Market Scenario
The blood glucose test strip market is presumed to garner USD 32647.32 million during the forecast period
(2022-2030). 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.
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 the 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 global blood glucose test strip market 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.
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.
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