Blood glucose test strips are thin strips of plastic or paper that are used in handheld glucose meters to test the blood glucose levels in diabetic patients. Blood glucose test strips are an indispensible need for diabetic patients to constantly monitor their blood sugar levels. They help diabetics manage the disease and keep their blood sugar levels within normal range to avoid any complications.
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 key trends:
The increasing incidences of diabetes across the globe is one of the key driving factors fueling the growth of the blood glucose test strip market. According to the International Diabetes Federation (IDF), around 537 million adults were living with diabetes in the year 2021 worldwide and the number is estimated to rise to 783 million adults by 2045. Diabetes increases the risk of heart diseases, stroke, kidney failure, leg amputation, vision loss and nerve damage. Regular glucose monitoring is important for the prevention and treatment of diabetes complications, thereby propelling the demand for blood glucose test strips. Furthermore, technological advancements in blood glucose monitoring systems and introduction of smart glucoses monitoring system are also expected to support the market growth over the forecast period. However, availability of alternative glucose monitoring systems may hamper the market growth.
Segment Analysis
The global blood glucose test strip market is dominated by the self-monitoring blood glucose sub-segment. Self-monitoring of blood glucose is one of the most common practices adopted by people with diabetes in managing their condition. It involves testing blood glucose levels at home with a portable glucose meter and test strips. Self-monitoring allows individuals to keep track of their blood glucose fluctuations and make necessary lifestyle adjustments.
Key Takeaways
The Global Blood Glucose Test Strip Market Size is expected to witness high growth driven by the rising diabetes prevalence worldwide. 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.
Regional analysis shows that Asia Pacific region is projected to grow at fastest pace due increasing diabetes patient pool in countries like China and India. North America currently dominates the global market owing to supportive reimbursement policies and awareness regarding diabetes management in the US and Canada. However, the Asia Pacific region is emerging as a high growth market. Growing medical expenditure and improving access to diabetes care products are fueling the demand for blood glucose test strips in Asia Pacific countries.
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, AgaMatrix. These players are focusing on new product launches, geographical expansion and boosting production capabilities to strengthen their market position. For instance, Roche recently launched its Accu-Chek Instant portable glucose meter and test strips to provide accurate and fast results to people with diabetes.
For More Insights, Read: https://www.newswirestats.com/blood-glucose-test-strip-market-size-share-and-growth-forecast-2023-2030/
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