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Blood Glucose Test Strip Market Size - By Technology (Colorimetric, Electrochemical, Enzymatic), By End-User (Diagnostic Laboratories, Hospitals, Home Care) and By Region: Global Forecast, 2024 – 2033

  • PUBLISHED ON
  • 2023-12-18
  • NO OF PAGES
  • 209
  • CATEGORY
  • Healthcare & Life Sciences

Market Overview

Blood Glucose Test Strip Market Size is projected to achieve a value of USD 15.3 Billion in 2024, with a linear behavior in the market growth it is forecasted to achieve a value of USD 29.2 Billion by 2033 with a CAGR of 8.56% during the forecast period 2024-2033.

 

SOURCE: We Market Research

Blood glucose test strips are tiny, single-use instruments for determining the blood's glucose content. A glucose meter can detect the electrical signal produced by the specific enzymes present in these strips when they react with glucose. People who regularly check their blood sugar levels, especially those with diabetes, can benefit from this assessment. Reliable results are dependent on the accuracy and precision of the strip, which helps with appropriate insulin administration, diet modifications, and general health management. The chemical makeup of the strips and the reaction they promote allow for the quick and precise measurement of blood glucose levels.

The blood glucose test strip market is driven by a number of significant variables. Accuracy and sample size reduction are significantly impacted by advancements in strip design technology. Diabetes rates are rising globally, which is raising demand for and accelerating the development of accessible, user-friendly strips. The market is expanding due to increased patient use of self-monitoring devices and increased awareness of diabetes management. The rise in healthcare costs and laws that support preventative care are further factors driving this market. Partnerships between healthcare providers and technology companies for innovative solutions assure higher accessibility and cost for people requiring frequent blood glucose monitoring, hence advancing the market's growth.

Market Scope

Report Attributes

Description

Market Size in 2024

USD 15.3 Billion

Market Forecast in 2033

USD 29.2 Billion

CAGR % 2024-2033

8.56%

Base Year

2023

Historic Data

2016-2022

Forecast Period

2024-2033

Growth Drivers

Increased awareness about the importance of regular monitoring and effective management of diabetes has led to a higher adoption of blood glucose testing.

The trend toward home healthcare and self-monitoring of chronic conditions has led to a higher demand for convenient and easy-to-use blood glucose test strips.

Government initiatives and awareness campaigns focused on diabetes prevention, early diagnosis, and management contribute to increased demand for blood glucose test strips.

Report USP

 

Production, Consumption, company share, company heatmap, company production capacity, growth factors and more

Segments Covered

By Technology, By End-User and By Region

Regional Scope

North America, Europe, APAC, South America and Middle East and Africa

Country Scope

U.S.; Canada; U.K.; Germany; France; Italy; Spain; Benelux; Nordic Countries; Russia; China; India; Japan; South Korea; Australia; Indonesia; Thailand; Mexico; Brazil; Argentina; Saudi Arabia; UAE; Egypt; South Africa; Nigeria

Blood Glucose Test Strip Industry: Drivers & Restrains

Market Drivers

Increasing Prevalence of Diabetes - The Blood Glucose Test Strip Market is mostly driven by the rising incidence of diabetes worldwide. An increasing number of people are living with diabetes, which increases the need for accurate and convenient testing methods. Regular blood sugar monitoring is also becoming more and more important. The need for efficient disease management is driving the growth of the blood glucose test strip market as diabetes becomes more common. The market will continue to develop as a result of this spike in demand, which highlights the need of ongoing monitoring and encourages test strip technological improvement to suit the growing needs of people with diabetes.

Growing Focus on Personalized Medicine - The Blood Glucose Test Strip Market is greatly impacted by the increased emphasis on personalized care. There is an increasing need for accurate and customized diagnostics, such as blood glucose monitoring, as medicine moves toward more specialized therapies. Test strips are essential for giving real-time data that is needed for customized diabetes care plans. These strips help create precise treatment programs that are tailored to the individual needs of each patient by providing fast and accurate readings. This focus on customization encourages innovation and moves the market forward to satisfy the changing needs of customized healthcare by accelerating the development of more sophisticated and flexible test strip technologies.

Market Restrains

Accuracy and Reliability Concerns - The Blood Glucose Test Strip Market is severely limited by issues with accuracy and dependability. Despite improvements, inconsistent readings might cause users to lose trust in one another, which lowers patient confidence in properly managing their disease. Health outcomes may be impacted by inaccurate results that lead to improper treatment recommendations. These worries not only prevent broad acceptance but also need strict quality controls and regulations, which lengthens the time it takes to produce new products. In order to address these problems, strip accuracy and reliability must be continuously improved. This will build trust between users and healthcare professionals, which is essential for long-term market growth and the provision of dependable diabetes management solutions.

Blood Glucose Test Strip Segmentation

Market- By Technology Analysis

By Technology, the Blood Glucose Test Strip Market is Categories into Colorimetric, Electrochemical, Enzymatic. The Electrochemical segment accounts for the largest share of around 47% in 2022. This is because electrochemical test strips provide a high degree of precision and simple use. Moreover, the electrochemical segment's supremacy can also be attributed to its great accuracy, convenience, and speed.

The following segments are part of an in-depth analysis of the global Blood Glucose Test Strip Market:

Market Segments

 

By End-User

·         Diagnostic Laboratories

·         Hospitals

·         Home Care

Blood Glucose Test Strip Industry: Regional Analysis

North America Market Forecast

North America dominate the Blood Glucose Test Strip Market with the highest revenue generating market with share of more than 46%. The North American Blood Glucose Test Strip market is largely driven by a number of reasons, including High rates of diabetes, a sophisticated healthcare system, large expenditures for R&D, advantageous reimbursement guidelines, and a growing uptake of cutting-edge diagnostic tools.

Europe Market Statistics

Europe is the second-largest market for Blood Glucose Test Strip. Europe's corneal implant market is growing quickly for a variety of reasons, including due to awareness of diabetes management is growing, government measures are encouraging, and the use of innovative glucose monitoring equipment is spreading.

Asia Pacific Market Forecasts

Asia Pacific is expected to be the fastest-growing market for Blood Glucose Test Strip during the forecast period. In the Asia-Pacific region, several drivers fuel the rapid growth of the market are the population with diabetes is growing at a rapid rate, and factors contributing to this include better healthcare systems, higher disposable income, increased knowledge of diabetes management, and increased access to healthcare in developing nations.

Key Market Players

The Blood Glucose Test Strip Market is dominated by a few large companies, such as

·         Nipro Diagnostics

·         AgaMatrix

·         Nipro

·         Lifescan

·         Bayer

·         Abbott

·         ARKRAY

·         I-SENS

·         B. Braun

·         Others

Recent Developments:

·         March 2022, The Ontario Drug Benefit (ODB) Program has modified how blood glucose test strips are paid for. This information was announced by the Ministry of Health Canada. The HNS will apply the annual maximum quantity limit for blood glucose test strips based on online claims and documentation that patients who are eligible for ODB submit for reimbursement.

Quality Assurance Process

  1. We Market Research’s Quality Assurance program strives to deliver superior value to our clients.

We Market Research senior executive is assigned to each consulting engagement and works closely with the project team to deliver as per the clients expectations.

Market Research Process




We Market Research monitors 3 important attributes during the QA process- Cost, Schedule & Quality. We believe them as a critical benchmark in achieving a project’s success.

To mitigate risks that can impact project success, we deploy the follow project delivery best practices:
  • Project kickoff meeting with client
  • Conduct frequent client communications
  • Form project steering committee
  • Assign a senior SR executive as QA Executive
  • Conduct internal editorial & quality reviews of project deliverables
  • Certify project staff in SR methodologies & standards
  • Monitor client satisfaction
  • Monitor realized value post-project

Case Study- Automotive Sector

One of the key manufacturers of automotive had plans to invest in electric utility vehicles. The electric cars and associated markets being a of evolving nature, the automotive client approached We Market Research for a detailed insight on the market forecasts. The client specifically asked for competitive analysis, regulatory framework, regional prospects studied under the influence of drivers, challenges, opportunities, and pricing in terms of revenue and sales (million units).

Solution

The overall study was executed in three stages, intending to help the client meet its objective of precisely understanding the entire market before deciding on an investment. At first, secondary research was conducted considering political, economic, social, and technological parameters to get a gist of the various aspects of the market. This stage of the study concluded with the derivation of drivers, opportunities, and challenges. It also laid substantial emphasis on understanding and collecting data not only on a global scale but also on the regional and country levels. Data Extraction through Primary Research

The second stage involved primary research in which several market players and automotive parts suppliers were contacted to study their viewpoint concerning the development of their market and production capacity, clientele, and product line. This stage concluded in a brief understanding of the competitive ecosystem and also glanced through the strategies and pricing of the companies profiled.

Market Estimates and Forecast

In the final stage of the study, market forecasts for the electric utility were derived using multiple market engineering approaches. This data helped the client to get an overview of the market and accelerate the process of investment.

Case Study- ICT Sector

Business process outsourcing, being one of the lucrative markets from both supply- and demand- side, has appealed to various companies. One of the prominent corporations based out of Japan approached us with their requirements regarding the scope of the procurement outsourcing market for around 50 countries. Additionally, the client also sought key players operating in the market and their revenue breakdown in terms of region and application.


Business Solution

An exhaustive market study was conducted based on primary and secondary research that involved factors such as labor costs in various countries, skilled and technical labors, manufacturing scenario, and their respective contributions in the global GDP. A comparative study of the market was conducted from both supply- and demand side, with the supply-side comprising of notable companies, such as GEP, Accenture, and others, that provide these services. On the other hand, large manufacturing companies from them demand-side were considered that opt for these services.


Conclusion

The report aided the client in understanding the market trends, including country-level business scenarios, consumer behavior, and trends in 50 countries. The report also provided financial insights of crucial players and detailed market estimations and forecasts till 2033.

Frequently Asked Questions

What is the market size of Blood Glucose Test Strip Market in 2022?

Blood Glucose Test Strip Market was valued at USD 13.12 Billion in 2022.

What is the growth rate for the Blood Glucose Test Strip Market?

Blood Glucose Test Strip Market size will increase at approximate CAGR of 8.56% during the forecasted period.

Which are the top companies operating within the market?

Major companies operating within the Blood Glucose Test Strip Market are Nipro Diagnostics, AgaMatrix, Nipro, Lifescan, Bayer, Abbott, ARKRAY, I-SENS, B. Braun and Others.

Which region dominates the Blood Glucose Test Strip Market?

North America dominates the market with an active share of 46%.

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