by The blood glucose test strip is used with handheld glucose meters by diabetics to monitor blood sugar levels. The test strips are coated with enzymes and other reagents that react to the blood sample drawn from a finger prick to display the glucose concentration in the blood. Given the growing burden of diabetes worldwide, monitoring blood glucose levels is essential for effective disease management. According to statistics, over 460 million people suffered from diabetes globally in 2019 and this figure is projected to rise to around 700 million by 2045. Regular blood glucose monitoring helps diabetics make informed decisions about diet, exercise, and medication to keep their condition under control.
The global Blood Glucose Test Strip Market is estimated to be valued at US$ 10.07 Bn in 2023 and is expected to exhibit a CAGR of 7.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends
Self-monitoring blood glucose systems continue to evolve with innovations focused on more comfortable and accurate testing through minimally invasive means. One such innovation is glucose test strips integrated with painless zero- inserter lancing devices that withdraw blood from interstitial fluid just under the skin instead of a finger prick. Additionally, continuous glucose monitoring systems using interstitial fluid are gaining popularity due to their non-invasive nature and ability to provide real-time glucose tracking over extended periods through sensors worn on the body. Advances in materials, manufacturing, and enzyme technology are also fueling innovations in test strip designs for improved accuracy, consistency, and longevity of results across varying blood sample volumes
Porter’s Analysis
Threat of new entrants: Low barrier to entry into manufacturing of test strips. However, established brands have strong distribution networks and customer loyalty which deter new entrants.
Bargaining power of buyers: High as buyers like hospitals and pharmacies can negotiate on price with manufacturers. Various generic brands further increase buyer power.
Bargaining power of suppliers: Moderate as raw material suppliers like plastic and chemical companies cannot influence prices significantly being commoditized.
Threat of new substitutes: Low as there are limited substitutes for blood glucose test strips used by diabetic patients for monitoring glucose levels.
Competitive rivalry: Intense rivalry between existing global players to gain market share through new product launches, marketing campaigns and regional expansion.
Key Takeaways
The Global Blood Glucose Test Strip Market Demand is expected to witness high growth.
Regional analysis: North America dominates the market currently due to high awareness levels and diagnostics spending. Asia Pacific is expected to grow at the fastest pace during the forecast period led by increasing diabetes patient pool and improved access to diagnostics in India and China.
Key players operating in the Blood Glucose Test Strip Market are BASF SE, SINOYQX, Puyang Green Yingli New Material Tech Co. Ltd, BEIJING GUOJIAN ANKE, ZHEJIANG LIN’AN YUNQING MELAMINE PLASTIC FOAM CO., PentaClick, Acoufelt, Clark Foam, Reilly Foam Corporation, Soundcoat, Festa.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
About Author - Ravina Pandya
Ravina Pandya,a content writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemicals and materials, etc. With an MBA in E-commerce, she has expertise in SEO-optimized content that resonates with industry professionals. LinkedIn Profile
