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 for testing blood glucose levels. They are used along with blood glucose meters to deliver quick glucose readings from tiny blood samples. The growing prevalence of diabetes and technological advancements in blood glucose monitoring devices are fueling the growth of this market.
Market key trends:
Growing adoption of wearable blood glucose monitoring devices: Wearable blood glucose monitoring devices are compact devices that can be worn on the body and continuously monitor glucose levels. The introduction of user-friendly and non-invasive continuous glucose monitoring solutions with added features like data sharing has increased their adoption. This is contributing significantly to the growth of the blood glucose test strip market.
Segment Analysis
The global blood glucose test strip market is segmented based on technology, distribution channel and end user. Based on technology, the self-monitoring blood glucose test strip segment dominates the market and accounts for the largest share. Self-monitoring blood glucose test strips are easy to use and facilitate accurate measurement of blood glucose levels, which has increased their adoption among patients with diabetes.
Key Takeaways
The Global Blood Glucose Test Strip Market Size is expected to witness high growth, exhibiting CAGR of 7.4% over the forecast period, due to increasing prevalence of diabetes worldwide.
Regional analysis
North America dominates the global blood glucose test strip market and is expected to continue its dominance over the forecast period. This is attributed to the rising incidence of diabetes and advanced healthcare infrastructure in the region. Asia Pacific exhibits the fastest growth over the forecast period owing to increasing healthcare awareness and improving healthcare expenditure in emerging countries such as China and India.
Key players
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. Abbott and F. Hoffmann-La Roche Ltd capture majority of market share owing to their robust product portfolio and global presence.
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Market ScenarioThe blood glucose test strip market is presumed to garner USD 18.5 billion during the forecast period (2015-2020).
It is a crucial component of blood glucose meters that helps to monitor and control diabetes.Request Sample Copy:https://www.marketresearchfuture.com/sample_request/976Drivers and Constraints Impacting the MarketBlood glucose test strips are self-testing strips which let pre-diabetic and diabetic people track their blood glucose level on a regular basis without visiting a diagnostic laboratory or a clinic.
With the growing diabetic population, the global market for blood glucose test strip is considered to foster during the assessment period.
For instance, as per the International Diabetic Federation, around 415 million people had diabetes in 2015.
Moreover, technological advancements such as accuracy of the tests along with awareness among the people regarding diabetes are stimulating the market growth.Global Blood Glucose Test Strip Market: Segmental AnalysisThe blood glucose test strip market has been segmented on the basis of technology, distribution channel, and region.By mode of technology, the global blood glucose test strip market has been segmented into optical, thin film electrochemical, and thick film electrochemical.By mode of distribution channel, the global blood glucose test strip market has been segmented into retail pharmacy and hospital pharmacy.
The growth is attributed to the increasing preference for self-care testing among the patients to monitor diabetes.Regional InsightsGeographically, the global blood glucose test strip market span across regions namely, North America, Europe, Asia Pacific, and the Middle East and Africa.Among all the regions, North America is presumed to lead the global blood glucose test strip market with $ 7.89 billion revenue.
Asia Pacific Blood Glucose Test Strip Packaging Market– Forecast to 2021 The report firstly introduced Asia Pacific Blood Glucose Test Strip Packaging Market including classification, application and industry chain overview; Then we deeply analyzed Asia Pacific growth forecast indicators by the as well as the regional market conditions that including the product price, profit, utilization, supply, demand and industry growth rate etc.
In the end, the report introduced medical suction device market SWOT analysis, PEST analysis, market share analysis and competitive landscape, company profiles by analyzing the major players.
We are thankful for the support and assistance from Asia Pacific Blood Glucose Test Strip Packaging Market chain related technical experts and marketing experts during Research Team survey and interviews.Global Blood Glucose Test Strip Market – OverviewBlood glucose related diseases have increased the market potential for the blood glucose test strip industry to a great extent.
Market reports linked to the healthcare sector along with published reports on other sectors have been lately made available by Market Research Future, which has also published a report on this market.
The presence of competitors in the market to address the demands of the patients in the market has given way to positive development of the industry.
The European region is the next chief sector for the blood glucose test strip market which is expected to grow at a high rate of CAGR percent by the end of the forecast period.Global Competitive AnalysisThe corporate strategy of the competitors in the market is focused currently on capitalizing the dynamic pace of technological innovations which have led to plenty of changes both in terms of product development and handling competition.
Total diabetic population in China is 113 million, which accounts 11% of total Chinese population, whereas 67 million people in India have diabetes.
According to a study, China has the highest smoking rate and smoking increases the chances of developing diabetes by 45% as compare to non-smoker, which, in turn, will drive the growth of the market over the assessment period.Free sample copy is available here @ https://www.marketresearchfuture.com/sample_request/625Market PlayersHoffmann-La Roche Ltd (Switzerland), Abbott (US), LifeScan, Inc. (US), i-SENS.
Inc. (South Korea), AgaMatrix (US), TaiDoc Technology Corporation (Taiwan), BioSensors, Inc. (US), Universal Biosensors (Australia), Beijing Yicheng Electronic Co., Ltd (China), Hmd Biomedical (Taiwan), and B. Braun Melsungen Ag (Germany).Many countries in Asia Pacific are developing rapidly.
Majority of the population in Asia Pacific region smoke, which is another factor responsible for development of diabetes.
Different types of test are available to monitor the blood glucose level such as oral glucose tolerance test, postprandial blood sugar, random blood sugar testing, and others.
SegmentationAsia Pacific blood glucose test strip market is segmented on basis of types, technology and end users.On the basis of types, the market is segmented into glucose oxidase, glucose dehydrogenase, and other.On the basis of technology, the market is segmented into wicking technology and channel technology.On the basis of end user, the market is categorised in hospital, clinic, homecare, and othersRegional AnalysisAsia Pacific region is segmented into Japan, China, India, Australia, Republic of Korea, and Rest of Asia Pacific.
