Blood glucose test strips are thin strips or tapes used with glucose meters to measure the level of glucose in the blood samples of people with diabetes. Blood glucose test strips help check glucose levels without needing a blood sample. The strips work by detecting the amount of glucose in the blood sample placed on them. This provides quick and easy home monitoring of blood sugar levels, which is important for managing diabetes.
The global blood glucose test strip market is estimated to be valued at US$ 10.07 Bn 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 Opportunity:
With rising diabetes prevalence worldwide, there is high potential for widespread screening and regular glucose monitoring. This presents a major market opportunity for blood glucose test strips. Screening helps detect diabetes at an early stage. Regular monitoring also helps manage diabetes better by keeping blood sugar levels within the target range through diet, exercise and medication adjustments. This can help prevent diabetes complications in the long run. Increased awareness about benefits of screening and monitoring is expected to drive higher adoption of blood glucose test strips for home use. This will contribute significantly to revenue growth of the blood glucose test strip market during the forecast period.
Porter’s Analysis
Threat of new entrants: The blood glucose test strip market requires high capital investments and R&D expenditure to develop innovative test strips. Established players have strong brand recognition and customer loyalty which poses barriers for new entrants.
Bargaining power of buyers: Buyers have moderate bargaining power given the availability of substitutes and presence of many vendors providing test strips. However, medical necessity of test strips keeps the buyers from aggressively bargaining.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of substitutes. However, key raw material suppliers enjoy bargaining power due to proprietary technologies and expertise required.
Threat of new substitutes: Threat of substitutes is moderate as technology advances have enabled continuous glucose monitoring systems and smart insulin pens as alternatives. However, test strips continue to be used widely for self-monitoring of glucose levels.
Competitive rivalry: The market is consolidated with key players differentiating based on accuracy, results delivery time and product features. Pricing pressure exists due to strong competition.
SWOT Analysis
Strength: Wide availability of accurate, affordable and user-friendly test strips. Growing diabetic patient base globally boosts demand. Technological advances support results delivery in minimum time.
Weakness: High capital requirements and stringent regulations add to production costs. Dependence on limited raw material suppliers.
Opportunity: Emerging economies with increasing healthcare expenditure provide new markets. Connected test strips with smart monitoring capabilities offer opportunities.
Threats: Threat from substitutes like continuous glucose monitoring systems. Price control regulations in certain regions. Reimbursement coverage and access challenges in low income countries.
Key Takeaways
The Global Blood Glucose Test Strip Market Demand is expected to witness high growth during the forecast period of 2023-2030. The market size for 2024 is estimated at US$ 10.07 Bn registering a CAGR of 7.9% during the forecast period.
Regional Analysis: North America currently dominates the market holding the largest share owing to high diabetes prevalence and developed healthcare infrastructure in countries like the US and Canada. However, Asia Pacific is expected to be the fastest growing region due to increasing healthcare expenditure, large diabetic population and improving access to diagnosis and treatment in countries like China, Japan and India.
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. These players are focused on developing innovative test strips with advanced features like connectivity and data sharing capabilities to gain competitive edge.
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