Pune, India, December, 2022/MRFR Press Release/- Market Research Future published a Cooked research report on “Global Blood glucose test strip Market Research Report - Forecast to 2030”– Market Analysis, Scope, Trends and Forecast to 2030
Blood Glucose Test Strip Market anticipated to reach USD 32,647.32 Million by 2030 at 7.2% CAGR during the forecast period 2022-2030.
There are a number of players operating in this market all over the globe. Now-a-days, there is a significant increase in the number of the company offering blood glucose test strip. Thus, companies are adopting the new strategies to minimize the competition and increase the market share. Some major companies are trying to focus on new and advanced tests & products to gain the market. Whereas, some are has used the technique of acquisition and collaboration to gain the market. Technological advancements and product development represent attractive strategies adopted by some of the leading players for the market. For instance, Bayer developed CONTOUR NEXT (CN) test strip that can used by both trained laboratory personnel and diabetic patients. This test strip uses a flavin adenine dinucleotide-glucose dehydrogenase (FAD-GDH) enzyme, a proprietary phenothiazine electron mediator and algorithm to minimize errors during the testing process.
Key players profiled in the report are Abbott, Roche Diagnostics, LifeScan, i-SENS, Bayer Diabetes Care, AgaMatrix Inc, Elektronika, Universal Biosensors, Nipro Diagnostics, TaiDoc, Apex Biotechnology Corp, B. Braun, HMD BioMedical Inc., ALL Medicus, SANNUO, Beijing Yicheng Electronics, Betachek National Diagnostics, Shanghai MicroSense, Jiangsu Yuyue, ACON Laboratories, and others.
Latest Industry Updates
Being a competitive market, a number of different manufacturer are focusing on the product launch, and acquisition for the market development. Some of the latest development in the market are-
LifeScan’s OneTouch Verio test strips are based on innovative opposing electrode technology developed by Universal Biosensors. This technology provides instant results of blood glucose levels and does not require calibration. Moreover, the results are unaffected by the presence of unrelated sugars such as maltose and galactose, which interfere with the results in a number of other blood glucose systems.
Global Blood Glucose Test Strip Market – Overview
Blood glucose test strip is a small disposable plastic strip and is an important component of blood glucose meters that monitors and controls diabetes. These strips are impregnated with glucose oxidase, which reacts with glucose present in the blood and indicate of the blood glucose level. The market may experience the growth due to several forces, such as government initiatives, convenience offered by self-blood glucose testing over the traditional methods, support and incentives by the governments and healthcare organizations etc. The rising diabetic population is another major driver of the market and one of the major concerns for the government across the globe. According to International Diabetic Federation, about 415 million people had diabetes in 2015, and this number is estimated to reach 642 million by 2040.
Poor reimbursement policy for the test strips may hinder the growth of the market over the forecast period. In March 2013, Medicare announced reimbursement cuts for diabetes testing supplies (DTS) up to 72%, which although reduces the healthcare expenditure; but also drastically reduces the number of vendors from which diabetic patients can obtain glucose-testing supplies. This may reduce the market for blood glucose test strip.
During last few decades, there is a significant increase in the number of patients suffering from diabetes, thus, a number of manufacturers are focusing on the introduction of the new and advanced type of devices which are more easy to handle and more cost-effective than the present available devices.
Regionally, the global blood glucose test strip market is segmented into: Americas, Europe, Asia Pacific, and the Middle East & Africa.
The Americas holds a significant market share of the global market owing to extensive use of information technology and high expenditure on the health care. Additionally, the fastest uptake of new technology and the presence & concentration of medical device manufacturers in the US regions drive the blood glucose test strip market. Europe is the second largest market in the globe due to a high healthcare expenditure, which is led by Germany and France. Asia Pacific region is expected to grow rapidly; China and India are likely to lead the market due to unmet needs during the forecasted period. Gulf nations such as Saudi Arabia and the UAE drive the Middle East & African market. The African region is expected to witness a moderate growth owing to poor economic & political conditions and poor healthcare development.
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