Global blood glucose test strips market expected to generate revenue of around USD 17.44 billion by end of 2024, growing at a CAGR of around 6.70% between 2018 and 2024.
Blood Glucose Test Strips Market
Blood glucose testing or monitoring is used to determine the quantity of glucose or sugar in the patient’s bloodstream. The glucose screening is conducted to check gestational, type 1, and type 2 diabetes. The blood glucose test strips are significant tools used in the blood glucose screening or monitoring. These small strips play a very important role in assisting people suffering from diabetes to keep a check on their blood glucose levels and control the levels. A blood glucose test strip is prepared from numerous layers that help in providing precise test results. The topmost layer of the strip acts as a small sponge which soaks the blood sample. The middle layers of the glucose strips act as a filter and help in focusing the blood sample to the reaction center of the strip. The next layer of the glucose strip consists of an enzyme that reacts with the blood sugar present in the sample, a mediator chemical that helps in channelizing the electrons along with the strip’s circuit to provide an accurate reading and a mixture of chemicals that work to preserve and stabilize the mediator chemicals and enzyme. A palladium and gold covered circuit are there at the bottom of the strip that helps in transferring the electrons to the meter for final measurement.
Blood glucose test strips market is expected to have a moderate growth during the forecast period attributing to the increasing incidences of diabetes mellitus, in turn increasing the demand for screening and monitoring technologies. Furthermore, rising elderly population and the alarming rate of increasing number of type-2 diabetes mellitus are driving factors for the blood glucose test strips market. The blood glucose test strips are easy to use and do not require skilled professionals. The concentrated efforts by pharmaceutical companies, skilled health care professionals and government officials to instruct people about the importance of diabetes test strips are also anticipated to have a positive impact on the growth of the market during the forecast period. Advances in screening and monitoring technology for blood glucose are also making it suitable and easier to carry out tests among patients who are uncertain to perform tests because of infection. On the other hand, it is observed that it is quite complex to educate the diabetes patients about the significance and criticality of recurrent testing of blood glucose levels so that they can manage their blood glucose levels safely. This aspect can have a harmful impact and can hamper the growth of the blood glucose test strips market during the forecast period 2018-2024.
Based on the technology, blood glucose test strips market has been segmented into channel technology and wicking technology. Based on the sales channel, the blood glucose test strips market has been segmented into hospital pharmacies, retail pharmacies, and online pharmacies. Based on region, blood glucose test strips market is further segmented into North America, Latin America, Europe, the Middle East & Africa, and the Asia Pacific.
North America is anticipated to remain the principal region over the forecast period. Rising healthcare understanding and awareness about the screening and monitoring technology for diabetes is expected to boost the market in this region. Europe was the second largest market followed by the Asia Pacific. The Asia Pacific is probably expected to show the highest growth rate during the forecast period while Latin America market is projected to grow at a moderate rate during the forecast period. The Middle East and Africa region are also expected to show a noticeable growth in the years to come with increasing awareness.
Some of the key players in blood glucose test strips market include Abbott Laboratories, Bayer Healthcare AG, B.Braun Melsungen Ag, i-SENS. Inc., AgaMatrix (US), TaiDoc Technology Corporation, BioSensors, Inc., Universal Biosensors, Beijing Yicheng Electronic Co., Ltd., HMD Biomedical, LifeScan, Inc., and F.Hoffmann-La Roche Ltd., among others.