Blood Glucose Test Strips Market: Current Analysis and Forecast (2022-2028)

Blood Glucose Test Strips Market: Current Analysis and Forecast (2022-2028)

The blood glucose test strips market is expected to register a CAGR of around ~7% over the period of 2021-2027. This is mainly due to the increasing prevalence of diabetes-related diseases such as cardiovascular disease (CVD), neuropathy, and nephropathy and increasing awareness regarding the benefits of early detection of diseases and preventive measures are other factors resulting in the adoption of blood glucose test strips among the diabetic patient pool. Major healthcare companies are investing heavily in their product advancements due to rising social awareness regarding the treatment and prevention of diabetes burdens patients with direct medical costs. For instance, according to the International Diabetes Federation (IDF), approximately 537 million adults were diabetic in 2021, which is projected to increase to 643 million by 2030. Furthermore, advancements in blood glucose test strips, innovations in technology, and healthy reimbursement policies, as well as raising awareness among the population about diabetes control and accessibility to glucose test strips, are all factors ensuring the market's growth. Therefore, the market for blood glucose test strips is expected to witness significant growth during the forecast period.

• Based on type, the market is classified into thick film electrochemical films, thin-film electrochemical films, and optical strips. Amongst these, the thick film electrochemical strips category accounted for a significant share of the market. This is mainly due to the thick film electrochemical blood glucose test strips being composed of several layers including the analytical layer, separating layer, and support layer. Each strip contains printed working and reference electrodes that are coated with reagents and membranes.
• Based on technology, the market is classified into glucose oxidase and glucose dehydrogenase. Amongst technology, the glucose dehydrogenase category accounted for a significant share of the market. This is mainly due to its glucose dehydrogenase-based test strips being less expensive and more accurate and specific than the main alternative, glucose oxidase strips, as cross-reactivity from other blood sugars such as maltose, galactose, or xylose is zero. Therefore, this segment is likely to boost the demand for the blood glucose test strips market.
• Based on application, the market is categorized into Type I diabetes, and Type II diabetes. Among these, Type II diabetes is expected to witness the highest CAGR during the forecast period. This segment is rising due to the sedentary lifestyle, the blood glucose levels for Type-II diabetes patients are not under control, and this is causing the patients to regularly monitor their blood glucose levels to avoid further complications of diabetes. According to CDC, more than 37 million Americans have diabetes (about 1 in 10), and approximately 90-95% of them have type 2 diabetes. Furthermore, stringent government rules for driving under the influence which expected to support the growth of the segment over the forecast period. These results boost the production of blood glucose test strips.
• Based on distribution channels, the market is categorized into online and offline. Among these, offline is expected to witness the highest CAGR during the forecast period. This segment is rising due to its demand for blood glucose test strips used after product quality assurance and the high preference and easy availability of SMBG devices through retail stores and pharmacies are major factors driving the growth of this segment. Moreover, patients who are unable to use the strips or pen needles on their own visit nearby pharmacies for assistance.
• Based on end user, the market is categorized into individuals, hospitals and clinics, and others. Among these, hospitals & clinics are expected to witness the highest CAGR during the forecast period. This segment is rising due to the availability of required healthcare facilities and also the increasing number of hospitals in developed as well as developing economies will drive the market. According to the CDC, in 2020, there were 7.8 million hospital discharges with diabetes as the primary diagnosis, and a severe cardiovascular condition was reported in 1.7 million of these discharges, including 438,000 ischemic heart disease and 313,000 strokes.
• For a better understanding of the market adoption of the blood glucose test strips industry, the market is analyzed based on its worldwide presence in the countries such as North America (US, Canada, Rest of North America); Europe (Germany, UK, France, Italy, Spain, and Rest of Europe); Asia-Pacific (China, Japan, India, Australia, Rest of Asia-Pacific), and Rest of World. North America is expected to witness the highest CAGR during the forecast period on account of the increasing diabetic population and rising healthcare expenditure. In addition, growing awareness and a highly developed economy, high product adoption rates of blood glucose test strips in the U.S. economy. For instance, as per the American Diabetes Association, in 2019, 37.3 million Americans, or 11.3% of the population, had diabetes. Thus, the growing prevalence of diabetes and chronic diseases, increasing research on the medical applications of blood glucose test strips, and the development of advanced blood glucose test strips by major companies and the diagnostics industry owing to the presence of well-established market players and frequent product launches in the region.
• Some of the major players operating in the market include Abbott Laboratories, Roche, AgaMatrix, Bayer, LifeScan, Care Touch, GenUltimate, Ascensia Diabetes Care Holdings, Bioland Technology Ltd, Medtronic.