The global Blood Glucose Test Strip Market is estimated to be valued at US$9.9 Bn in 2022 and is expected to exhibit a CAGR of 7.4% over the forecast period of 2023-2030, as highlighted in a new report published by Coherent Market Insights. Blood glucose test strips are used to measure glucose levels in diabetic patients. These strips play a crucial role in managing diabetes by allowing patients to monitor their blood glucose levels from home. The advantages of using blood glucose test strips include convenience, accuracy, and real-time monitoring. The need for these products is associated with the rising prevalence of diabetes worldwide, the growing geriatric population, and the increasing awareness about the importance of regular blood glucose monitoring.
Market Key Trends:
One key trend observed in the blood glucose test strip market is the increasing adoption of continuous glucose monitoring (CGM) systems. CGM systems provide real-time glucose readings, eliminating the need for frequent finger-prick tests. These systems offer convenience and accuracy, aiding in better diabetes management. CGM systems are gaining popularity among diabetic patients who require constant monitoring of glucose levels, such as those with type 1 diabetes. The growing preference for CGM systems is expected to drive the demand for blood glucose test strips as they are compatible with these devices. This trend is anticipated to continue over the forecast period, contributing to the growth of the blood glucose test strip market.
The Blood Glucose Test Strip Market can be segmented based on end users into hospitals, clinics, and home care settings. Among these, the home care settings segment dominates the market. This can be attributed to the increasing preference for self-monitoring of blood glucose levels by patients with diabetes in the comfort of their homes. Home care settings offer convenience, reduced costs, and greater accessibility, leading to the segment’s domination in the market.
The global Blood Glucose Test Strip Market is expected to witness high growth, exhibiting a CAGR of 7.4% over the forecast period of 2023 to 2030. This growth can be attributed to several factors. Firstly, the rising prevalence of diabetes worldwide is driving the demand for blood glucose test strips. Secondly, there is a growing awareness about the importance of regular blood glucose monitoring for diabetes management, which further fuels the market growth. Additionally, advancements in technology, such as the development of continuous glucose monitoring systems, are also contributing to the market’s expansion.
In terms of regional analysis, North America is anticipated to be the fastest-growing and dominating region in the Blood Glucose Test Strip Market. This can be attributed to the high prevalence of diabetes in the region, coupled with a well-established healthcare infrastructure. Moreover, the presence of key market players in North America also contributes to the region’s dominance in the market.
Key players operating in the Blood Glucose Test Strip Market include 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. These key players hold a significant market share and actively engage in strategies such as product launches, partnerships, and collaborations to maintain their competitive edge in the market.