by The global Blood Glucose Test Strip Market is estimated to be valued at US$ 10.7 Bn in 2023 and is expected to exhibit a CAGR of 7.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Blood glucose test strips are essential components of glucose meters used for monitoring blood glucose levels. They function by providing a one-use platform for blood sample reception and analysis. The rising prevalence of diabetes globally has significantly driven the demand for blood glucose monitoring equipment and supplies including blood glucose test strips. Nearly half a billion people worldwide are currently living with diabetes. Consistent glucose monitoring helps diabetics manage their condition better and lowers health risks associated with uncontrolled blood sugar levels.
Market key trends:
Smart, connected blood glucose meters have introduced innovations like data storage and sharing which help diabetics track patterns in glucose levels over time with the help of mobile apps. This facilitates remote monitoring by healthcare providers and family members. Another key trend is the introduction of alternate site testing technology that allows diabetics to sample blood from alternative sites like forearms instead of just fingertips. This causes less pain and is more convenient. Self-monitoring of blood glucose is imperative for effective diabetes management and innovations are expanding the reach and benefits of glucose monitoring.
Porter’s Analysis:
– Threat of new entrants: Low threat as high investments required in R&D and infrastructure. Existing players have advantages of established brand and distribution channels.
– Bargaining power of buyers: High bargaining power as market has many regional and global players providing similar products. Buyers can easily switch to other substitutable products.
– Bargaining power of suppliers: Suppliers have low bargaining power due to availability of multiple suppliers for raw materials. Market driven prices are regulated by demand-supply factors.
– Threat of new substitutes: Moderate threat due to technological advances leading to introduction of new non-invasive and minimally invasive methods to analyze blood glucose levels.
– Competitive rivalry: High intensity rivalry among Abbott, F. Hoffmann-La Roche Ltd, Johnson & Johnson, ARKRAY, Inc., Ascensia Diabetes Care Holdings AG. Players differentiate through product quality, pricing and packaging.
Key Takeaways:
The Global Blood Glucose Test Strip Market Size is expected to witness high growth, exhibiting CAGR of 7.4% over the forecast period, due to increasing diabetes prevalence worldwide. As per the International Diabetes Federation, around 643 million adults aged between 20-79 years were living with diabetes in 2022, and this number is expected to rise to 783 million by 2045.
North America is expected to dominate the global market during the forecast period, owing to rising incidence of diabetes and favorable reimbursement policies for diabetes management. According to the CDC, about 37.3 million Americans had diabetes as of 2021. Asia Pacific is projected to be the fastest growing regional market between 2023-2030, fueled by growing geriatric population and increasing government initiatives for diabetes management in major emerging countries such as China and India.
Key players operating in the Blood Glucose Test Strip Market are Abbott, F. Hoffmann-La Roche Ltd, Johnson & Johnson, ARKRAY, Inc., Ascensia Diabetes Care Holdings AG. Key players are focusing on new product approvals and launches to consolidate their market position. For instance, in 2021, Ascensia Diabetes Care launched ‘CONTOUR NEXT ONE’ blood glucose monitoring system for diabetes management.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
