Global Blood Glucose Test Strips Market

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 News

  • In March 2023, Roche announced that it has received FDA approval for its Accu-Chek Performa Nano blood glucose test strips. The Accu-Chek Performa Nano test strips are the smallest and thinnest blood glucose test strips on the market, making them easier to use for people with diabetes.
  • In February 2023, Abbott announced that it had launched its FreeStyle Libre 3 continuous glucose monitoring (CGM) system in the United States. The FreeStyle Libre 3 system is a small, wireless sensor that is worn on the back of the upper arm and can be scanned with a smartphone to track glucose levels.
  • In January 2023, Bayer announced that it has launched its Contour Next One blood glucose meter in the United States. The Contour Next One meter features a large, easy-to-read display and a built-in color code system that indicates whether blood glucose levels are in range.
  • In December 2022, Lifescan announced that it has launched its OneTouch Verio Flex blood glucose meter in the United States. The OneTouch Verio Flex meter features a Bluetooth-enabled app that allows users to track their blood glucose levels and share data with their healthcare providers.
  • In November 2022, Arkray announced that it has launched its FreeStyle Optium Neo blood glucose meter in the United States. The FreeStyle Optium Neo meter features a fast, accurate test time of 5 seconds and a large, easy-to-read display.
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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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Global Blood Glucose Test Strips Market

Report ID: SQMIG35A2630

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