Blood Glucose Test Strip Market Analysis
The Blood Glucose Test Strip Market is projected to reach USD 37.51 Billion by 2032 at 7.2% CAGR during the forecast period 2023-2032. 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 then indicate the glucose level in the blood.
The convenience offered by the self-blood glucose testing over the traditional methods is one of the major drivers of the blood glucose test strip market. The self-testing allows the diabetic and the pre-diabetic people to keep a track of their blood glucose level regularly without visiting a clinic or diagnostic laboratory. A diabetic patient is expected to test his sugar at least 2-3 times a day, self-testing allows the patient to perform his test regularly at his home. Rising diabetic population is another major driver of the blood glucose test strip market. Diabetes is one of the major concerns for the government bodies across the globe. The number of diabetic population across the world is rising continuously. According to the International Diabetic Federation, about 415 million people had diabetes across the globe in 2015, and this number is poised to reach 642 million by 2040. Financial support by the governments is an important economic driver of the market due to its effects on the demand for blood glucose strips. For example, Australian Government is taking various initiatives to increase the usage of blood glucose monitors and test strips. The government has implemented Pharmaceutical Benefits Scheme (PBS). According to this scheme, the blood glucose test strips are provided to the Australian at a government-subsidised prices. Moreover, the foreign visitors from the countries such as the U.K., Ireland, New Zealand, Malta, Italy, Sweden, the Netherlands, Finland, Norway, Belgium and Slovenia are also covered under this scheme. The other drivers for blood glucose test strips market are technological advancements such as accuracy of the test, awareness about diabetes, etc. Rising disposable income of emerging economies is another economic driver of the market. For example, annual disposable income of middle class households in India was $1,366.2 billion in 2010, which reached $1,587.6 billion in 2013.
The blood glucose test strip market restraints are inadequate reimbursement for test strips etc. For example, in March 2013, Medicare announced reimbursement cuts for diabetes testing supplies (DTS) up to 72%. According to new reimbursement policies, diabetic beneficiaries, who receive their glucose-testing supplies delivered to their homes will need to obtain them from 1 of 18 contract suppliers chosen by Medicare via a competitive bidding process. This new plan will help the government to reduce healthcare expenditure. However, it can drastically reduce the number of vendors from which diabetic patients can obtain glucose-testing supplies. Furthermore, this amendment can also lead to disruption in the supplies of blood glucose monitoring accessories, which could result into decline in self-monitoring of glucose and subsequent adverse outcomes.
Self-blood glucose testing's superior convenience to traditional methods is one of the key factors driving the blood glucose test strip market. Self-testing enables diabetics and pre-diabetics to regularly monitor their blood glucose levels without visiting a clinic or diagnostic laboratory. Increasing diabetic population is another significant market driver for blood glucose test strips.
Diabetes is one of the primary concerns of governments around the world. The number of diabetic populations in the globe continues to rise. Other market drivers for blood glucose test strips include technological advancements such as test accuracy, diabetes awareness, etc. Increasing disposable income in emerging economies is another market driver.
Diabetes patients are increasingly engaging in self-monitoring of their blood glucose levels. This trend is fueled by the desire for improved disease management, increased awareness of the benefits of regular monitoring, and the availability of blood glucose test packets and meters that are simple to use.
Governments, healthcare organizations, and insurers are emphasizing disease management and preventive care to lessen the impact of diabetes and its complications. This concentration enables proactive monitoring and routine testing, including the use of blood glucose test strips.
February 2023: Afon has again teased its non-invasive glucose monitor in February 2023, this time with a rendered image of the sensor alongside adapted wearables and connected devices. In order to obtain blood samples for measurement, millions of diabetics must prick their digits with lancets up to ten times per day, resulting in tissue scarring and discomfort. The Afon Blood Glucose Sensor promises to be a painless and non-invasive alternative method. The production of the first widely approved fully non-invasive continuous glucose monitor (CGM) appears to be highly competitive, but it is crucial for any company involved in this type of development to ensure that their product is both safe and accurate, as it could provide potentially life-saving data to millions of users in the future.
April 2023: Researchers at the University of Washington and UW Medicine may have discovered a method for detecting prediabetes earlier. The team created a new system that utilizes the capacitive touch-sensing capabilities of any smartphone to measure blood-glucose levels without requiring a separate reader. Typical screening procedures involve a visit to a healthcare facility for laboratory testing and/or the use of a portable glucometer for at-home monitoring. Accessibility and expense are obstacles to widespread screening. The study results indicate that GlucoScreen's accuracy is comparable to that of conventional glucometer testing. The team discovered that the system was accurate at the critical threshold between a normal blood-glucose level, at or below 99 mg/dL, and prediabetes, which is defined as a blood glucose between 100 and 125 mg/dL.
In 2015, Thick Film Electrochemical strips generated the largest revenue of $ 6.4 billion by technology
Thin Film Electrochemical segment generated revenue of US$ 5 billion in 2015 by technology
North America accounted for the largest revenue of US$ 7.89 billion for blood glucose test strips in 2015, by geography
Sources: U.S. Department of Health and Human Services National Institutes of Health, Centers for Disease Control and Prevention, Mayo Clinic, MRFR Analysis Intended Audience
- Global blood glucose test strip manufacturers & suppliers
- Research and development (R&D) companies
- Hospitals and clinics
- Academic institutes and universities
Figure 1 Global blood glucose test strip market by analytics service technology, 2015 (% market share)
Blood Glucose Test Strip Market Segments
The global blood glucose test strip market has been segmented on the basis of technology. On the basis of technology the blood glucose test strip market has been segmented into thick film electrochemical, thin film electrochemical, and optical.
February 2023: Zoetis has announced the United States release of the AlphaTrak 3 blood glucose monitoring system for diabetic cats and canines in February 2023. This model improves upon the original AlphaTrak by incorporating a new mobile app that enables seamless, simplified communication and sharing of a pet's glucose data and additional information in real-time with the veterinary practice for enhanced diabetic pet care. The innovative new AlphaTrak 3 blood glucose monitoring system provides veterinarians with accurate data to confidently administer optimal medical treatment.
Blood Glucose Test Strip Market Regional analysis
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.
North America led the global blood glucose test strip market with revenue of $ 7.89 billion in 2015.
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 blood glucose test strip market due to unmet needs during the forecasted period. APAC is expected to grow at a higher CAGR of 12.9 % than the other regions because of increasing number of diabetic population in this region.
Gulf nations such as Saudi Arabia and the UAE drive the Middle East & African blood glucose test strip market. The African region is expected to witness a moderate growth owing to poor economic & political conditions and poor healthcare development.
Key Players in the Global Blood Glucose Test Strip Market
Some of key players profiled in the report are
- Roche Diagnostics
- Bayer Diabetes Care
- AgaMatrix Inc
- Universal Biosensors
- Nipro Diagnostics
- Apex Biotechnology Corp
- HMD BioMedical Inc.
- ALL Medicus
- Beijing Yicheng Electronics
- Betachek National Diagnostics
- Shanghai MicroSense
- Jiangsu Yuyue
- ACON Laboratories
The report on the global blood glucose test strip market by Market Research Future comprises of extensive primary research along with the detailed analysis of qualitative as well as quantitative aspects by various industry experts, key opinion leaders to gain a deeper insight of the blood glucose test strip market and industry performance. The report gives a clear picture of the current market scenario which includes past and estimated future market size with respect to value and volume, technological advancement, macro economical and governing factors in the market. The report provides detail information about and strategies used by top key players in the industry. The report also gives a broad study of the different blood glucose test strip market segments and regions.
Global Blood Glucose Test Strip Market Highlights:
Frequently Asked Questions (FAQ) :
Global Blood Glucose Test Strip Market size can touch a valuation of USD 37.51 Billion by 2032.
Global Blood Glucose Test Strip Market is expected to accrue revenues at a CAGR of 7.2% from 2023-2032.
Heavy prevalence of diabetes is the major growth driver of the Global Blood Glucose Test Strip Market.
Global Blood Glucose Test Strip Market growth can be hampered by inadequate reimbursement schemes.
North America is the best-performing region within the Global Blood Glucose Test Strip Market.
TaiDoc, AgaMatrix Inc, Jiangsu Yuyue, Elektronika, Nipro Diagnostics, Abbott, ACON Laboratories, SANNUO, HMD BioMedical Inc., Beijing Yicheng Electronics, i-SENS, Betachek National Diagnostics, LifeScan, Universal Biosensors, Roche Diagnostics, B. Braun, Bayer Diabetes Care, Apex Biotechnology Corp, Shanghai MicroSense, and ALL Medicus are some of the biggest players in the Global Blood Glucose Test Strip Market.
Key Questions Answered
Request Free Sample
- ✅Global Market Outlook
- ✅In-depth analysis of global and regional trends
- ✅Analyze and identify the major players in the market, their market share, key developments, etc.
- ✅To understand the capability of the major players based on products offered, financials, and strategies.
- ✅Identify disrupting products, companies, and trends.
- ✅To identify opportunities in the market.
- ✅Analyze the key challenges in the market.
- ✅Analyze the regional penetration of players, products, and services in the market.
- ✅Comparison of major players’ financial performance.
- ✅Evaluate strategies adopted by major players.
Why Choose Market Research Future?
Speak to Analyst
- ✅Vigorous research methodologies for specific market.
- ✅Knowledge partners across the globe
- ✅Large network of partner consultants.
- ✅Ever-increasing/ Escalating data base with quarterly monitoring of various markets
- ✅Trusted by fortune 500 companies/startups/universities/organizations
- ✅Large database of 5000+ markets reports.
- ✅Effective and prompt pre- and post-sales support.