Blood glucose test strips are thin strips of plastic or other non-corrosive material used in handheld glucose meters to test the blood glucose levels in diabetics patients. Sometimes called reagent strips, they contain enzymatic reagents and chemicals that react with blood glucose (sugar) to provide a colorimetric reading of the person’s approximate blood glucose level. When a small drop of fresh blood from the finger is applied to the test strip, the results appear on the digital display of the glucose meter in 5-15 seconds. Major uses of blood glucose test strips include monitoring blood glucose levels in diabetic patients multiple times per day to ensure optimum control.
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 Dynamics:
Growing Prevalence of Diabetes – The blood glucose test strip market is expected to be flourished by the growing prevalence of diabetes across the globe. According to the latest data by the International Diabetes Federation, around 537 million adults aged 20–79 years are living with diabetes worldwide in 2021, and this number is estimated to rise to 643 million by 2030 and 784 million by 2045. Strict glycemic control in diabetic patients using blood glucose test strips multiple times per day to monitor blood sugar levels remains crucial in delaying and preventing complications associated with diabetes like heart disease, stroke, kidney failure, leg amputation etc. Hence growing diabetes burden will drive increased demand for blood glucose test strips during the forecast period.
Need for Frequent Monitoring – For optimal glycemic control in diabetic patients, frequent monitoring of blood sugar levels using blood glucose test strips is recommended. As per recent guidelines, blood sugar levels should be checked at least 4 times per day including before and after meals. This is driving the need for continued and frequent usage of blood glucose test strips. Moreover, non-compliant diabetic patients are now more focused on effective diabetes management through regular self-monitoring of blood glucose levels, further propelling the test strips market
Segment Analysis
The blood glucose test strip market is dominated by the self-monitoring blood glucose sub-segment which accounts for over 80% of the total market share. Self-monitoring of blood glucose levels is considered crucial for individuals suffering from diabetes in order to manage their blood sugar levels on a daily basis, which has propelled the demand for blood glucose test strips that can be used conveniently with glucometers for self-testing.
PEST Analysis
Political: Governments across countries are increasingly focusing on diabetes management and prevention through various initiatives and health programs which is positively impacting the growth of the blood glucose test strip market.
Economic: Rising healthcare expenditures on diabetes treatment and growing per capita disposable incomes in developing regions is augmenting the demand for blood glucose test strips for better management of blood sugar levels.
Social: Growing social awareness towards diabetes self-care and management has led to increased adoption of home blood glucose monitoring practices using test strips and glucometers as they offer convenience and flexibility.
Technological: Advancements in blood glucose test strip technology have enhanced accuracy and reduced turnaround times for results along with value additions like data connectivity functions which is attracting more users.
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 expected to experience the fastest growth during the forecast period owing to the rising geriatric population, growing awareness about diabetes self-management, increasing healthcare expenditures, and presence of several key players in countries like China and India.
Key players: 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.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it