Blood Glucose Test Strip Market is projected to witness a high growth at a CAGR of ~ 7.2 % by 2030

Market Highlights

Blood glucose test strip is a small disposable plastic strip and is an important component of blood glucose meters that monitors and controls diabetes. These strips are impregnated with glucose oxidase, which reacts with glucose present in the blood and indicate of the blood glucose level.

The global blood glucose test strip market is expected to reach US$ 32,647.32 Million by 2030, and the market is projected to grow at a CAGR of ~ 7.2 % during the forecast period 2022-2030. The market may experience the growth due to several forces, such as government initiatives, convenience offered by self-blood glucose testing over the traditional methods, support and incentives by the governments and healthcare organizations etc.

The rising diabetic population is another major driver of the market and one of the major concerns for the government across the globe. According to International Diabetic Federation, about 415 million people had diabetes in 2015, and this number is estimated to reach 642 million by 2040.

Poor reimbursement policy for the test strips may hinder the growth of the market over the forecast period. In March 2013, Medicare announced reimbursement cuts for diabetes testing supplies (DTS) up to 72%, which not only reduced the healthcare expenditure; but also drastically reduces the number of vendors from which diabetic patients can obtain glucose-testing supplies. This may reduce the market for the blood glucose test strip due to reduction in competition over the forecast period.

Technological advancements and product development represent attractive strategies adopted by some of the leading players for the market. For instance, Bayer developed CONTOUR NEXT (CN) test strip that can used by both trained laboratory personnel and diabetic patients. This test strip uses a flavin adenine dinucleotide-glucose dehydrogenase (FAD-GDH) enzyme, a proprietary phenothiazine electron mediator and algorithm to minimize errors during the testing process.

LifeScan’s OneTouch Verio test strips are based on innovative opposing electrode technology developed by Universal Biosensors. This technology provides instant results of blood glucose levels and does not require calibration. Moreover, the results are unaffected by the presence of unrelated sugars such as maltose and galactose, which interfere with the results in a number of other blood glucose systems.

Browse In-depth Market Details [Table of Content, List of Figures, List of Tables] of  Blood Glucose Test Strip Market Research Report

Global Blood glucose test strip Market PlayersKey players profiled in the report are Abbott, Roche Diagnostics, LifeScan, i-SENS, Bayer Diabetes Care, AgaMatrix Inc, Elektronika, Universal Biosensors, Nipro Diagnostics, TaiDoc, Apex Biotechnology Corp, B. Braun, HMD BioMedical Inc., ALL Medicus, SANNUO, Beijing Yicheng Electronics, Betachek National Diagnostics, Shanghai MicroSense, Jiangsu Yuyue, ACON Laboratories and others.

SegmentationThe global blood glucose test strip market has been segmented on the basis of technology.On the basis of technology, the market has been segmented into thick film electrochemical, thin film electrochemical, and optical.