Global Blood Glucose Test Strip Market- WishTree Insight

Global Blood Glucose Test Strip Market by Technology (Colorimetric, Enzymatic, Electrochemical), End-User (Diagnostic Laboratories, Hospitals, Home Care), and Regions, (APAC, Europe, North America, and LAMEA) - Global Industry Analysis, Share, Growth, Trends, Size, and Forecast 2022 – 2032

The Blood Glucose Test Strip market size was valued at USD 13.1 billion in 2022 and is expected to surpass USD 27.9 billion by 2032, expanding at a CAGR of 8.3 % during the forecast period, 2022–2032. The market's growth is attributed to the manufacture, distribution, and sale of test strips.

INTRODUCTION

Blood glucose test strips are small, disposable strips used in blood glucose monitoring systems to measure the levels of glucose in the blood. These strips play a crucial role in diabetes management, allowing individuals to monitor their blood sugar levels conveniently and regularly.

The test strips are designed to work with glucose meters or glucometers, which are handheld devices used to measure blood sugar levels. The strip is inserted into the meter, and a small blood sample is applied to the strip. The strip contains chemicals that react with the glucose in the blood, producing an electrical signal. The glucose meter then measures the electrical signal and displays the corresponding blood glucose level on its screen.

The primary purpose of blood glucose test strips is to provide accurate and timely information about an individual's blood sugar levels. People with diabetes can use these strips to monitor their glucose levels at home or on the go, allowing them to make informed decisions about their diet, medication, and insulin dosage. Regular monitoring helps individuals with diabetes to manage their condition effectively, prevent complications, and maintain better overall health. Blood glucose test strips empower individuals to take control of their diabetes management and make necessary adjustments to maintain stable blood sugar levels.

Market Trends, Drivers, Restraints, and Opportunities

• The rapid growth in diabetes disease is a factor driving the global blood glucose test strip market.
• The rise in geriatric population is expected to boost the market.
• Regulatory requirements are considered a major restraining factor in the blood glucose strip market.
• The growing demand for point-of-care testing is expected to create lucrative opportunities in the market.

Scope of the Report

Market Segment Insights

The electrochemical segment is expected to expand at a rapid pace

Based on technology, the blood glucose test strip market is divided into colorimetric, enzymatic, and electrochemical. The electrochemical segment is expected to expand rapidly during the forecast period owing to its convenience, speed, and high accuracy.

The home care segment is projected to register a considerable CAGR

On the basis of end-user, the blood glucose test strip market is segregated into diagnostic laboratories, hospitals, and home care. The home care segment is projected to register a considerable CAGR during the forecast period owing to the growing preference for home-based diabetes management and the increasing prevalence of diabetes. On the other hand, the hospital segment is anticipated to account for a major market share during the forecast period due to the rise in diabetic patients.

North America holds the key market share

In terms of regions, the blood glucose test strip market is classified as APAC, Europe, North America, and LAMEA. The market of North America is expected to constitute a key share of the market during the projected period owing to increasing awareness about diabetes, technological progress, high prevalence of diabetes, strong healthcare infrastructure, and high disposable income. However, the market of Asia Pacific is anticipated to expand at a rapid pace during the forecast period due to a rise in diabetic patients, increasing awareness about diabetes, and rising disposable income.

Competitive Landscape

Key players competing in the Blood Glucose Test Strip market are Abbott; Omron B. Braun; Bayer; Lifescan; Nipro Diagnostics; AgaMatrix.

FAQs

How much is the market worth?

The Blood Glucose Test Strip market size was valued at USD 13.1 billion in 2022 and is expected to surpass USD 27.9 billion by 2032.

During the forecast period, what is the CAGR of the market?

During the forecast period, the CAGR of the market is expected to be 8.3%.

What are the key drivers of the market?

The market's growth is attributed to the manufacture, distribution, and sale of test strips.

What segments are covered in the Blood Glucose Test Strip report?

The segments covered in the report are technology (colorimetric, enzymatic, electrochemical), and end-user (diagnostic laboratories, hospitals, home care).

Mention which region is expected to hold the highest share of the Blood Glucose Test Strip market.

The North American region is expected to hold the highest share of the Blood Glucose Test Strip market.

Mention the key players in the market.

Key players competing in the Blood Glucose Test Strip market are Abbott; Omron B. Braun; Bayer; Lifescan; Nipro Diagnostics; AgaMatrix.