by Blood glucose test strips, also called blood glucose strips or blood test strips, are used in handheld electronic devices like blood glucose meters to test the blood glucose levels of individuals living with diabetes. Blood glucose test strips contain enzymes and chemicals that react with blood glucose to produce an electronic reading of the blood’s glucose level. The rising global prevalence of diabetes and the increasing adoption of home monitoring devices to manage the condition have been driving the demand for blood glucose test strips.
The global Blood Glucose Test Strip Market is estimated to be valued at US$ 10.07 Bn in 2023 and is expected to exhibit a CAGR of 7.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growing popularity of home use monitoring devices among diabetic patients has propelled the demand for blood glucose test strips in recent years. Home monitoring allows patients to regularly check their blood glucose levels in a convenient manner and track the effectiveness of medications which has improved diabetes management. Manufacturers are focused on developing innovative test strips that are pain-free, provide accurate and fast results to enhance the home monitoring experience. This rapid adoption of home monitoring devices is the major trend driving the blood glucose test strip market
SWOT Analysis
Strength: The blood glucose test strip market has high demand due to the growing prevalence of diabetes. Test strips allow convenient home monitoring of blood glucose levels.
Weakness: Test strips have a short shelf life and need to be stored under suitable temperature conditions. Frequent replacement leads to higher overall costs for consumers.
Opportunity: Advancements in strip technology are allowing for smaller sample sizes and faster results. New innovative devices are combining test strips with smart connectivity for improved diabetes management.
Threats: Intense competition exists from existing and new market players. Stringent regulations pertaining to product approval may delay market entry for some competitors.
Key Takeaways
The Global Blood Glucose Test Strip Market Size is expected to witness high growth over the forecast period of 2023 to 2030. The market size for blood glucose test strips is projected to reach US$ 10.07 billion by 2024.
Regional analysis: North America currently dominates the global market due to high consumer awareness levels and supportive government reimbursement policies. However, Asia Pacific is poised to grow at the fastest rate owing to rising incidence of diabetes in highly populated countries like India and China.
Key players operating in the blood glucose test strip market are BASF SE, SINOYQX, Puyang Green Yingli New Material Tech Co. Ltd, BEIJING GUOJIAN ANKE, ZHEJIANG LIN’AN YUNQING MELAMINE PLASTIC FOAM CO., PentaClick, Acoufelt, Clark Foam, Reilly Foam Corporation, Soundcoat, Festa. These companies are focusing on new product approvals and partnerships to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
