June 18, 2024
Blood Glucose Test Strip Market

Blood Glucose Test Strip Market to Display Considerable Growth Owing to Rising Prevalence of Diabetes

The blood glucose test strip market has witnessed significant growth over the past few years owing to the growing prevalence of diabetes across the globe. Blood glucose test strips are used to check and monitor glucose levels in the blood and help people with diabetes manage their condition. Advancements in test strip technology have made self-monitoring easier and pain-free. Some key advantages of blood glucose test strips include convenience, accuracy, affordability and quick results. The increasing diabetes patient pool and focus on better diabetes management and care are promoting the adoption of blood glucose test strips.

The Global blood glucose test strip market is estimated to be valued at US$ 12.33 Bn in 2024 and is expected to exhibit a CAGR of 7.9% over the forecast period 2024 to 2031.

Key Takeaways

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. These players are focusing on developing innovative products and adopting organic and in-organic growth strategies like mergers, acquisitions and partnerships to strengthen their market presence.

The growing awareness about diabetes self-care and management is presenting significant opportunities for blood glucose test strip manufacturers to expand their customer base and offerings. Blood Glucose Test Strip Market Size increasing healthcare expenditure in developing nations is augmenting the demand for blood glucose test strips.

Rising geriatric population globally will further propel the blood glucose test strip market growth in the coming years. Key players are investing in research to develop advanced test strips with minimal pain and better accuracy to capitalize on the high growth potential across international markets.

Market Drivers

The increasing prevalence of diabetes due to sedentary lifestyles and obesity is a major factor driving the blood glucose test strip market. It is estimated that over 463 million adults were suffering from diabetes in 2019 according to the International Diabetes Federation. This translates to a significant demand for glucose test strips for effective self-monitoring of glucose levels. Moreover, rising health awareness, better disposable incomes and expanding insurance coverage are also fueling the adoption of blood glucose test strips globally.

PEST Analysis

Political: Regulations related to diabetes care and management vary across regions and countries. Government support and endorsements for diabetes education and awareness programs impact product adoption.

Economic: Rising healthcare expenditures on diabetes treatment and management drive demand. However, fluctuating reimbursement policies and insurance coverage affect market growth.

Social: Increasing diabetes prevalence due to lifestyle changes and obesity boosts testing needs. Growing health consciousness and self-monitoring culture fuel adoption.

Technological: Technological advancements enable the development of user-friendly and cost-effective testing devices. Connected health solutions support better disease management.

Geographical regions where market in terms of value is concentrated

North America dominates the blood glucose test strip market owing to the high diabetes prevalence, supportive insurance policies, developed healthcare infrastructure and awareness levels in the region. The availability of advanced technologies and presence of major market players also contribute to the regional market growth. Asia Pacific is expected to witness the fastest growth over the forecast period due to improving access to healthcare facilities, increasing healthcare spending and expanding patient base in developing countries such as India and China.

The fastest growing region for the blood glucose test strip market

Asia Pacific region is poised to register the highest CAGR during the forecast period. This is attributed to factors such as rising aging population, growing diabetic patient pool, increasing per capita healthcare expenditure, developments in healthcare infrastructure, favorable government policies and rising awareness about diabetes self-management. Moreover, presence of low-cost generic manufacturers and technological advancements are supporting regional market expansion.

*Note:
1. Source: Coherent Market Insights, Public Source, Desk Research
2. We have leveraged AI tools to mine information and compile it