Blood Glucose Test Strip Packaging Market Size was valued at USD 2billion in 2022. The Blood Glucose Test Strip Packaging market is projected to grow from USD2.136 Billion in 2023 to USD 3.61552 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 6.80%during the forecast period (2023 - 2032). Increased adoption of flexible packaging solutions, new product launches, and R&D amongst major key players are the key market drivers enhancing market growth.
Source Secondary Research, Primary Research, MRFR Database, and Analyst Review
The increase in the diabetic population is driving the market growth
The percentage of diabetic patients around the globe is steadily increasing. According to the International Diabetic Federation, Diabetes affects around 537 million adults, with the overall number of diabetics expected to climb to 643 million by 2030 and 783 million by 2045. The growing diabetes population is propelling the blood glucose test strip industry forward. Diabetes Research Institute Foundation says that type 1 diabetes affects around 1.6 million people and accounts for approximately 5.2 % of all diagnosed cases of diabetes. This factor drives the market CAGR in the forecast period.
Additionally, Due to the ease of handling glucometers, patients prefer to use them for personal use. Measuring blood glucose levels is essential to take or alter the medication accordingly, especially for insulin users. Within seconds, glucometers provide blood glucose levels with accuracy. There is constant gradation in glucometers for better use and more efficiency. Approximately 10% of the diabetic population contributes to Type-1 diabetes and 90% to Type-2 diabetes. Due to the sedentary lifestyle, the blood glucose levels of Type-2 diabetes patients are not controlled, causing them to regularly monitor their blood glucose levels to avoid further complications of diabetes.Thus,these factors drive the Blood Glucose Test Strip Packaging market revenue.
Based on type, the Blood Glucose Test Strip Packaging market segmentation includes thick film electrochemical films, thin film electrochemical films, and optical strips. The thick film electrochemical filmssegment dominated the marketdue to their ability to handle larger blood samples, making them an ideal choice for patients with unique testing needs. Additionally, they offer high accuracy and reliability in measuring blood glucose levels.
Based on technology, the Blood Glucose Test Strip Packaging market segmentation includes glucose oxidase, glucose dehydrogenase. The glucose dehydrogenase segment dominated the market due to the testing strips being devoid of oxygen, galactose, and maltose interfaces, allowing them to measure sugar levels in human blood correctly.
Figure 1 Blood Glucose Test Strip Packaging Market, by Technology, 2022 & 2032 (USD billion)
Source Secondary Research, Primary Research, MRFR Database, and Analyst Review
Based on end-use, the Blood Glucose Test Strip Packaging market segmentation includes hospitals, home care, and diagnostic laboratories. The Hospitals segment dominated the market; hospitals purchase test strips in bulk through buying groups. These have been the most commonly utilized devices in hospitals and ambulatory scenarios for detecting hyperglycemia, hypoglycemia, and glycemic variabilities since the advent of the COVID-19 pandemic. According to the CDC, in 2022, there were 7.8 million hospital discharges with diabetes as the primary diagnosis. A severe cardiovascular condition was reported in 1.7 million discharges, including 438,000 ischemic heart disease and 313,000 strokes.
By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North American Blood Glucose Test Strip Packaging market will dominate this market, owing to the provision of healthcare reimbursements and the rapid adoption of new medical technology, which will boost the market growth in this Region.
Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2 BLOOD GLUCOSE TEST STRIP PACKAGING MARKET SHARE BY REGION 2022 (%)
Source Secondary Research, Primary Research, MRFR Database, and Analyst Review
Europe's Blood Glucose Test Strip Packaging market accounts for the second-largest market share due to the increased adoption of flexible packaging solutions and new product launches and R&D Among the major key Players. Further, the German Blood Glucose Test Strip Packaging market held the largest market share. The UK Blood Glucose Test Strip Packaging market was the fastest-growing market in the European Region.
The Asia-Pacific Blood Glucose Test Strip Packaging Market is expected to grow at the fastest CAGR from 2023 to 2032. This is because of an increasing number of diabetic population in this Region.Moreover, China’sBlood Glucose Test Strip Packaging market held the largest market share. The IndianBlood Glucose Test Strip Packaging market was the fastest-growing market in the Asia-Pacific region.
Blood Glucose Test Strip Packaging Key Market Players & Competitive Insights
Leading market players are investing heavily in research and development to expand their product lines, which will help the blood glucose test strip packaging market grow even more. Market participants are also undertaking various strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. The Blood Glucose Test Strip Packaging industry, must offer cost-effective items to expand and survive in a more competitive and rising market climate.
Manufacturing locally to minimize operational costs is one of the key business tactics manufacturers use in the Blood Glucose Test Strip Packaging industry to benefit clients and increase the market sector. In recent years, the Blood Glucose Test Strip Packaging industry has offered some of the most significant medical advantages. Major players in the Blood Glucose Test Strip Packaging market, including CSP Technologies (US), Sanner (US), Multisorb Technologies (U.S), Impak Corporation (U.S), Laminatedfilms & Packaging (LF&P), INC (US), Flow Dry Technology, INC. (US), LPS Industries, LLC (US)and others, are attempting to increase market demand by investing in research and development operations.
CSP Technologies has been a leading IT support and security provider, focusing on small and medium-sized businesses. We work with clients nationwide but with a focus on Arizona.CSP Technologies announced a collaboration with InnovaPrep LLC, a biotechnology company, to develop a new packaging solution for COVID-19 diagnostic tests. The partnership aims to create a unique packaging system that protects the test kit components' integrity and improves test results' accuracy.
Key Companies in the Blood Glucose Test Strip Packaging market include
Blood Glucose Test Strip Packaging Industry Developments
August 2021 FIND announced that agreements were signed with i-SENS Inc. (Seoul, South Korea) and SD BIOSENSOR Inc. (Suwon-si, South Korea) to increase low- and middle-income countries (LMIC) access to blood glucose test strips by improving affordability.
May 2021 Roche Diabetes Care Canada announced a collaboration with Ellerca Health, a Toronto-based company dedicated to improving patient care through innovation and technology. The partnership would include the launch of Accu-Chek and 360Care, combining Roche's Accu-Chek Guide blood glucose meter, customized home delivery of testing strips, and Ellerca's self-management digital program, 360Care, which could empower patients to be in control of their treatment schedule with access to a team of health coaches.
April 2021 Roche Accu-Chek Instant launched a drug tariff in the United Kingdom, with a favorable reimbursement price of EUR 7.50 for 50 test strips.
| Report Attribute/Metric | Details |
| Market Size2022 | USD 2billion |
| Market Size 2023 | USD 2.136billion |
| Market Size2032 | USD 3.61552billion |
| Compound Annual Growth Rate (CAGR) | 6.80%(2023-2032) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Technology,End-Use, and Region |
| Geographies Covered | North America, Europe, AsiaPacific, and the Rest of the World |
| Countries Covered | The U.S., Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | CSP Technologies (US), Sanner (US), Multisorb Technologies (U.S), Impak Corporation (U.S), Laminatedfilms & Packaging (LF&P), INC (US), Flow Dry Technology, INC. (US), LPS Industries, LLC (US) |
| Key Market Opportunities | Increasing Adoption of Flexible Packaging Solutions |
| Key Market Dynamics | New product launches and R&D Amongst major key Players |
Frequently Asked Questions (FAQ) :
The Blood Glucose Test Strip Packaging market size was valued at USD 2 Billion in 2022.
The market is projected to grow at a CAGR of 6.80%during the forecast period, 2023-2032.
North America had the largest share of the market
The key players in the market areCSP Technologies (US), Sanner (US), Multisorb Technologies (U.S), Impak Corporation (U.S), Laminatedfilms & Packaging (LF&P), INC (US), Flow Dry Technology, INC. (US), LPS Industries, LLC (US).
The Thick Film Electrochemical Films Blood Glucose Test Strip Packaging category dominated the market in 2022.
Hospitals had the largest share of the market.
Research Analyst Level I He is an extremely curious individual currently working in healthcare and medical devices domain. kinjoll is comfortably versed in data centric research backed by healthcare educational background. he leverages extensive data mining and analytics tools such as primary and secondary research, statistical analysis, machine learning, data modelling. his key role also involves technical sales support, client interaction and project management within the healthcare team. lastly, he showcases extensive affinity towards learning new skills and remain fascinated in implementing them.
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