Global Blood Glucose Test Strips Market Expected to Reach $15,046 Million by 2026
According to a new report published by Progressive Markets Report, titled, " Blood Glucose Test Strips Market by Technology, Electrode Type, and End User: Global Opportunity Analysis and Industry Forecast, 20152026," the global blood glucose test strips market was valued at $9,061 million in 2017, and is projected to reach $15,046 million by 2026, growing at a CAGR of 5.7% from 2018 to 2026. The glucose dehydrogenase (GDH) segment is anticipated to be the highest revenue contributor during the forecast period.
Blood glucose test strips, which form an essential part of the glucose monitoring device, is majorly used to detect the blood glucose level in blood. A disposable test strip is incorporated in a glucose meter to measure the concentration of glucose present in the blood. These test strips are coated with enzymes such as glucose oxidase and dehydrogenase that detect glucose in the blood. Blood glucose test strips are being widely used by diabetic patients to self-monitor their blood glucose level. In addition, American Diabetes Association (ADA) recommends that patients with type 1 diabetes should test glucose level at least three or more times per day.
The major factors that drive the blood glucose test strips market growth include significant increase in the prevalence of diabetic patients, rise in obese population and consumption of junk food. Further, diabetes mellitus is the most common endocrine disorder of carbohydrate metabolism. Globally, it is the foremost cause of morbidity & mortality and is a major health concern for developed economies. Moreover, key market trends such as surge in prevalence toward usage of self-monitoring devices among patients and favorable reimbursement policies are anticipated to boost the market insights. However, high cost of the strips and low awareness regarding proper use of these strips among patients are the factors expected to hamper the market growth in near future.
By technology, glucose dehydrogenase (GDH) accounted for nearly 58% of the market share in 2017 and is also the fastest growing segment, poised to grow at a CAGR of 6.68% from 2018 to 2026. This is attributed to the fact that glucose dehydrogenase-based strips are more accurate and specific as compared to glucose oxidase strips. In addition, glucose dehydrogenase is less susceptible to common interferences than glucose oxidase.
Among electrodes, the thick electrode segment accounted for nearly 51% of the market share in 2017 and is anticipated to experience the highest CAGR throughout the forecast period. This is attributed to the fact that thick film electrodes are more suited for mass production and use in portable devices. In addition, the micro-fabrication present in thick electrodes offers large-scale production of inexpensive and highly reproducible disposable enzyme electrodes.
Among end users, the hospital segment accounted for nearly 41% of the market share in 2017. This is attributed to the preference among patients towards hospitals for monitoring their blood glucose level. Whereas, homecare settings segment is anticipated to grow at the highest CAGR of 4.68% from 2018 to 2026, owing to the rise in awareness toward self-monitoring home care devices among patients. In addition, ease of availability of self-monitoring devices in pharmacies and online stores contributes to the shift in market trend towards homecare settings segment in near future.
Based on region, North America accounted for the major market share of 40% in 2017 and is anticipated to dominate the market in near future. This is attributed to the better healthcare infrastructure in this region. However, Asia-Pacific is anticipated to grow at the highest CAGR of 5.3% during the forecast period.
The study offers a comprehensive analysis of the key manufacturers operating globally in the blood glucose test strips market. An overview of each market player is provided in the study to assist the market players, new entrants, investors, and stakeholders to devise their strategic growth moves.
The report highlights their overview, business performance, key strategic moves & developments, and market share with respect to the market players in the report. The key market players analyzed in the report include Abbott Laboratories, Ascensia Diabetes Care Holdings AG, F. Hoffmann-La Roche Ltd., Medtronic plc, Johnson & Johnson (LifeScan), Dexcom, Inc., B. Braun Holding GmbH & Co. KG, Nipro Diagnostics, Universal Biosensors Inc., and Apex Biotechnology Corp.
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