoc Technology Corporation (Taiwan)
• APEX BIOTECHNOLOGY CORP. (Taiwan)
• B. Braun Melsungen AG (Germany)
• HMD (Finland)
• Betachek (Australia)
• Shanghai MicroSense (China)
• Yuwell-Jiangsu Yuwell Medical Equipment & Supply Co., Ltd. (China)
• ACON Laboratories, Inc. (U.S.)
• Terumo Corporation (Japan)
• OMRON Corporation (Japan)
• MEDISANA GMBH (Germany)
• GlaxoSmithKline plc (U.K.)
• Bayer AG (Germany)

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