by Blood glucose test strips are thin, plastic strips used in handheld devices called glucometers to test blood glucose (sugar) levels. They are essential for effective diabetes management as they help diabetics monitor their blood sugar levels. The increasing prevalence of diabetes around the world is the major factor driving the demand for blood glucose test strips.
The global Blood Glucose Test Strip Market 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, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Rising awareness regarding diabetes self-management has propelled the adoption of personal glucose monitors which utilize blood glucose test strips. According to the International Diabetes Federation, approximately 537 million adults were living with diabetes in 2021, and the number is expected to rise to 643 million by 2030 and 783 million by 2045. Increased focus on diabetes self-care along with growing access to diabetes care services contributes to the growing demand for blood glucose test strips. Personal glucose monitoring devices and test strips have allowed diabetics to better manage their condition through frequent testing and by providing the readings needed to make adjustments to diet, exercise, and medication on a daily basis. This rising focus on self-management is estimated to drive the growth of the blood glucose test strip market over the forecast period.
SWOT Analysis
Strength: The blood glucose test strip market is witnessing significant growth due to rising prevalence of diabetes across the globe. Additionally, growing awareness regarding diabetes self-management is driving the market growth.
Weakness: High cost associated with blood glucose test strips limits their adoption in low and middle-income countries. Inaccurate results delivered by some low-cost test strips is another concern.
Opportunity: Growing elderly population prone to diabetes presents lucrative growth opportunities. Moreover, introduction of technologically advanced test strips with features like connectivity and accurate result reading offers growth avenues.
Threats: Presence of alternative technologies for blood glucose monitoring poses serious threat to test strips market. Stringent regulatory frameworks especially in developed countries also restrict market growth.
Key Takeaways
The Global Blood Glucose Test Strip Market Size is expected to witness high growth. The global Blood Glucose Test Strip Market 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.
Regional analysis comprises the North America region currently dominates and is expected to continue its dominance over the forecast period. Factors such as rising geriatric population, growing prevalence of diabetes and favorable medical reimbursement policies are fueling the market growth in this region.
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 with advanced technologies. For instance, in 2021 Abbott launched FreeStyle Libre 3, world’s smallest, thinnest and most accurate glucose sport sensor.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
