by The blood glucose test strip market involves the manufacturing of disposable test strips that are used in handheld home-use blood glucose monitors. These strips contain reagents that react with a small amount of blood sample drawn through a finger-prick to measure the blood glucose level. The rapid results help people with diabetes manage their condition with convenient home testing and monitoring.
The global blood glucose test strip market is estimated to be valued at US$ 12.33 Billion 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. The major players are focusing on expanding their product portfolio and global footprint to meet the growing demand.
The increasing prevalence of diabetes around the world is a key factor driving the rising demand for blood glucose test strips. Home healthcare is also gaining traction as people prefer convenient monitoring and management of chronic conditions from the comfort of their homes. Blood Glucose Test Strip Market Size technological advancements have made home-use glucose monitors smaller, portable, and easy to use, encouraging more patients to self-test frequently.
The high availability of private label and affordable generic blood glucose test strips manufactured by local players in developing markets is boosting the global expansion of the market. Regions like Asia Pacific and Latin America are attracting major investments by leading manufacturers looking to tap into the vast growth potential. stringent regulations.
Market key trends
The rapid adoption of digital technologies in healthcare is bringing about major changes in diabetes management. Integrated continuous glucose monitoring systems that do not require frequent finger pricking are gaining popularity. These devices can wirelessly transmit real-time glucose readings to smartphones, enabling remote monitoring by caregivers and clinicians. Such innovative product formats are expected to be a key trends shaping the future direction of the blood glucose test strip market over the coming years.
Porter’s Analysis
Threat of new entrants: Entry is easy as technology, raw materials and supplier network are easily available. However, established players enjoy economies of scale.
Bargaining power of buyers: Buyers have high bargaining power due to availability of substitutes and commoditized nature of product.
Bargaining power of suppliers: Few suppliers exist for key raw materials increasing their bargaining power.
Threat of new substitutes: New substitutes like sensors and mobile apps pose threat but testing remains key for diabetes management.
Competitive rivalry: Intense competition exists among existing players to gain market share.
Geographical Regions
North America accounts for the largest share in terms of value owing to increasing diabetes prevalence and patient awareness. Asia Pacific region is expected to register fastest growth during forecast period supported by rapid strides in healthcare infrastructure, patient education and economic development in countries like China and India.
Geographical Regions
Europe is another major regional market both in terms of value and volume. Large diabetic patient pool, universal healthcare and positive reimbursement scenario have aided market growth. Japan also presents lucrative opportunities due to growing elderly population vulnerable to diabetes. RoW regions including Middle East, Latin America and Africa provide scope for penetration given increasing health and economic indices over the years.
