What is the global market size of Blood Glucose Test Strips Market?

Blood Glucose Test Strips Market size was valued at USD 1.8 billion in 2021 and is poised to grow from USD 1.97 billion in 2022 to USD 4.04 billion by 2030, growing at a CAGR of 9.4% in the forecast period (2023-2030).

Blood Glucose Test Strips Market Size, Share, Growth Analysis, By Type(Glucose Oxidase Test Strips, Glucose Dehydrogenase Test Strips, and Other Types.), By Application(Type 1 Diabetes, Type 2 Diabetes, Gestational Diabetes, and Others.), By Region - Industry Forecast 2024-2031

Report ID: SQMIG35A2630 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 64 | Figures: 75

Blood Glucose Test Strips Market Dynamics

Blood Glucose Test Strips Market Drivers

Increasing Awareness and Healthcare Expenditure

The growing awareness regarding the significance of diabetes management, coupled with an increase in healthcare expenditure, has significantly contributed to the expansion of the blood glucose test strips market. Governments and healthcare organisations worldwide are placing greater emphasis on the early detection and effective management of diabetes, leading to higher adoption rates of glucose monitoring devices.

Blood Glucose Test Strips Market Restraints

Alternative Monitoring Methods

The availability of alternative glucose monitoring methods, particularly continuous glucose monitoring (CGM) systems, presents a challenge to the blood glucose test strips market. CGM systems offer real-time glucose readings and eliminate the need for frequent fingerstick testing, providing a more convenient monitoring option. The adoption of CGM systems may potentially reduce the demand for traditional blood glucose test strips as individuals seek more advanced and comprehensive glucose monitoring solutions.

Blood Glucose Test Strips Market Report Snapshots

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Blood Glucose Test Strips Market size was valued at USD 1.97 billion in 2022 and is poised to grow from USD 2.15 billion in 2023 to USD 4.42 billion by 2031, growing at a CAGR of 9.4% in the forecast period (2024-2031)

The global blood glucose test strips market is highly competitive and characterised by the presence of several key players. These companies engage in intense competition to gain a larger market share by offering innovative products, improving quality, and expanding their distribution networks. The market is driven by the increasing prevalence of diabetes worldwide and the growing demand for effective glucose monitoring solutions. 'Roche Diagnostics (Switzerland)', 'LifeScan, Inc. (US)', 'Abbott Laboratories (US)', 'Ascensia Diabetes Care Holdings AG (Switzerland)', 'Medtronic plc (Ireland)', 'Johnson & Johnson (US)', 'Becton, Dickinson and Company (US)', 'AgaMatrix Holdings LLC (US)', 'Sinocare Inc. (China)', 'Arkray, Inc. (Japan)', 'Nova Biomedical Corporation (US)', 'Trividia Health, Inc. (US)', 'Ypsomed AG (Switzerland)', 'Acon Laboratories, Inc. (US)', 'TaiDoc Technology Corporation (Taiwan)', 'Sanofi (France)', 'Nipro Corporation (Japan)', 'i-SENS, Inc. (South Korea)', 'All Medicus Co., Ltd. (South Korea)', 'Terumo Corporation (Japan)'

The growing awareness regarding the significance of diabetes management, coupled with an increase in healthcare expenditure, has significantly contributed to the expansion of the blood glucose test strips market. Governments and healthcare organisations worldwide are placing greater emphasis on the early detection and effective management of diabetes, leading to higher adoption rates of glucose monitoring devices.

Increasing Demand for Efficient and Convenient Glucose Monitoring: A key market trend in the global blood glucose test strips market is the growing adoption of continuous glucose monitoring (CGM) systems. CGM systems provide real-time monitoring of blood glucose levels through the use of sensors that are inserted under the skin. This technology eliminates the need for frequent fingerstick tests using traditional blood glucose test strips. CGM systems offer several advantages, including improved accuracy, convenience, and the ability to track glucose levels continuously throughout the day and night.

North America holds a significant share in the blood glucose test strips market due to several factors. The region has a well-established healthcare infrastructure, advanced healthcare facilities, and a high prevalence of diabetes. Additionally, a large patient population, favourable reimbursement policies, and the presence of key market players contribute to the dominance of North America in the market. The US, in particular, has a high adoption rate of blood glucose monitoring devices and a strong focus on diabetes management, further solidifying the region's position as the dominant market.

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Blood Glucose Test Strips Market Size, Share, Growth Analysis, By Type(Glucose Oxidase Test Strips, Glucose Dehydrogenase Test Strips, and Other Types.), By Application(Type 1 Diabetes, Type 2 Diabetes, Gestational Diabetes, and Others.), By Region - Industry Forecast 2024-2031

Blood Glucose Test Strips Market Dynamics

Blood Glucose Test Strips Market Report Snapshots

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What is the global market size of Blood Glucose Test Strips Market?

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Which region accounted for the largest share in Blood Glucose Test Strips Market?

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