Burlingame, Nov. 29, 2023 (GLOBE NEWSWIRE) -- According to Coherent Market Insights, The global blood glucose test strips market was valued at US$ 10.7 Billion in 2023 and is forecast to reach a value of US$ 17.7 Billin by 2030 at a CAGR of 7.4% between 2023 and 2030.
Blood Glucose test strips are used to test for the presence of glucose in the blood. Glucose is a sugar found in the blood and used by the body for energy. Test strips are usually made of paper or plastic and have a special coating that reacts with glucose. The strip changes color when it comes into contact with glucose. This change can be read on a meter calibrated to show blood glucose levels.Test strips are an important part of diabetes treatment. They allow people with diabetes to check their blood sugar levels at home and make sure they are staying within their target range. Test strips can also be used to check for ketones, which are a sign your body isn't getting enough insulin. Hence, there is increasing demand for blood glucose test strips across the globe
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Market Statistics:
The global blood glucose test strips market is estimated to account for US$ 10.7 Bn in terms of value by the end of 2023.
Market Drivers:
Increasing prevalence of diabetes is expected to propel the growth of the global blood glucose test strips market during the forecast period. For instance, according to fact sheet published by International Diabetes Federation in November 2022, stated that in 2021, 537 million adults (1 in 10) were living with diabetes. That number is expected to increase to 643 million by 2030 and 783 million by 2045. Morevoer, it also stated that lmost one in two adults (44%) with diabetes remains undiagnosed (240 million). The majority suffer from type 2 diabetes.More than three-quarters of diabetics live in low- and middle-income countries.
Market Opportunities:
Healthcare has advanced significantly in developing countries, with the increase in government funding, patient awareness, and increasing disposable income, people have increased access to healthcare facilities, which may fuel the blood glucose monitoring market in the forecast period. Historically speaking, blood glucose monitoring in the developing world has followed the patterns of the industrialized world with a lapse in time, which varies from place to place. The rising trend in the prevalence of diabetes, in both developed and developing countries, may help the diabetes care market to grow, in turn, driving the self-blood glucose monitoring and continuous glucose monitoring market. Rapidly transforming healthcare in developing countries and the need for better diagnostics technology give wide opportunities to the players in the blood glucose monitoring market.
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Market Trends:
Increasing demand for demand for point-of-care testing across the globe is one of the key trends expected to augment the growth of the global blood glucose test strips market. Point-of-care testing enables rapid on-site blood level analysis without the need for glucose processing in a lab, providing actual, timely results. The benefits of this approach, which include convenience, faster response times, and immediate adjustments to diabetes management strategies, are multiple. The popularity of point-of-care tests stems from their ability to provide quick and accurate results.
Market Restraints:
The more significant technology trends in the emergence, like patch pump and glucose sensing lens, are expected to take place in the near future. Scientists have designed a smart contact lens to measure the wearer’s blood sugar, without using a needle, which is expected to change the scenario of the blood glucose monitoring market gradually, this is expected to hamper growth of the global blood glucose test strips market in near future. For instance, GlucoTrack is a non-invasive intermittent glucose monitoring device for home-use. The sensor is placed on the ear lobe and display the reading on the device. These devices eliminates the need of test strip and it may capture the market share of glucometer market
Competitive Landscape:
Major players operating in the global Blood Glucose Test Strips 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., Rossmax International Ltd, among others.
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Detailed Segmentation:
- Global Blood Glucose Test Strip Market, By Material Type:
- Thin Film Electrochemical Films
- Thick Film Electrochemical Films
- Optical strips
- Global Blood Glucose Test Strip Market, By Technology:
- Glucose Oxidase
- Glucose Dehydrogenase
- Global Blood Glucose Test Strip Market, By Application:
- Type I Diabetes
- Type II Diabetes
- Global Blood Glucose Test Strip Market, By End User:
- Hospitals
- Home Care Settings
- Diagnostic Laboratories
- Others (Research and Academic Institutions, etc.)
- Global Blood Glucose Test Strip Market, By Geography:
- North America
- U.S.
- Canada
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Europe
- Germany
- U.K.
- Spain
- France
- Italy
- Russia
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- GCC Countries
- Rest of Middle East & Africa
- North America
Find more related trending reports below:
Diabetes Monitoring Devices Market, by Product Type (Self-Glucose Monitoring Devices, and Continuous Glucose Monitoring Devices), by Indication (Type-I Diabetes, Type-II Diabetes, and Gestational Diabetes), by Approach (Invasive and Non-invasive), by End User (Hospitals, Clinics, Ambulatory Surgical Centers, Home Care Centers, and Self-Care), and by Region - Global Trends, and Forecast to 2025
Continuous Glucose Monitoring Devices Market, By Component (Sensors, Transmitters, and Receivers), By End User (Hospitals, Home care, and Others), By Region (North America, Latin America, Europe, Middle East & Africa, and Asia Pacific)
Non-Invasive Blood Glucose Monitoring Devices Market, By Technology (Optical, Transdermal, Enzymatic, and Others), By Modality (Wearable, and Non-wearable), By End User (Hospitals, Home Care Settings, and Clinics), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) - Size, Share, Outlook and Opportunity Analysis 2018-2026
Glucose Sensor Market, by Product Type (Non-invasive (Optical Sensors and Transdermal Sensors), Invasive (Intravenous Implantable, Micro Dialysis, and Subcutaneous Sensor), and Minimally Invasive (Micro Pore/ Micro Needles)), by Technology (Polarimetry, Raman Spectroscopy, (Near) Infrared Spectroscopy, MIR Spectroscopy, Impedance Spectroscopy, Fluorescence, Photo-Acoustic Spectroscopy, Optical Coherence Tomography, Skin Suction Blister Technique, Sonophoresis, and Reverse Iontophoresis), by Distribution Channel (Hospitals, Clinics, Home Care Settings, and Others), and by Region (North America, Europe, Asia Pacific, Latin America, Middle East, and Africa) - Size, Share, Outlook, and Opportunity Analysis, 2022-2028
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