Blood Glucose Test Strip Market Is Estimated To Witness High Growth
Blood glucose test strips are simple, lightweight test strips used to check blood glucose levels. These test strips are inserted into portable glucose meters to get accurate and fast blood glucose readings. They play an integral role in diabetes management by enabling patients to monitor their glucose levels on a regular basis.
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 Dynamics:
Rise in diabetes prevalence is one of the major drivers of the blood glucose test strip market. According to International Diabetes Federation (IDF), around 537 million adults (20-79 years) were living with diabetes in 2021 worldwide and the number is expected to rise to 643 million by 2030 and 783 million by 2045. Increased risk of diabetes due to obesity, sedentary lifestyle and unhealthy diet has fueled the demand for blood glucose monitoring devices including test strips. Continuous glucose monitoring systems (CGM) are witnessing increased adoption as they provide flexibility, convenience and continuous monitoring to diabetics. However, frequent finger pricking remains essential with CGM for calibration purposes, thereby ensuring ongoing demand for test strips especially in developing regions.
SWOT Analysis
Strength: The blood glucose test strip market has high demand as diabetes patients need to regularly monitor their blood glucose levels. Test strips are convenient and allow accurate measurement of glucose levels at home in just a few seconds. Manufacturers are focusing on developing advanced test strips with improved accuracy and longer shelf life.
Weakness: Test strips are disposable in nature which increase the recurring cost of diabetes management. Some patients also find the pricking of finger painful to draw blood for testing. Availability of alternative monitoring devices can reduce the demand for test strips.
Opportunity: Rising prevalence of diabetes worldwide presents a huge market potential. Growing awareness about diabetes self-management and advantages of regular monitoring will boost the uptake of test strips. There is scope to develop affordable test strips for use in developing nations. Integration of test strips with mobile apps allows remote monitoring and management of diabetes.
Threats: Strict regulatory norms and entry barriers restrict new players in this market. Reimbursement policies vary significantly across countries posing challenges. Intense competition keeps prices and profit margins low for manufacturers.
Key Takeaways
The Global Blood Glucose Test Strip Market Size is expected to witness high growth in the forecast period of 2023 to 2030.
Regional analysis: North America currently dominates the market due to the high diabetes patient population. However, Asia Pacific region is expected to grow at the fastest rate owing to increasing diabetes prevalence, growing healthcare expenditure and large patient pool in developing countries like China and India.
Key players: 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.
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