USD 1.8 billion
Report ID:
SQMIG35A2630 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
64
|Figures:
75
Blood Glucose Test Strips Market size was valued at USD 1.97 billion in 2022 and is poised to grow from USD 2.15 billion in 2023 to USD 4.42 billion by 2031, growing at a CAGR of 9.4% in the forecast period (2024-2031)
The global blood glucose test strips market is a vital segment of the healthcare industry that plays a crucial role in the management of diabetes. The market for blood glucose test strips has been witnessing steady growth over the years, driven primarily by the rising prevalence of diabetes worldwide. According to the International Diabetes Federation, the number of adults living with diabetes is projected to reach 700 million by 2045. This alarming increase in the diabetic population fuels the demand for blood glucose test strips, as regular monitoring of blood glucose levels is vital for effective diabetes management.
In recent years, there has been a shift toward the development of advanced blood glucose monitoring systems, including continuous glucose monitoring (CGM) devices. CGM systems offer real-time glucose monitoring, reducing the need for frequent fingerstick testing with test strips. While CGM devices are gaining traction, traditional blood glucose test strips remain the primary method for self-monitoring blood glucose levels due to their cost-effectiveness and simplicity.
US Blood Glucose Test Strips Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 1.8 billion
Largest Segment
Glucose Oxidase Test Strips
Fastest Growth
Glucose Oxidase Test Strips
Growth Rate
9.4% CAGR
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The global blood glucose test strips market is segmented by type, application, and region. Based on type, the market can be segmented into Glucose Oxidase Test Strips, Glucose Dehydrogenase Test Strips and Other Types. Based on application, the market is segmented into Type 1 Diabetes, Type 2 Diabetes, Gestational Diabetes and Others. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Blood Glucose Test Strips Market Analysis by Type
In the global blood glucose test strips market, the dominant type is Glucose Oxidase Test Strips. Glucose Oxidase is an enzyme that reacts with glucose to produce gluconic acid and hydrogen peroxide, which is then detected by the test strip. These test strips are widely used and have been a standard choice for blood glucose monitoring for many years.
On the other hand, the fastest growing type in the global blood glucose test strips market is Glucose Dehydrogenase Test Strips. Glucose Dehydrogenase is another enzyme used in blood glucose test strips that catalyses the conversion of glucose into gluconolactone and reduces a dye compound, resulting in a colour change that is measured by the test strip. Glucose Dehydrogenase Test Strips offer advantages such as higher accuracy, less interference from certain substances, and better stability.
Blood Glucose Test Strips Market Analysis by Application
Type 2 Diabetes represents the largest segment in the blood glucose test strips market. This is primarily due to the high prevalence of Type 2 Diabetes globally. Factors such as sedentary lifestyles, unhealthy dietary habits, obesity, and aging populations have contributed to the rising incidence of Type 2 Diabetes. As a result, the demand for blood glucose test strips for regular monitoring of blood sugar levels is significantly high in this segment. The dominant position of Type 2 Diabetes can be attributed to its large patient population and the need for long-term management and monitoring of blood glucose levels.
Gestational Diabetes is the fastest-growing application in the blood glucose test strips market. Gestational Diabetes refers to high blood sugar levels that occur during pregnancy. The increasing prevalence of gestational diabetes, coupled with growing awareness about the importance of managing blood sugar levels during pregnancy, has led to the rising demand for blood glucose test strips in this segment. Early detection and effective management of gestational diabetes are crucial for the health of both the mother and the baby. As a result, there has been a significant emphasis on regular blood glucose monitoring during pregnancy, driving the growth of the gestational diabetes segment in the market.
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North America holds a significant share in the blood glucose test strips market due to several factors. The region has a well-established healthcare infrastructure, advanced healthcare facilities, and a high prevalence of diabetes. Additionally, a large patient population, favourable reimbursement policies, and the presence of key market players contribute to the dominance of North America in the market. The US, in particular, has a high adoption rate of blood glucose monitoring devices and a strong focus on diabetes management, further solidifying the region's position as the dominant market.
On the other hand, the Asia Pacific region is witnessing rapid growth in the blood glucose test strips market. The increasing prevalence of diabetes, changing lifestyles, urbanisation, and a growing ageing population are key drivers of market growth in this region. Countries like China and India, with their large population base, are experiencing a significant rise in diabetes cases, leading to an increased demand for blood glucose test strips. Moreover, rising healthcare expenditure, improving healthcare infrastructure, and growing awareness about diabetes management are supporting market growth in the Asia Pacific region.
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Blood Glucose Test Strips Market Drivers
Increasing Awareness and Healthcare Expenditure
Blood Glucose Test Strips Market Restraints
Alternative Monitoring Methods
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The global blood glucose test strips market is highly competitive and characterised by the presence of several key players. These companies engage in intense competition to gain a larger market share by offering innovative products, improving quality, and expanding their distribution networks. The market is driven by the increasing prevalence of diabetes worldwide and the growing demand for effective glucose monitoring solutions.
Blood Glucose Test Strips Market Top Player’s Company Profiles
Blood Glucose Test Strips Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to the global blood glucose test strips market analysis, it emphasises the increasing prevalence of diabetes globally, which is a key driver for the demand for blood glucose test strips. The report also emphasises the rising awareness among patients about the importance of regular monitoring and self-management of blood glucose levels. A detailed analysis of market segmentation is presented in the report, based on product type, application and geography. This segmentation provides a comprehensive understanding of the market dynamics and enables stakeholders to identify growth opportunities. The report further explores the different product types available in the market, including generic and branded test strips, highlighting the market share and growth potential of each segment. The analysis covers the advancements in blood glucose monitoring systems, including the integration of wireless connectivity and smartphone applications. These technological advancements have enhanced the accuracy, convenience, and user-friendliness of blood glucose test strips, driving market growth.
Report Metric | Details |
---|---|
Market size value in 2022 | USD 1.97 billion |
Market size value in 2031 | USD 4.42 billion |
Growth Rate | 9.4% |
Base year | 2023 |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Blood Glucose Test Strips Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Blood Glucose Test Strips Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Blood Glucose Test Strips Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Blood Glucose Test Strips Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
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Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
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Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
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Report ID: SQMIG35A2630