Global Blood Glucose Test Strips Market is Expected to Foresee Significant Growth. North America to lead the growth!
- Vikas Kumar
- January 19, 2023
- HEALTHCARE, NEWS
- Asia Blood Glucose Test Strips Market, Blood Glucose Test Strips, Blood Glucose Test Strips Market, Blood Glucose Test Strips Market analysis, Blood Glucose Test Strips Market forecast, Blood Glucose Test Strips Market growth, Blood Glucose Test Strips Market share, Blood Glucose Test Strips Market size, Blood Glucose Test Strips Market trend, Europe Blood Glucose Test Strips Market, Middle east Blood Glucose Test Strips Market, US Blood Glucose Test Strips Market
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The global blood glucose test strips market is expected to register a CAGR of around ~7% over the period of 2022-2028. This is mainly due to the growing demand for diagnosing glucose levels in the patient’s blood and controlling diabetes. Also, blood glucose test strips have favorable government initiatives, and changing lifestyles coupled with the growing focus of major stakeholders in the healthcare industry. Major healthcare companies are investing heavily in their products due to rising social awareness among healthcare industry experts, medical professionals, and patients about the benefits that blood glucose test strips have prompting the regulatory authorities to consider and authorize blood glucose test strips. According to CDC, around 7.3 million adults aged 18 years or older who met laboratory criteria for diabetes were not aware of or did not report having diabetes (undiagnosed diabetes). This number represents 2.8% of all US adults and 21.4% of all US adults with diabetes. Apart from this, blood glucose test strips are easy to use, cost-effective, and can be used daily. Consequently, they assist in identifying high or low blood sugar levels, monitoring the effectiveness of diabetes treatment, and lowering the risks of developing hypoglycemia and/or hyperglycemia. As a result, the government is focusing on raising awareness about the illnesses and the effect which significantly contributes to the market for blood glucose test strips. Therefore, the market for blood glucose test strips is expected to witness significant growth during the forecast period.
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Based on type, the market is classified into thick film electrochemical films, thin-film electrochemical films, and optical strips. Amongst these, the thick film electrochemical strips category accounted for a significant share of the market. This is mainly due to the benefit as thick film electrochemical blood glucose test strips being composed of several layers including the analytical layer, separating layer, and support layer. Each strip contains printed working and reference electrodes that are coated with reagents and membranes.
Based on distribution channels, the market is categorized into online and offline. Among these, offline is expected to witness the highest CAGR during the forecast period. This segment is rising due to its demand for blood glucose test strips used after product quality assurance and the high preference and easy availability of SMBG devices through retail stores and pharmacies are major factors driving the growth of this segment. Moreover, patients who are unable to use the strips or pen needles on their own visit nearby pharmacies for assistance.
Based on end users, the market is categorized into individuals, hospitals and clinics, and others. Among these, hospitals & clinics are expected to witness the highest CAGR during the forecast period. This segment is rising due to its demand for blood glucose test strips used by personnel as well as by professionals for disease diagnosis in hospitals. Moreover, the availability of required healthcare facilities will further boost segmental growth. Also, the increasing number of hospitals in developed as well as developing economies is another major growth augmenting factor. For instance, according to CDC, in 2018, approximately 17 million emergency department (ED) visits were reported with diabetes as any listed diagnosis among adults aged 18 years or older.
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For a better understanding of the market adoption of the blood glucose test strips industry, the market is analyzed based on its worldwide presence in the countries such as North America (US, Canada, Rest of North America); Europe (Germany, UK, France, Italy, Spain, and Rest of Europe); Asia-Pacific (China, Japan, India, Australia, Rest of Asia-Pacific), and Rest of World. North America is expected to witness the highest CAGR during the forecast period on account of the increasing prevalence of obesity, high cost of treatment, due to an increase in the geriatric population, which is prone to diabetes are expected to drive the regional market. Moreover, improvements in the healthcare sector and the implementation of advanced medical products are augmenting the demand for activities for various diseases in countries like the U.S. and Canada. Furthermore, according to the CDC, in 2019, diabetes was the seventh leading cause of death in the United States. This finding is based on 87,647 death certificates in which diabetes was listed as the underlying cause of death. The awareness programs regarding the blood glucose test strips industry owing to the presence of well-established market players and frequent product launches in the region. Furthermore, many healthcare and blood glucose test strips companies are headquartered in the region, which is focusing on coming up with novel analyzers for the treatment of these diseases.
Some of the major players operating in the market include Abbott Laboratories, Roche, AgaMatrix, Bayer, LifeScan, Care Touch, GenUltimate, Ascensia Diabetes Care Holdings, Bioland Technology Ltd, Medtronic.
Global Blood Glucose Test Strips Market Segmentation
Market Insight, by Type
- Thick Film Electrochemical Films
- Thin Film Electrochemical Films
- Optical Strips
Market Insight, by Technology
- Glucose Dehydrogenase (GDH)
- Glucose Oxidase (GOD)
Market Insight, by Application
- Type I Diabetes
- Type II Diabetes
Market Insight, by Distribution Channel
Market Insight, by End User
- Hospitals and Clinics
Market Insight, by Region
- North America
- Rest of North America
- Rest of Europe
- Rest of Asia-Pacific
- Rest of World
Top Company Profiles
- Abbott Laboratories
- Care Touch
- Ascensia Diabetes Care Holdings
- Bioland Technology Ltd