Dublin, June 01, 2022 (GLOBE NEWSWIRE) -- The "Blood Glucose Test Strips Market - Forecasts from 2022 to 2027" report has been added to ResearchAndMarkets.com's offering.
The Blood Glucose Test Strips Market is projected to witness a CAGR of 6.36% during the forecast period to reach a total market size of US$18.110 billion by 2027, increasing from US$11.763 billion in 2020.
Blood Glucose test strips are plastic blood testing strips used for testing diabetes. It checks the level of glucose present in the blood. At one end of the strip, a sample of blood is put in. It reacts with a chemical called glucose oxidase, producing gluconic acid from the glucose in the blood. The metre thus uses an algorithm to identify the level of glucose in the blood.
The increasing prevalence of diabetes around the globe is considered the key driver for the growth of blood glucose test strips market, as diabetes treatment requires consistent monitoring of the blood glucose levels. According to the International Diabetes Federation (IDF), approximately 463 million adults (20-79 years) were living with diabetes in 2019; by 2045, this will rise to 700 million.
More than 1.1 million children and adolescents are living with type 1 diabetes. In 2019, 79% of diabetic adults live in low- and middle-income countries. Therefore, to monitor glucose levels in low and middle-income countries, affordable options are needed for testing. Blood glucose test strips, as compared to sensor-based monitors, are an affordable option, and thus have a huge market in the low and middle-income countries.
Growth Factors
Increasing number no. of diabetic patients and lifestyle changes
The blood glucose testing strips have properties like being easy to use, high accuracy, and affordable as compared to other options available. Unlike sensor-based diabetes testing devices, which need medical intervention, blood glucose test strip devices can be used by individuals themselves. Because of changes in lifestyle, an increasing number of cases of diabetes, not only in adults but also in children, has increased the cost of monitoring the sugar level. Blood glucose testing strips not only give high accuracy but also save cost.
Increasing awareness
Blood glucose testing strips have some exceptional qualities like being easy to use, high accuracy, and affordability as compared to other options available. Diabetes testing is one of the most common preventative measures among people of all ages. With the start of COVID-19, the precautions have further increased, as it is life-threatening to diabetic and severe asthmatic patients. Thus, this caused an increase in the number of tests and a further increase in the usage of blood glucose testing strips.
Restraints
Blood glucose test strips are made out of plastics, which has environmental issues. With a ratio of 1 to 11 for diabetes these test strips constantly help to monitor people's diabetes, since the strips are one-time use and have their fair share of environmental concerns.
With constant innovation and improvement in technology, there is always a treat for new and better technology. Blood glucose test strips are one of the more economical options.
Impact of COVID-19 on the Blood Glucose Test Strips Market:
Blood glucose test strips are highly dependent on their end-user. With the increase in healthcare awareness and diabetes, the demand for test strips has increased. Some industries like E-health and telehealth, flourished during the pandemic owing to avoiding direct contact as a precautionary measure and lockdown, among others. Overall, the market has foreseen a mixed response during the pandemic. However, the investments in R&D and innovation increased as a result of the prospect of newer product launches and applications to combat the pandemic's effects. Competitive Insights
Abbott Diabetes Care, Roche Diabetes Care, LifeScan, and Care Touch are among the market leaders for blood glucose test strips. The key players in the market implement growth strategies such as product launches, mergers, acquisitions, etc. to gain a competitive advantage over their competitors. For instance,
Apple aims to include blood-sugar sensors, which would help diabetics monitor glucose levels. But it is unlikely to be ready for a commercial launch for a few more years.
Key Topics Covered:
1. INTRODUCTION
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1. Market Drivers
4.2. Market Restraints
4.3. Porter's Five Force Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Power of Buyers
4.3.3. Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis
5. BLOOD GLUCOSE TEST STRIPS, BY DIABETES TYPE
5.1. Introduction
5.2. Type I Diabetes
5.3. Type II Diabetes
6. BLOOD GLUCOSE TEST STRIPS, BY DISTRIBUTION CHANNEL
6.1. Introduction
6.2. Online
6.3. Offline
7. BLOOD GLUCOSE TEST STRIPS, BY END-USERS
7.1. Introduction
7.2. Hospitals and Clinics
7.3. Ambulatory Surgery Centers
7.4. Diagnostic Centers
8. BLOOD GLUCOSE TEST STRIPS, BY GEOGRAPHY
9. COMPETITIVE INTELLIGENCE
9.1. Major Players and Strategy Analysis
9.2. Emerging Players and Market Lucrativeness
9.3. Mergers, Acquisition, Agreements, and Collaborations
9.4. Vendor Competitiveness Matrix
10. COMPANY PROFILES
10.1. Abbott Diabetes Care,
10.2. F. Hoffmann-La Roche Ltd
10.3. AgaMatrix, Inc.
10.4. Bayer
10.5. LifeScan IP Holdings, LLC
10.6. Care Touch USA
10.7. GenUltimate!
10.8. Arkray Inc
10.9. Metene
10.10. Medtronic
For more information about this report visit https://www.researchandmarkets.com/r/lqvr0e
Attachment
