Blood Glucose Test Strips Market Size, Share, Opportunities, And Trends By Diabetes Type (Type I Diabetes, Type II Diabetes), By Distribution Channel (Online, Offline), By End Users (Hospitals And Clinics, Ambulatory Surgery Centers, Diagnostic Centers), And By Geography - Forecasts From 2024 To 2029
- Published : Aug 2024
- Report Code : KSI061611895
- Pages : 124
The blood glucose test strips market is expected to grow to US$17.828 billion in 2029 from US$13.567 billion in 2024 at a 5.61% (CAGR)
Blood glucose test strips are plastic strips used to check the level of glucose in the blood. At one end of the strip, a sample of blood is put in, and it reacts with a chemical called glucose oxidase, producing gluconic acid. The metering algorithm then analyzes this acid to identify the blood glucose level.
The major factor driving the market expansion for such medical tools is the growing number of diabetic patients, followed by favorable efforts to bolster glucose monitoring technologies and the growing awareness regarding self-health. Moreover, market players' favorable investments in new testing strip launches have further led to an upward market trajectory.
However, the use of plastic for making test strips has raised certain environmental concerns about such tools, thereby hampering the overall market growth. Likewise, the stringent regulations laid by major authorities such as the Food and Drug Administration regarding test strip production and usage have also increased the level of technicalities for the product.
Blood Glucose Test Strips Market Drivers:
- The growing prevalence of diabetes is expected to augment the overall market expansion.
Diabetes is becoming one of the major causes of death globally, with major economies witnessing a significant growth in their frequency of diabetic patients, both Type I and Type II. Such increasing prevalence of diabetes worldwide is considered the key driver for the blood glucose test strips market growth, as diabetes treatment requires consistent monitoring of blood glucose levels.
According to the International Federation of Diabetes, by 2030, nearly 643 million people will have diabetes. By 2045, this figure will reach 783 million, with the major type being type 2 diabetes. Moreover, the same source stated that in major regions such as Europe, 95% of the diabetic cases are of Type II diabetes, and by 2030, the total number of diabetic patients will reach 67 million, thereby showcasing a 9% growth over 2021’s frequency of 61 million.
Major health organizations, namely the World Health Organization, suggest that the majority of diabetes cases occur in low to middle-income countries. Therefore, to monitor glucose levels in these countries, affordable testing options are needed. Blood glucose test strips, as compared to sensor-based monitors, are an affordable option and thus have a huge market in low and middle-income countries.
- Favorable government initiatives to bolster diabetes monitoring are expected to drive market growth.
Blood glucose testing strips are easy to use, highly accurate, and affordable compared to other options available. Unlike sensor-based diabetes testing devices, which require medical intervention, blood glucose test strip devices can be used by individuals themselves.
Because of lifestyle changes and an increasing number of cases of diabetes in adults and children, the governments of countries and major health organizations are initiating strategies and schemes to bolster constant diabetes check-ups. For instance, in November 2022, the European Parliament adopted an EU-wide diabetes strategy to support diabetes diagnosis, research & treatment.
Likewise, according to the PIB August 2023 release, the Indian government, in collaboration with the Department of Health and Family Welfare, announced technical and financial support to states and union territories under the “National Health Mission.” This aimed to bolster the prevention and screening of common non-communicable diseases, including diabetes, in the country.
- Increasing awareness regarding diabetes has stimulated the market expansion.
Blood glucose testing strips have exceptional qualities, like being easy to use, high accuracy, and affordability compared to other options available. Diabetes testing is one of the most common preventative measures among people of all ages. With the start of COVID-19, the precautions have further increased, as it is life-threatening to diabetic and severe asthmatic patients. Thus, this caused an increase in the number of tests and a further increase in the usage of blood glucose testing strips.
Moreover, other factors, such as the booming adult population, have also stimulated market expansion since the adult population accounts for a major share of the global diabetic volume. For instance, according to a research study published in November 2023 in Diabetes Research and Clinical Practice, China accounts for a major share of adults having diabetes globally.
Blood Glucose Test Strips Market Geographical Outlook
- Asia Pacific is set to account for a significant market share
The global blood glucose test strips market regionally is analyzed into North America, South America, Europe, Middle East and Africa, and Asia Pacific, where the APAC region is set to constitute a considerable market share as fuelled by the growing prevalence of diabetes in major regional economies namely China and India.
According to the International Federation of Diabetes, by 2030, the Asia Pacific region will account for 54% of the global diabetic population and 52% by 2045. Likewise, according to the “Indian Diabetes” research study published by the Indian Council of Medical Research, the prevalence of diabetes in the country reached 101 million. Moreover, as per Diabetes Australia, as of September 2023, nearly 1.5 million Australians have diabetes, and Type II accounted for a maximum portion of 86.7% of all cases. Hence, the same source specified that the frequency of newly registered cases reached 113,907 over the last twelve months.
Blood Glucose Test Strips Market Restraints:
- Environmental concerns regarding plastic usage in strips can restrain the market growth.
Blood glucose test strips are made of plastic, which has environmental issues. With a ratio of 1 to 11 for diabetes, these test strips constantly help to monitor people’s diabetes since they are one-time use and have their fair share of environmental concerns. With constant innovation and technological improvement, there is always a threat to new and better technology. Blood glucose test strips are one of the more economical options.
Blood Glucose Test Strips Key Market Developments
- In March 2024, Nova Biomedical launched its new generation “StatStrip” glucose hospital meter system, which uses FDA-certified strips for blood glucose monitoring of critically ill patients. The product improves glucose-checking accuracy and features a LINUX-OS next-generation meter system.
Blood Glucose Test Strips Market Scope:
Report Metric | Details |
Blood Glucose Test Strips Market Size in 2024 | US$13.567 billion |
Blood Glucose Test Strips Market Size in 2029 | US$17.828 billion |
Growth Rate | CAGR of 5.61% |
Study Period | 2019 to 2029 |
Historical Data | 2019 to 2022 |
Base Year | 2024 |
Forecast Period | 2024 – 2029 |
Forecast Unit (Value) | USD Billion |
Segmentation |
|
Geographical Segmentation | North America, South America, Europe, Middle East and Africa, Asia Pacific |
List of Major Companies in Blood Glucose Test Strips Market |
|
Customization Scope | Free report customization with purchase |
The Blood Glucose Test Strips market is segmented and analyzed as given below:
- By Diabetes Type
- Type I Diabetes
- Type II Diabetes
- By Distribution Channel
- Online
- Offline
- By End-User
- Hospitals and Clinics
- Ambulatory Surgery Centers
- Diagnostics Centers
- By Geography
- North America
- United States
- Canada
- Mexico
- South America
- Brazil
- Argentina
- Others
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Others
- Middle East and Africa
- Saudi Arabia
- UAE
- Israel
- Others
- Asia Pacific
- China
- Australia
- Japan
- South Korea
- India
- Thailand
- Taiwan
- Indonesia
- Others
- North America
1. INTRODUCTION
1.1. Market Overview
1.2. Market Definition
1.3. Scope of the Study
1.4. Market Segmentation
1.5. Currency
1.6. Assumptions
1.7. Base and Forecast Years Timeline
1.8. Key Benefits for the Stakeholder
2. RESEARCH METHODOLOGY
2.1. Research Design
2.2. Research Processes
3. EXECUTIVE SUMMARY
3.1. Key Findings
4. MARKET DYNAMICS
4.1. Market Drivers
4.2. Market Restraints
4.3. Porter’s Five Forces Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Power of Buyers
4.3.3. Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis
4.5. Analyst View
5. BLOOD GLUCOSE TEST STRIPS MARKET BY DIABETES TYPE
5.1. Introduction
5.2. Type I Diabetes
5.3. Type II Diabetes
6. BLOOD GLUCOSE TEST STRIPS MARKET BY DISTRIBUTION CHANNEL
6.1. Introduction
6.2. Online
6.3. Offline
7. BLOOD GLUCOSE TEST STRIPS MARKET BY END-USER
7.1. Introduction
7.2. Hospitals and Clinics
7.3. Ambulatory Surgery Centers
7.4. Diagnostic Centers
8. BLOOD GLUCOSE TEST STRIPS MARKET BY GEOGRAPHY
8.1. Introduction
8.2. North America
8.2.1. United States
8.2.2. Canada
8.2.3. Mexico
8.3. South America
8.3.1. Brazil
8.3.2. Argentina
8.3.3. Others
8.4. Europe
8.4.1. Germany
8.4.2. France
8.4.3. UK
8.4.4. Italy
8.4.5. Spain
8.4.6. Others
8.5. Middle East and Africa
8.5.1. Saudi Arabia
8.5.2. UAE
8.5.3. Israel
8.5.4. Others
8.6. Asia Pacific
8.6.1. China
8.6.2. Australia
8.6.3. Japan
8.6.4. South Korea
8.6.5. India
8.6.6. Thailand
8.6.7. Taiwan
8.6.8. Indonesia
8.6.9. Others
9. COMPETITIVE ENVIRONMENT AND ANALYSIS
9.1. Major Players and Strategy Analysis
9.2. Market Share Analysis
9.3. Mergers, Acquisitions, Agreements, and Collaborations
9.4. Competitive Dashboard
10. COMPANY PROFILES
10.1. Abbott Diabetes Care
10.2. F. Hoffmann-La Roche Ltd
10.3. AgaMatrix, Inc.
10.4. Bayer
10.5. LifeScan IP Holdings, LLC
10.6. Care Touch USA
10.7. GenUltimate!
10.8. Arkray Inc
10.9. Metene
10.10. Medtronic
Abbott Diabetes Care
F. Hoffmann-La Roche Ltd
AgaMatrix, Inc.
Bayer
LifeScan IP Holdings, LLC
Care Touch USA
GenUltimate!
Arkray Inc
Metene
Medtronic
Related Reports
Report Name | Published Month | Download Sample |
---|---|---|
Connected Agriculture Market Insights: Size, Share, Forecast 2030 | Nov 2024 | |
Global Pyrometer Market Insights: Size, Share, Forecast 2030 | Nov 2024 | |
Radiotherapy Market Insights: Size, Share, Growth, Forecast 2030 | Dec 2024 | |
Data Center Colocation Market Size & Trends: Report, 2024-2029 | Nov 2024 | |
Industrial Enzymes Market Insights: Size, Share, Forecast 2029 | Jul 2024 |