Blood Glucose Test Strips Market: Current Analysis and Forecast (2022-2028)

Report Description

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 increasing prevalence of diabetes-related diseases such as cardiovascular disease (CVD), neuropathy, and nephropathy and increasing awareness regarding the benefits of early detection of diseases and preventive measures are other factors resulting in the adoption of blood glucose test strips among the diabetic patient pool.  Major healthcare companies are investing heavily in their product advancements due to rising social awareness regarding the treatment and prevention of diabetes burdens patients with direct medical costs. For instance, according to the International Diabetes Federation (IDF), approximately 537 million adults were diabetic in 2021, which is projected to increase to 643 million by 2030. Furthermore, advancements in blood glucose test strips, innovations in technology, and healthy reimbursement policies, as well as raising awareness among the population about diabetes control and accessibility to glucose test strips, are all factors ensuring the market’s growth. Therefore, the market for blood glucose test strips is expected to witness significant growth during the forecast period.

Abbott Laboratories, Roche, AgaMatrix, Bayer, LifeScan, Care Touch, GenUltimate, Ascensia Diabetes Care Holdings, Bioland Technology Ltd, Medtronic are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report

“Amongst technology, glucose dehydrogenase category accounted for the majority share in the market in 2020”

Based on technology, the market is classified into glucose oxidase and glucose dehydrogenase. Amongst technology, the glucose dehydrogenase category accounted for a significant share of the market. This is mainly due to its glucose dehydrogenase-based test strips being less expensive and more accurate and specific than the main alternative, glucose oxidase strips, as cross-reactivity from other blood sugars such as maltose, galactose, or xylose is zero. Therefore, this segment is likely to boost the demand for the blood glucose test strips market.

“Amongst Application, Type II diabetes is expected to witness highest CAGR during the forecast period”

Based on application, the market is categorized into Type I diabetes, and Type II diabetes. Among these, Type II diabetes is expected to witness the highest CAGR during the forecast period. This segment is rising due to Due to the sedentary lifestyle, the blood glucose levels for Type-II diabetes patients are not under control, and this is causing the patients to regularly monitor their blood glucose levels to avoid further complications of diabetes. According to CDC, more than 37 million Americans have diabetes (about 1 in 10), and approximately 90-95% of them have type 2 diabetes. Furthermore, stringent government rules for driving under the influence which expected to support the growth of the segment over the forecast period. These results boost the production of blood glucose test strips.

“Amongst End User, hospitals & clinics is expected to witness highest CAGR during the forecast period”

Based on end user, 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.

“North America to witness significant growth during the forecast period”

North America is expected to show the highest CAGR growth in the blood glucose test strips market. The major contributors to the growth of this market are US and Canada. This is mainly due to the increasing diabetic population and rising healthcare expenditure. In addition, growing awareness and a highly developed economy, high product adoption rates of blood glucose test strips in the U.S. economy. For instance, as per the American Diabetes Association, in 2019, 37.3 million Americans, or 11.3% of the population, had diabetes. Thus, the growing prevalence of diabetes and chronic diseases, increasing research on the medical applications of blood glucose test strips, and the development of advanced blood glucose test strips by major companies and the diagnostics industry owing to the presence of well-established market players and frequent product launches in the region.

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

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Research Methodology

Research Methodology for the Global Blood Glucose Test Strips Market Analysis (2022-2028)

Analyzing the historical market, estimation of the current market, and forecasting the future market of the global blood glucose test strips market were the three major steps undertaken to create and analyze the adoption of blood glucose test strips in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global blood glucose test strips market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the blood glucose test strips market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the blood glucose test strips market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as type, technology, application, distribution channel, end user, and region. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the blood glucose test strips market. Further, we conducted factor analysis using dependent and independent variables such as type, technology, application, distribution channel, end user, and region of blood glucose test strips. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the blood glucose test strips market sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global blood glucose test strips market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., top-down/bottom-up approach were applied to arrive at the market forecast about 2027 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the blood glucose test strips market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global blood glucose test strips market in terms of solutions offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global blood glucose test strips market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of type, technology, application, distribution channel, end-user, and region in the global blood glucose test strips market.

The main objective of the Global Blood glucose test strips Market Study

The current & future market trends of the global blood glucose test strips market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the blood glucose test strips market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of type, technology, application, distribution channel, end-user, and region.
• Define and analysis of the regulatory framework for the blood glucose test strips market industry.
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
• Analyze the current and forecast market size of the blood glucose test strips market for the major region.
• Major countries of regions studied in the report include North America, Europe, Asia Pacific, and Rest of the world.
• Company profiles of the blood glucose test strips market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry

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