Dublin, Feb. 09, 2024 (GLOBE NEWSWIRE) -- The "Blood Glucose Test Strips Market Size & Share Analysis - Growth Trends & Forecasts (2023-2028)" report has been added to ResearchAndMarkets.com's offering.
The global market for blood glucose test strips is projected to show significant growth, potentially reaching a valuation of USD 14.29 billion by the year 2028. This growth path represents a Compound Annual Growth Rate (CAGR) of 5.96% over the forecast period from 2023 to 2028. The market's trajectory is bolstered by a combination of factors, including technological innovations, increasing awareness, and prevalent health policies favoring diabetes management.
Rising Diabetes Prevalence Globally
A notable trend in the blood glucose test strips market is the upsurge in diabetes prevalence around the world. Reports cite a potential 1.9% annual increase in the global diabetic population over the coming years. Moreover, lifestyle factors such as obesity are playing a significant role in the emergence and management of Type 2 diabetes. The market's growth is also being supported by the integration of advanced technologies in diabetes monitoring devices, simplifying the self-management of the condition for patients and offering precise data for healthcare providers. The convenience and ease of use of modern glucometers are accentuated by the drive towards enhanced features in test strips, including underfill detection and second chance sampling.
The North American Region Dominates the Market
North America stands out with the highest market share in the blood glucose test strips market, attributed to factors such as a large patient pool, rapid technology adoption, and comprehensive healthcare coverage. The market benefits from structured healthcare reimbursement frameworks and government-led initiatives aimed at tackling diabetes effectively. Moreover, health policies in the United States provide coverage for blood glucose meters and test strips under various insurance schemes. These factors contribute to market dominance in terms of both supply and demand aspects within the region.
Comprehensive Insights into the Blood Glucose Test Strips Industry
The industry presents a fragmented landscape with key market players operating at global and local levels. These players are driving advancements and expanding their footprint through strategic collaborations and innovations. The focus on research and development is aimed at delivering efficient, user-friendly solutions that can meet the demands of a growing population with diabetes.
Market Growth Drivers
- Escalating global prevalence of diabetes and associated healthcare needs
- Technological advancements in self-monitoring blood glucose devices
- Heightened awareness and educational initiatives regarding diabetes management
- Supportive government policies and healthcare reimbursement schemes
Anticipated Challenges
- Accessibility and affordability in low-resource settings
- Competition among key market players and entry of new competitors
This detailed market estimate and analysis, including a 3-month analyst support, offers a strategic edge in understanding the evolving nuances of the blood glucose test strips market, paving the way for informed decisions and opportunity identification in this vital healthcare sector.
A selection of companies mentioned in this report includes:
- Abbott
- Roche
- ARKRAY Inc.
- Ascensia Diabetes Care
- LifeScan IP Holdings LLC
- AgaMatrix
- Bionime Corporation
- ACON Laboratories Inc.
- Trividia Health Inc.
- Rossmax International Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/6ezvrp
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