The global Blood Glucose Test Strip market was valued at US$ 9.9 Bn in 2022 and is forecast to reach a value of US$ 17.7 Bn by 2030 at a CAGR of 7.4% between 2023 and 2030. The global blood glucose test strip market is experiencing strong growth owing to the increasing diabetes population and growing geriatric and population around the world. Moreover, increasing demand for blood glucose testing kits and the outbreak of COVID-19 is expected to boost the market growth. However, factors such as emergence of new bgm technology and invasiveness associated with the use of test strip are expected to hamper the growth of the global blood glucose test strip market.
Global Blood Glucose Test Strip Market: Regional Insights
Based on geography, the global blood glucose test strip market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa.
Among regions, North America is expected to gain highest share in the market during the forecast period due to high diabetic population in the country. According to a recent survey, close to 7.4% of the total population of the country are diabetic. About 24 million Americans are diagnosed with diabetes every year. The country also has the highest obesity population, and obesity is considered a prominent cause for type-2 diabetes. Even though insurances cover the cost of most equipment and medications required for the diabetic patients, most of manufactures are getting profits through the blood glucose test strip market, for example Roche made approximately USD 460 million profit in the U.S. blood glucose test strip market alone.
Europe and Asia Pacific are also expected to witness robust growth in the global blood glucose test strip market owing to the increasing prevalence of diabetes, increasing obesity population. in these regions. Furthermore, in Germany, the mortality risk associated with diabetes is up to 2.6 times higher than people without diabetes. The country also records high rates of diabetes prevalence (12.2%) among adult diabetes population. The type-1 population in Germany was reported to be 0.3 million in 2018 and is expected to reach 0.4 million by 2024.This in turn is expected to augment the market growth.
Figure 1. Global Blood Glucose Test Strip Market Share (%), by Region, 2023
Global Blood Glucose Test Strip Market Drivers:
Increasing prevalence of diabetes to propel market growth
One of the key factors expected to augment the growth of the global Blood Glucose Test Strip market over the forecast period is the increasing prevalence of increasing prevalence of diabetes across the world. For instance, according to statistics published by Center for Disease Control and Prevention in June 2022, stated that 37.3 million people have diabetes in the U.S. Moreover, 28.7 million people are diagnosed including 28.5 million adults.
Growing geriatric & pediatric population to drive market growth
Another factor which is driving the growth of the global Blood Glucose Test Strip market is the growing geriatric and pediatric population worldwide. For instance, with the growing geriatric and pediatric population, the demand for temperature monitoring devices is also increasing, as this population is more prevalent to disease, such as fever, sour throat, and cold & cough. India is home to largest number of children in the world. According to the World Health Organization (WHO), one in six people in the world will be aged 60 years or over by 2030, and the world’s population of people aged 60 years and older will double (2.1 billion) by 2050.
Global Blood Glucose Test Strip Market Opportunities:
High demand for blood glucose test strips due to the increase in diseased population such as obesity population across the globe is expected to offer significant growth opportunities for players in the global blood glucose test strip market. For instance, according to fact sheet published by World Health Organization in June 2021 stated that in 2019, an estimated 38.2 million children under the age of 5 were overweight or obese. Overweight and obesity, once considered a problem in high-income countries, is now increasing in low- and middle-income countries, particularly in urban areas. In Africa, the number of overweight children under the age of 5 has increased by almost 24 percent since 2000. Almost half of the children under the age of 5 who were overweight or obese in 2019 were in Asia.
The outbreak of COVID-19 across the world is expected to offer significant growth opportunities for players in the blood glucose test strip marketDuring the COVID-19 pandemic, several research and development activities in the field of diabetes have been funded. For example, Indigo Diabetes, a Belgium-based startup, raised $44.6 million in a Series B funding round in July 2020. Fund+, Ackermans&van Haaren, Capricorn Digital Growth Fund, imec.xpand and Titan Baratto were among the new investors in this round. Indigo Diabetes is working on a sensor and app for continuous glucose monitoring.
Global Blood Glucose Test Strip Market Trends:
Technological Innovation in the test strips is a recent trend
Interest in non-invasive glucose testing has peaked recently with the news that Google is working on the non-invasive technology of blood glucose monitoring. Other companies are also doing extensive research on it, GBSG is developing a test strip which is used to measure the glucose level via saliva and the result will be displayed on the mobile device. This kind of technology will revolutionize the test strip and blood glucose monitoring. Technological innovation in the test strip like improving the efficiency and accuracy of the results as compared to the already existing test strip in the market.
Increasing product advancements is another trend
Increasing technological advancements in the products and positive reimbursement of self-monitoring blood glucose meters in developed economies will also contribute to the growth of this market. For instance, the Dario blood glucose monitoring system is a cloud-based diabetes management system that combines software applications with an elegant all-in-one device with lancing device, test strip cartridge and compact meter.
|Base Year:||2022||Market Size in 2023:||US$ 10.7 Bn|
|Historical Data for:||2018 to 2021||Forecast Period:||2023 to 2030|
|Forecast Period 2023 to 2030 CAGR:||7.4%||2030 Value Projection:||US$ 17.7 Bn|
Abbott, F. Hoffmann-La Roche Ltd, Johnson & Johnson, ARKRAY, Inc., Ascensia Diabetes Care Holdings AG, AgaMatrix, Bionime Corporation, ACON Laboratories, Inc., MEDISANA GMBH, Tividia Health, Inc. and Rossmax International Ltd.
|Restraints & Challenges:||
Global Blood Glucose Test Strip Market Restraints:
Invasiveness associated with the use of test strip to hinder market growth
One of the key factors expected to hinder growth of the global blood glucose test strip market is the availabilities of other invasive technologies. Glucometer and continuous glucose monitoring, both need blood samples to analyze, transmit, and display data. People who use glucometer frequently need to prick via lancet every time. Type-1 patients and insulin-dependent type-2 patients need to measure blood glucose regularly after every meal. Hence, there is a preference towards a technology that overcomes the pain of getting pricked, in order, to make the technology more user friendly. Needle stick injuries are a reality for people who regularly use needles. It is estimated that 600,000 to 800,000 needle stick injuries occur per year in the United States.
The requirement to use glucose strips for testing creates reluctance in some patients to hamper the market growth
A lancet is included in glucometer test kits, and it is used by the patient to prick their finger to take blood for the test strip. However, this process is quite painful, which makes some patients reluctant to submit to such testing. The strips are susceptible to variations in temperature, sample quality, and humidity and have short shelf lives, cannot be reused. Additionally, for diabetic individuals who also have hypotension, anaemia, and decreased hematocrit, glucometer readings are not thought to be accurate. Although the cost of the equipment is an initial outlay, the burden on patients is increased by the significantly high cost of test strips. This, among other things, is a significant element that is anticipated to somewhat restraint market growth.
Figure 2. Global Blood Glucose Test Strip Market Share (%), by Application, 2023
Global Blood Glucose Test Strip Market Segmentation:
The global blood glucose test strip market report is segmented into Material Type, Technology Application, End User, and Region.
Based on Material Type, the market is segmented into Thin Film Electrochemical Films, Thick Film Electrochemical Films and Optical strips. Out of which, Thin Film Electrochemical Films is expected to dominate the blood glucose test strip market over the forecast period and this is attributed to the increasing product manufacturing by market players.
Thick Film Electrochemical Films is also expected to witness significant growth in the near future and this is owing to the outbreak of COVID-19 across the globe
Based on Technology, the market is segmented into Glucose Oxidase and Glucose Dehydrogenase. Out of which, Glucose Dehydrogenase is expected to dominate the market over the forecast period and this is attributed to the high accuracy in measuring blood glucose levels has positively impacted the use of self-monitoring blood glucose (SMBG) devices, particularly in critical care settings.
Glucose Oxidase Segment is also expected to witness significant growth in the near future and this is owing to increasing adoption in end users.
Based on End User, the market is segmented into Hospitals, Home Care Settings, Diagnostic Laboratories and Others (Research and Academic Institutions, etc.). Out of which, Hospitals Segment is expected to dominate the market over the forecast period and is attributed due to the increasing number of patients are being diagnosed with diabetes and hence increasing usage of the product in the hospitals
Home Care Settings Segment is also expected to witness significant growth in the near future and this is owing to increasing demand due to the COVID 19 outbreak.
Global Blood Glucose Test Strip Market: Key Developments
In March 2022, 9am.health, provider of drug delivery services and Ascensia Diabetes Care, medical device company has offered blood glucose meter CONTOUR NEXT ONE and the test strips CONTOUR NEXT are made available to his patients with type 2 diabetes and prediabetes as a supplement to the comprehensive range of virtual diabetes care.
In March 2022, Canadian Department of Health published changes to the Health Network System (HNS) for reimbursement of blood glucose test strips under the Ontario Drug Benefit (ODB) program. The HNS applies the annual blood glucose test strip limit based on online claims and documentation submitted by ODB-eligible patients for reimbursement.
Global Blood Glucose Test Strip Market: Key Companies Insights
The global Blood Glucose Test Strip market is highly competitive. This is attributed to the rise demand for blood glucose test strips, as a result, players in the market are focusing on launching novel products in the market.
Some of the key players in the global blood glucose test strip market are Abbott, F. Hoffmann-La Roche Ltd, Johnson & Johnson, ARKRAY, Inc., Ascensia Diabetes Care Holdings AG, AgaMatrix, Bionime Corporation, ACON Laboratories, Inc., MEDISANA GMBH, Tividia Health, Inc. and Rossmax International Ltd., among others.
*Definition: Blood glucose test strips (diabetes test strips) are a central component of blood glucose measurement. These small, single-use plastic strips may look insignificant, but they play a very important role in helping people with diabetes monitor and control their diabetes.