Blood glucose test strips are thin strips of plastic or other non-corrosive material used with blood glucose meters to test the blood sugar level in people with diabetes. The strips are designed to absorb a small amount of blood and determine the levels of glucose in the sample.
The global blood glucose test strip market is estimated to be valued at US$ 10.07 billion in 2023 and is expected to exhibit a CAGR of 7.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increased prevalence of diabetes globally has been a key driver accelerating growth of the blood glucose test strip market. According to the International Diabetes Federation, about 537 million adults were living with diabetes in 2021 worldwide and the number is estimated to rise to 643 million by 2030 and 783 million by 2045. Diabetes management requires regular blood glucose monitoring for which blood glucose test strips are essential. Semiconductor-based strips are gaining popularity over enzyme-based test strips owing to their smaller size, quicker results and lower cost. Manufacturers are also focusing on developing advanced test strips that are pain-free and require very small amounts of blood sample. Such developments are expected to further support growth of the market during the forecast period.
Segment Analysis
The global blood glucose test strip market is dominated by the self-monitoring blood glucose sub segment. This segment accounts for over 70% of the total market share due to the increasing prevalence of diabetes and rising awareness regarding frequent blood glucose monitoring. Growing geriatric population and increasing adoption of home healthcare are the major drivers of this dominating sub segment.
Key Takeaways
The Global Blood Glucose Test Strip Market Growth is expected to witness high over the forecast period of 2023 to 2030.
Regional Analysis: The Asia Pacific region is the fastest growing market for blood glucose test strips due to the rising incidence of diabetes in China and India. China accounts for over 50% share of the Asia Pacific market owing to the large patient pool and growing geriatric population in the country.
Key players operating in the blood glucose test strip market are BASF SE, SINOYQX, Puyang Green Yingli New Material Tech Co. Ltd, BEIJING GUOJIAN ANKE, ZHEJIANG LIN'AN YUNQING MELAMINE PLASTIC FOAM CO., PentaClick, Acoufelt, Clark Foam, Reilly Foam Corporation, Soundcoat, Festa.
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Market ScenarioThe blood glucose test strip market is presumed to garner USD 18.5 billion during the forecast period (2015-2020).
It is a crucial component of blood glucose meters that helps to monitor and control diabetes.Request Sample Copy:https://www.marketresearchfuture.com/sample_request/976Drivers and Constraints Impacting the MarketBlood glucose test strips are self-testing strips which let pre-diabetic and diabetic people track their blood glucose level on a regular basis without visiting a diagnostic laboratory or a clinic.
With the growing diabetic population, the global market for blood glucose test strip is considered to foster during the assessment period.
For instance, as per the International Diabetic Federation, around 415 million people had diabetes in 2015.
Moreover, technological advancements such as accuracy of the tests along with awareness among the people regarding diabetes are stimulating the market growth.Global Blood Glucose Test Strip Market: Segmental AnalysisThe blood glucose test strip market has been segmented on the basis of technology, distribution channel, and region.By mode of technology, the global blood glucose test strip market has been segmented into optical, thin film electrochemical, and thick film electrochemical.By mode of distribution channel, the global blood glucose test strip market has been segmented into retail pharmacy and hospital pharmacy.
The growth is attributed to the increasing preference for self-care testing among the patients to monitor diabetes.Regional InsightsGeographically, the global blood glucose test strip market span across regions namely, North America, Europe, Asia Pacific, and the Middle East and Africa.Among all the regions, North America is presumed to lead the global blood glucose test strip market with $ 7.89 billion revenue.
Asia Pacific Blood Glucose Test Strip Packaging Market– Forecast to 2021 The report firstly introduced Asia Pacific Blood Glucose Test Strip Packaging Market including classification, application and industry chain overview; Then we deeply analyzed Asia Pacific growth forecast indicators by the as well as the regional market conditions that including the product price, profit, utilization, supply, demand and industry growth rate etc.
In the end, the report introduced medical suction device market SWOT analysis, PEST analysis, market share analysis and competitive landscape, company profiles by analyzing the major players.
We are thankful for the support and assistance from Asia Pacific Blood Glucose Test Strip Packaging Market chain related technical experts and marketing experts during Research Team survey and interviews.Global Blood Glucose Test Strip Market – OverviewBlood glucose related diseases have increased the market potential for the blood glucose test strip industry to a great extent.
Market reports linked to the healthcare sector along with published reports on other sectors have been lately made available by Market Research Future, which has also published a report on this market.
The presence of competitors in the market to address the demands of the patients in the market has given way to positive development of the industry.
The European region is the next chief sector for the blood glucose test strip market which is expected to grow at a high rate of CAGR percent by the end of the forecast period.Global Competitive AnalysisThe corporate strategy of the competitors in the market is focused currently on capitalizing the dynamic pace of technological innovations which have led to plenty of changes both in terms of product development and handling competition.
Total diabetic population in China is 113 million, which accounts 11% of total Chinese population, whereas 67 million people in India have diabetes.
According to a study, China has the highest smoking rate and smoking increases the chances of developing diabetes by 45% as compare to non-smoker, which, in turn, will drive the growth of the market over the assessment period.Free sample copy is available here @ https://www.marketresearchfuture.com/sample_request/625Market PlayersHoffmann-La Roche Ltd (Switzerland), Abbott (US), LifeScan, Inc. (US), i-SENS.
Inc. (South Korea), AgaMatrix (US), TaiDoc Technology Corporation (Taiwan), BioSensors, Inc. (US), Universal Biosensors (Australia), Beijing Yicheng Electronic Co., Ltd (China), Hmd Biomedical (Taiwan), and B. Braun Melsungen Ag (Germany).Many countries in Asia Pacific are developing rapidly.
Majority of the population in Asia Pacific region smoke, which is another factor responsible for development of diabetes.
Different types of test are available to monitor the blood glucose level such as oral glucose tolerance test, postprandial blood sugar, random blood sugar testing, and others.
SegmentationAsia Pacific blood glucose test strip market is segmented on basis of types, technology and end users.On the basis of types, the market is segmented into glucose oxidase, glucose dehydrogenase, and other.On the basis of technology, the market is segmented into wicking technology and channel technology.On the basis of end user, the market is categorised in hospital, clinic, homecare, and othersRegional AnalysisAsia Pacific region is segmented into Japan, China, India, Australia, Republic of Korea, and Rest of Asia Pacific.
