Blood Glucose Test Strip Market Overview:
The global blood glucose test strips market is growing rapidly mainly due to the growing number of in diabetic patients, worldwide. Moreover, significant investments transpired into R&D to bring about improvements in the existing product line as well to develop new effective strips are escalating the market on the global height.
Acknowledging the continually ascending graph of the market growth, Market Research Future (MRFR) in its recently published study report asserts that the global Blood Glucose Test Strips Market size will garner the worth of USD 18.5 BN by 2030, growing at a CAGR over 6.2% throughout the review period (2023 – 2030).
Although there are several, breakthrough technological advancements that are centering on artificial pancreas systems, people still rely on blood glucose test strips as more accurate and cost-competitive means of controlling the conditions. Undoubtedly, improving economic conditions are playing a vital role in increasing the size of the market, availing access to the quality of healthcare and increasing the per capita healthcare expenditures.
Additional factors substantiating the growth of the market include the growing urbanization and ever-increasing population that is increasingly adopting the sedentary lifestyle.
On the flip side, factors such as the lack of awareness among the patients about the advantages of improved test strips, unmet clinical needs, and the unavailability of external funding are impeding the market growth, especially in the developing regions.
Nevertheless, factors such as the augmenting demand for the personal, hand-held diagnostic devices and the increasing demand for the test strips that can give fastest & accurate results are estimated to support the growth of the market throughout the review period (2023-2030).
Major Players:
Key players leading the global blood glucose test strip market include Abbott Laboratories, Roche Diagnostics, i-SENS Inc., LifeScan, Bayer Diabetes Care, Elektronika, AgaMatrix Inc, Universal Biosensors, TaiDoc Technology Corporation, Nipro Diagnostics, Apex Biotechnology Corp, HMD BioMedical Inc., B. Braun Melsungen AG, ALL Medicus, Beijing Yicheng Electronics, SANNUO, Betachek National Diagnostics, Jiangsu Yuyue, Shanghai MicroSense, and ACON Laboratories among others.
Global Blood Glucose Test Strip Market – Segments
For enhanced understanding, the report has been segmented into two key dynamics.
By Technology : Thick-Film Electrochemical, Thin Film Electrochemical, Optical, and others.
By Regions: North America, Asia Pacific, Europe, and Rest-of-the-World (RoW).
Global Blood Glucose Test Strip Market – Geographical Analysis
The North American region dominates the global blood glucose test strip market, heading with its huge patient pool suffering from diabetes. This well-developed region has an edge over other regions, especially in terms of healthcare and technology. With its highest GDP, the region has a well-established healthcare sector that provides the best quality care, witnessing the highest healthcare expenditures.
Factors such as the development in medical technology and the presence of key manufacturers in the region are acting as a major tailwind that is pushing up the market. Countries such as the U.S. and Canada, backed by the increasing number of diabetic populations contribute to the market growth in the region to an extent.
The blood glucose test strip market in the European region accounts for the world’s second-largest market, globally. Factors such as the proliferating healthcare infrastructure, a huge population of diabetic patients and the availability of funds for R&D from the public and private sector are predominantly driving the growth in the regional market. Certainly, the resurging economy is a key force driving the market growth in the region, allowing access to the quality life and great care.
Germany, heading with its flourishing medical devices market contributes to the growth of the regional market significantly. Moreover, the U.K. and France with the increasing investment in glucometers and stripes drive the regional market at a large scale. Owing to the augmenting demand for the blood glucose test strip, the region will create a larger revenue pocket in the global market by 2030.
The Asia Pacific blood glucose test strip market is rapidly emerging as one of the promising markets, globally. Factors such as the increasing number of diabetic patients and the improving economic conditions are providing impetus to the growth of the regional market. Furthermore, the favorable government policies in some of the developing economies such as India and China largely propel the market growth in the APAC.
The region is expected to witness a spurting growth over the projected period, receiving contributions from the markets in China, Japan, South Korea, and India that are witnessing spurting growth in the healthcare sector due to the augmenting demand for quality healthcare and rapidly developing healthcare technology led by the rising economy.
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