Market Scenario
The blood glucose test strip market share is presumed to garner USD 37.51 Billion during
the forecast period (2023-2032). The market is presumed to register 7.2 % CAGR
owing to the increasing diabetic population, asserts Market Research Future
(MRFR). Blood glucose test strip can be referred
to as a small non-reusable plastic strip. It is
a crucial component of blood glucose meters that helps to monitor and
control diabetes.
Competitive Dashboard
The blood glucose test strip market players
operating the global market are
·
Apex Biotechnology Corp,
·
Shanghai
·
MicroSense,
·
ALL Medicus,
·
Beijing Yicheng Electronics,
·
Elektronika,
·
Nipro Diagnostics,
·
Bayer Diabetes Care,
·
B. Braun, LifeScan,
·
ACON Laboratories,
·
Jiangsu Yuyue,
·
HMD BioMedical Inc.,
·
TaiDoc,
·
Betachek National Diagnostics,
·
Roche Diagnostics,
·
i-SENS, Universal Biosensors,
·
Abbott,
·
SANNUO,
·
AgaMatrix Inc,
·
and others.
Regional Insights
Geographically, the global blood glucose test strip market insight span across regions namely, North America, Europe, Asia Pacific, and the Middle East and Africa.
Among all the regions, North America is presumed to lead the global blood glucose test strip market with $ 7.89 billion revenue. The growth is attributed to the extensive use of information technology coupled with high expenditure on healthcare. Moreover, the presence of major medical device manufacturers and high adoption of latest technologies are considered to stimulate the market during the review period.
Europe is estimated to hold the second position in the global market and is likely to maintain its dominance during the review period. High healthcare expenditure led by France and Germany is anticipated to drive the global market.
The Asia Pacific region is presumed to expand at a rapid pace owing to the presence of major regions such as India and China which are expected to lead the market due to unmet needs. This region is presumed to expand at 12.9 % CAGR owing to the growing number of diabetic population.
Drivers and Constraints Impacting the Market
Blood glucose
test strips are self-testing strips which let
pre-diabetic and diabetic people track their blood glucose level on a regular
basis without visiting a diagnostic laboratory or a clinic. With the growing
diabetic population, the global market for blood glucose test strip is
considered to foster during the assessment period. For instance, as per the International
Diabetic Federation, around 415 million people had
diabetes in 2015. The number is estimated to reach 642 million by the
end of 2040. Moreover, technological advancements such as accuracy of the tests along with awareness
among the people regarding diabetes are stimulating market growth.
On the flip
side, product recall owing to the inefficiency
of devices such as intense competition resulting in pricing pressure and false
glucose reading are some of the major factors considered to impede the global blood glucose test strip market in the coming
years.
Global Blood Glucose Test Strip Market: Segmental
Analysis
The blood glucose test strip market has been segmented
on the basis of technology, distribution channel, and
region.
By mode of
technology, the global blood glucose test strip
market has been segmented into
optical, thin film electrochemical, and thick film electrochemical.
By mode of distribution channel, the blood glucose test strip market outlook has
been segmented into retail pharmacy and hospital pharmacy. Among
these, the hospital pharmacy is likely to dominate the global market and is
anticipated to maintain its dominance over the assessment period. The growth is attributed to the increasing preference for
self-care testing among the patients to monitor diabetes.
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