Blood Glucose Test Strips Market to Grow with a CAGR of 4.40% through 2028
Growing
awareness and focus on diabetes management is expected to drive the Global Blood
Glucose Test Strips Market growth in the forecast period, 2024-2028
According to TechSci
Research report, “Blood Glucose Test Strips Market – Global Industry Size,
Share, Trends, Competition Forecast & Opportunities, 2028”, the
Global Blood Glucose Test Strips Market stood at USD 10.53 billion in 2022 and
is anticipated to grow with a CAGR of 4.40% in the forecast period, 2024-2028. Technological
advancements represent another key driver propelling the growth of the blood
glucose test strips market. Continuous innovation in this field has led to the
development of more accurate, efficient, and user-friendly test strips.
Manufacturers are investing in research and development to enhance the
performance of these strips, resulting in devices that require smaller blood
samples, provide faster results, and offer connectivity features. The
integration of smart technology into blood glucose monitoring devices allows
for seamless data management and real-time monitoring, empowering both patients
and healthcare professionals.
The rising trend
of home-based glucose monitoring is a significant driver that has reshaped the
blood glucose test strips market. In the past, individuals with diabetes often
had to visit healthcare facilities for regular blood glucose checks. However, the
advent of user-friendly and portable test strips has enabled people to monitor
their blood glucose levels conveniently at home. This shift has not only
improved the quality of life for individuals with diabetes but has also
contributed to the overall growth of the market. Home-based monitoring
encourages consistent testing and allows for better management of the
condition.
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"Global Blood Glucose Test Strips Market”
The Global Blood
Glucose Test Strips Market is segmented into Type, End-User,
Regional Distribution, And Company.
Based on the
Type, Thin Film Electrochemical Films emerged as the dominant segment in the
global market for Global Blood Glucose Test Strips in 2022. Secondly, the
compact and miniaturized nature of Thin Film Electrochemical Films aligns with
the modern trend of portable and user-friendly glucose monitoring devices. The
thin film technology allows for the development of smaller and more discreet
test strips, making them convenient for on-the-go testing. This portability
encourages users to adhere to regular monitoring routines, contributing to
improved diabetes management. Additionally, Thin Film Electrochemical Films
often require smaller blood samples for testing compared to other types. This
feature enhances user comfort and reduces the invasiveness of the testing
process, addressing a common concern among individuals with diabetes. The
minimized sample size is particularly advantageous for those who may be
sensitive to frequent blood draws. Furthermore, the thin film technology
enables faster testing times. Quick results are beneficial for users who want
immediate feedback on their blood glucose levels, allowing for prompt
adjustments to medication or lifestyle choices. This rapid turnaround time
aligns with the trend towards more efficient and time-sensitive healthcare
solutions.
Based on the End-User,
Hospitals emerged as the dominant segment in the global market for Global Blood
Glucose Test Strips Market in 2022. hospitals
are equipped with comprehensive healthcare infrastructure, including
laboratories and specialized departments, which facilitate the efficient use of
blood glucose test strips. The presence of trained healthcare professionals,
such as nurses and laboratory technicians, ensures proper usage of the test
strips and accurate interpretation of results. The centralized nature of
hospital settings allows for streamlined and coordinated diabetes management,
with blood glucose monitoring being an integral part of routine care. Moreover,
hospitals often handle a wide range of diabetes cases, from routine monitoring
for stable patients to more intensive monitoring for those requiring acute
care. This diversity in patient needs contributes to a consistent and robust
demand for blood glucose test strips in hospital settings. The ability of
hospitals to cater to varying levels of diabetes severity positions them as
significant consumers of blood glucose monitoring products.
The
North American region has been at the forefront of technological innovation in
healthcare, including diabetes management. The development of advanced glucose
monitoring devices, incorporating cutting-edge technologies, has significantly
contributed to the dominance of North America in the blood glucose test strips
market. Continuous glucose monitoring systems (CGMS) and smart glucose meters
with enhanced features have become increasingly prevalent in the region,
fostering a culture of innovation and driving market growth. North America,
particularly the United States, has stringent regulatory standards in place for
medical devices, ensuring the safety and efficacy of healthcare products.
Compliance with these standards is crucial for market entry and sustained
growth. The region's substantial healthcare expenditure contributes
significantly to the growth of the blood glucose test strips market. Both
public and private sectors in North America allocate substantial resources to
healthcare, facilitating research and development, healthcare infrastructure
improvements, and the widespread adoption of advanced medical technologies.
This financial commitment plays a pivotal role in the availability and
accessibility of blood glucose test strips, supporting the market's dominance
in the region.
Major companies
operating in Global Blood Glucose Test Strips Market are:
- Abbott Laboratories Inc
- F. Hoffmann-La Roche Ltd
- LifeScan IP Holdings, LLC
- i-SENS, Inc.
- Ascensia Diabetes Care Holdings AG
- AgaMatrix, Elektronika Sales Pvt Ltd.
- Universal Biosensors
- TaiDoc Technology Corporation
- B. Braun Melsungen AG
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“The
Global Blood Glucose Test Strips Market is poised for robust growth in the
coming years. The escalating prevalence of diabetes on a global scale remains a
primary catalyst, with a rising number of individuals requiring effective tools
for regular blood glucose monitoring. Increasing awareness about the importance
of diabetes management, coupled with advancements in technology, is fostering a
demand for more sophisticated and user-friendly blood glucose test strips. The
integration of smart features, such as connectivity with mobile devices and
real-time data tracking, aligns with the broader trend of digital health
solutions, enhancing the overall user experience. Moreover, a shift towards
personalized medicine and proactive healthcare is amplifying the significance
of continuous glucose monitoring, further fueling the demand for innovative
test strips.” said Mr. Karan Chechi, Research Director with TechSci Research, a
research-based management consulting firm.
“Blood
Glucose Test Strips Market - Global Industry Size, Share, Trends, Opportunity,
and Forecast, 2018-2028 Segmented By Type (Thick Film Electrochemical Films,
Thin Film Electrochemical Films, Optical Strips), By End-User (Hospitals,
Ambulatory Surgical Centers, Other End-Users) Region and Competition”,
has evaluated the future growth potential of Global Blood Glucose Test Strips Market
and provides statistics & information on market size, structure and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Global Blood Glucose Test Strips Market.
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