Global Blood Glucose Test Strip Market will grow

The blood glucose test strip market has witnessed significant growth over the past few years.

The blood glucose test strip market has witnessed significant growth over the past few years owing to the increasing prevalence of diabetes. Blood glucose test strips are used along with glucose meters to test and monitor blood glucose levels multiple times a day. Advancements in blood glucose strip technology have made self-monitoring of blood glucose more convenient with high precision and accuracy even with minimal blood samples. The strips are available as single-use disposable strips and refill packs. Key factors driving the increased demand for blood glucose test strips include growing geriatric population, obese population, increasing awareness about diabetes self-management and advancements in diabetic care practices.

The Global Blood Glucose Test Strip Market is estimated to be valued at US$ 12.33 Bn in 2024 and is expected to exhibit a CAGR of 7.9% over the forecast period 2024 To 2031.

Key Takeaways

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. Over the past few years, these players have undertaken various organic and inorganic strategies such as new product launches, partnerships, and expansions to increase their market share and better serve the needs of customers.

The prevalence of diabetes is increasing rapidly across the world. According to CDC, Blood Glucose Test Strip Market Size around 10.5% of the US population has diabetes. Early detection and management of diabetes can help reduce complications. This is expected to drive the demand for blood glucose test strips for self-monitoring of glucose levels.

Technological advancements are being made to blood glucose test strips to improve accuracy, reduce pain, enable alternate site testing such as testing glucose from palms and forearm, integrate strips with smart devices and apps for easy monitoring of results. This is expected to further increase adoption and drive market growth.

Market trends:

Increasing demand for self-monitoring of blood glucose: Convenient and easy to use blood glucose monitoring devices and test strips are witnessing high demand for self-monitoring of blood glucose levels, especially for managing diabetes.

Integration with smart devices and apps: Major players are focusing on integrating blood glucose test strips and meters with smartphones and apps to simplify monitoring and management of glucose levels. Data can be tracked over time for better control.

Market Opportunities:

Emerging markets: Emerging countries are expected to provide high growth opportunities for blood glucose test strips due to increasing diabetes prevalence and growing healthcare expenditures.

Alternative site testing: Advancements towards alternate site testing without needing finger-prick blood samples will drive the market. Testing from palms, forearms etc will increase user convenience and compliance.

Impact of COVID-19 on Blood Glucose Test Strip Market Growth

The outbreak of the COVID-19 pandemic had a profound impact on the blood glucose test strip market. During the initial outbreak and lockdown phases, people with diabetes faced difficulties in regularly monitoring their blood sugar levels and accessing test strips due to supply chain disruptions. The demand for test strips increased sharply as people stockpiled supplies. However, manufacturing and distribution was impacted due to restrictions. This led to shortages of test strips in the initial months, limiting people’s ability to effectively self-manage their condition. With lockdowns and social distancing measures in place, access to healthcare facilities was also limited. People had to rely more on self-testing kits and remote consultation with physicians for treatment management.

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