Blood Glucose Test Strip Market Size, Share, Growth, and Industry Analysis, By Type (Glucose Oxidase, Glucose Dehydrogenase and Others), By Application (Hospitals, Clinics, Household and Others) and Regional Insights and Forecast to 2031

Updated On: 06 May 2024

BLOOD GLUCOSE TEST STRIP MARKET REPORT OVERVIEW

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The global blood glucose test strip market size was USD 9492.2 million in 2020 and will touch USD 12540 million by 2027, exhibiting a CAGR of 3.6% during the forecast period.

Blood glucose test strips are a critical part of the blood glucose testing procedure. These little disposable plastic strips may look insignificant, yet they perform an important role in helping patients with diabetes monitor and regulate their condition. In most circumstances, each meter will only take a single type of test strip. However, certain blood glucose meters may use blood ketone strips to assess ketone levels.

COVID-19 Impact: COVID-19 Increased Remote Care from both Patients and Providers and Elevated the Market Growth

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

The COVID-19 pandemic has a good influence on the blood glucose test strips market growth. Patients with diabetes who are injected with SARS-CoV-2 may suffer increased stress and release of hyperglycemic hormones such as glucocorticoids and catecholamine, resulting in higher blood glucose, aberrant glucose variability, and diabetic complications. To minimize aggravation, a patient's blood glucose levels may be monitored during their COVID-19 hospitalization, emphasizing the necessity of blood glucose testing strips. The pandemic emergency has expanded remote treatment for both patients and clinicians while also removing several long-standing regulatory constraints. Thus, the COVID-19 epidemic accelerated the global expansion of the blood glucose test strip industry.

LATEST TRENDS

"Rising Disposable Income and Innovative Instruments to Upgrade the Market Sales"

The market sees an opportunity as disposable income rises, R&D operations are emphasized, and developing markets' purchasing habits improve. GlucoWise is a sensor that can detect blood glucose levels by simply putting it between the thumb and fingers into the skin. MediWise, the UK-based business behind the technology, has been bought by Metamaterial Technologies, a Canadian company that specializes in smart materials and photonics. Metamaterial Technologies began human testing of a version of GlucoWise in July 2021, combining a variety of wavelength sensors with machine learning to generate more accurate results.

BLOOD GLUCOSE TEST STRIP MARKET SEGMENTATION

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• By Type

Based on type the global market can be categorized into glucose oxidase, glucose dehydrogenase and others.

Glucose Oxidase (GOx)-Based Test Strips: The enzyme glucose oxidase catalyzes the reaction between glucose and oxygen. This reaction yields both gluconic acid and hydrogen peroxide. The amount of hydrogen peroxide produced is related to the glucose levels in the blood. This is detected and quantified by the test strip, yielding a quantitative result.

Glucose Dehydrogenase (GDH): Glucose dehydrogenase-based test strips employ the enzyme glucose dehydrogenase to catalyze the conversion of glucose to gluconolactone, as well as the reduction of a coenzyme like NAD(P)+ to NAD(P)H. The amount of NAD(P)H produced is measured, and the intensity of the color change is related to blood glucose levels.

• By Application

Based on application the global market can be categorized into hospitals, clinics, household and others.

Hospitals: Blood glucose test strips are used in hospitals and clinics to diagnose diabetes. Patients with diabetes symptoms, such as increased thirst or frequent urination, may be subjected to blood glucose testing to establish their diagnosis. Glucose monitoring is used in hospitals for inpatients, particularly those with diabetes or those receiving surgery or therapy that might impact blood glucose levels. Regular monitoring allows healthcare providers to alter insulin or other drugs as required.

Clinics: Patients visiting outpatient clinics for routine check-ups or follow-ups utilize blood glucose test strips to keep track of their blood sugar levels. This allows healthcare practitioners to evaluate the success of their present treatment strategy and make appropriate changes.

Household Use: Many diabetics use blood glucose test strips at home to check their blood sugar levels. This self-monitoring is critical for making educated food, pharmaceutical, and lifestyle choices that keep blood glucose levels within a desired range. Test strips can be used in combination with glucose meters that include connection capabilities, allowing patients to communicate their blood glucose data with healthcare practitioners remotely.

Others: Blood glucose test strips are frequently available over-the-counter at pharmacies. Individuals who fear they have diabetes or need to frequently check their glucose levels can obtain test strips without a prescription.

DRIVING FACTORS

"Increase in Diabetic Population to Stimulate the Market Growth"

The global prevalence of diabetes is gradually growing. According to the International Diabetic Federation, diabetes affects around 537 million individuals, with the total number of diabetics anticipated to reach 643 million by 2030 and 783 million by 2045.The expanding diabetic population is driving the blood glucose test strip sector ahead. According to the Diabetes Research Institute Foundation, type 1 diabetes affects roughly 1.6 million individuals and accounts for 5.2% of all diabetes diagnoses. Diabetes is a major source of worry for governments throughout the world because it drives demand for visual blood glucose strips and government financial support (FDA-approved blood glucose meter readings), both of which are key economic drivers in the sector.

"Rising Awareness and Higher Adoption Rate to Aid the Market Growth"

Increased awareness and use of continuous glucose monitors will help the industry thrive in the future. The high sales growth rates of leading continuous glucose monitor (CGM) manufacturers suggest that worldwide CGM use is still growing. Abbott Diabetes Care saw a strong 33.0% rise in revenues, lead by its CGM, FreeStyle Libre, which earned approximately $1 billion in sales in the third quarter (Q3) of 2021, owing mostly to new client growth. During the quarter, the gadget gained over 200,000 new users, increasing the total number of Libre users to more than 3.5 million worldwide. Dexcom, Abbott's primary CGM rival, reported sales of $650.2 million, a 30% increase year on year, with organic growth of 46% outside the US due to new clients.

RESTRAINING FACTOR

"Lack of Knowledge, Erroneous Strips with an Absence of Reimbursements to Limit the Market Growth"

The blood glucose test strip market will most certainly be impeded by a lack of understanding about preventative treatment, particularly in developing countries, mistakes in self-monitoring strips, and a lack of test strip reimbursement rules. However, the paucity of knowledge, error in strips, and unfavorable reimbursement costs may restrict the worldwide blood glucose test strip market growth.

BLOOD GLUCOSE TEST STRIP MARKET REGIONAL INSIGHTS

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"North America to Lead the Market owing to High Rate of Diabetic Patients "

North America held the greatest blood glucose test strip market share in projected timeframe. North America had the largest share of more than half in 2020, owing to healthcare reimbursements and quick adoption of new technologies. According to the Centers for Disease Control and Prevention (CDC), there are presently more than 29 million diabetes patients in North America, with the figure expected to climb to 33 million by 2026. In 2020, there were roughly 25 million diabetics in the United States alone, with Type 2 diabetes accounting for nearly 90% of the total. An estimated 37% of the population in the United States aged 18 and above with diabetes had chronic renal disease. As a result, the demand for test strips is likely to increase in parallel with the growing number of diabetes patients in this region in the coming years.

KEY INDUSTRY PLAYERS

"Notable Market Players Shaping the Market through Innovation and Market Expansion"

Major market actors are crucial for comprehending customer preferences and business dynamics because of their enormous market influence. The vast retail networks and online platforms of these large corporations enable shoppers to peruse a vast array of apparel options with ease. Product adoption has increased as a result of their well-known brand, strong worldwide presence, and enhanced customer confidence and loyalty.

List of Market Players Profiled

• Roche (Switzerland)
• LIFESCAN (Switzerland)
• Abbott (U.S.)
• Panasonic(Bayer) (India)
• ARKRAY (India)
• I-SENS (India)
• Omron (Japan)
• B. Braun (Germany)
• Nipro Diagnostics (Japan)

INDUSTRIAL DEVELOPMENT

• March 2021: Roche stated that it will buy GenMark Diagnostics for $1.8 billion. According to the terms of the arrangement, Genmark Diagnostics will become a subsidiary, with the major activities remaining in Carlsbad, California.In September, the business said it will purchase German biotech group, Tib Molbiol, to enhance its molecular diagnostics capabilities.

REPORT COVERAGE

The research provides forecasts for future market expansion in addition to a comprehensive SWOT analysis. It examines a wide range of market classifications, potential uses, and important factors that fuel the market's expansion in order to determine how the industry develops over the next several years. By considering both historical turning points and current trends, the research offers a thorough picture of the market's components and highlights potential growth prospects.