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 7.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Blood glucose test strips are used with glucose meters to test the blood glucose or sugar level in diabetics. They are essential for monitoring blood glucose levels and managing diabetes. Glucose meters use the test strips to analyze blood glucose and provide readings in just a few seconds. Test strips contain enzymes and chemicals that react with the blood sample to determine glucose levels.
Market key trends:
The blood glucose test strips market is witnessing rising demand for more accurate and cost-effective test strips. Manufacturers are investing in R&D to develop innovative test strip technologies that offer higher accuracy, faster results, and require less blood volume from patients. Advances such as microsampling technology and alternate site testing are also gaining attention. Furthermore, growing awareness about diabetes self-monitoring and increasing adoption of personal glucose meters for convenient testing at home or outdoors are fueling the growth of the blood glucose test strips market. However, pricing pressure and availability of low-cost generics remain key challenges.
SWOT Analysis
Strength: The blood glucose test strip market sees consistent demand as diabetes patients require regular glucose monitoring. Test strips are accurate, easy-to-use, and provide instant results.
Weakness: Some patients find frequent finger pricking painful or inconvenient. Alternative continuous glucose monitoring methods take time to gain widespread adoption.
Opportunity: Growth in the diabetic population, especially in emerging economies, opens opportunities to expand patient access to diabetes management products. Remote monitoring via smartphones can help improve treatment adherence.
Threats: New entrants may disrupt the market with innovative testing technologies. Economic slowdowns can negatively impact the discretionary spending on diabetes care products.
Key Takeaways
The Global Blood Glucose Test Strip Market Size is expected to witness high growth, exhibiting a CAGR of 7.4% over the forecast period, due to increasing prevalence of diabetes globally. As per the International Diabetes Federation, around 643 million adults were living with diabetes in 2022 worldwide, which is projected to reach 783 million by 2045. The growing diabetes patient pool will drive demand for glucose test strips for effective disease monitoring and management.
Regional analysis: North America dominated the market and accounted for the largest revenue share in 2023, owing to the strong presence of leading players, high awareness regarding diabetes management, and supportive reimbursement policies in the region. However, Asia Pacific is expected to grow at the fastest pace during the forecast period due to the rising geriatric population, increasing obesity rates, growing healthcare expenditure, and expansion of key players in emerging countries.
Key players operating in the blood glucose test strip market are Abbott, F. Hoffmann-La Roche Ltd, Johnson & Johnson, ARKRAY, Inc., Ascensia Diabetes Care Holdings AG, AgaMatrix, Bionime Corporation, ACON Laboratories, Inc., MEDISANA GMBH, Tividia Health, Inc. and Rossmax International Ltd. Major players are focusing on new product launches, collaborations, and geographic expansions to strengthen their market position and cater to the growing needs of diabetes patients globally.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it