Global Blood Glucose Test Strips Market to Reach $21 Billion by 2030 at a CAGR of 6.1%

DUBLIN, Sept. 30, 2022 /PRNewswire/ -- The "Blood Glucose Test Strips Market By Distribution Type, By Diabetes Type, By End-use, and By Region Forecast to 2030" report has been added to  ResearchAndMarkets.com's offering.

The global blood glucose test strips market is forecast to reach USD 21.00 Billion by 2030, according to a new report. The market is projected to register a CAGR of 6.10% in the forecast period of 2020-2030. The rising prevalence of diabetes is the primary driver for market growth.

The blood glucose test strips are small, disposable strips used for monitoring blood sugar levels at home. These strips are also known as glucometers or glucose meters. A drop of blood is placed on the strip, which is then inserted into the glucometer. The machine reads the strip and displays the blood sugar level on its screen.

The global market is growing at a substantial pace as the amount of diabetes patients is increasing day by day. The blood glucose test strips market is flourishing due to the rising awareness about self-monitoring of blood sugar levels. Also, the increasing adoption of new technologies has resulted in the development of advanced and user-friendly products, which is fuelling the growth of this market.

The rising prevalence of diabetes globally is one of the major factors driving the growth of blood glucose test strips market. According to the World Health Organization (WHO), the number of people with diabetes has quadrupled since 1980 to 422 million adults in 2014. The increase in prevalence can be attributed to the growing aging population and changing lifestyles.

The other factor fuelling the growth of blood glucose test strips market is the sedentary lifestyle. Sedentary lifestyle, along with unhealthy dietary habits, is one of the major risk factors for type 2 diabetes. According to the American Diabetes Association (ADA), people who are physically active have a lower risk of developing type 2 diabetes.

The growing number of initiatives by government and non-government organizations to create awareness about diabetes is also driving the growth of blood glucose test strips market. For instance, the Diabetes Awareness Campaign was launched by the International Diabetes Federation (IDF) in 1991 to create awareness about diabetes and its complications. The campaign has been successful in reaching out to a large number of people across the world.

The high cost of blood glucose test strips is one of the major factors restraining the growth of blood glucose test strips market. The cost of blood glucose test strips ranges from USD 0.50 to USD 3.00 per strip, depending on the brand and country. This high cost limits the access of these products to a large section of the population, especially in developing countries.

Market Dynamics

Market Drivers

• Increasing Global Prevalence of Type-2 Diabetes
• Increasing Demand for Home Blood Glucose Monitoring Systems by Patients of Diabetes and Hypoglycemia
• Steady Shift of Blood Sugar Tests from Diagnostic Laboratories and Hospitals to Easy-To-Use Test Kits
• Rise of Diabetes-Related Diseases Such as Cardiovascular Disease (Cvd), Neuropathy, and Nephropathy

Market Restraints

• Lack of Patient Compliance Due to Pain while Using Blood Glucose Test Strips
• High Cost and Lack of Technical Knowledge to Operate Digital Glucose Meters

For the purpose of this report, the author have segmented the global blood glucose test strips market on the basis of strips type, sales channel, applications, end-users, and region:

Distribution Type Outlook (Revenue, USD Billion; 2019-2030)

• Over the counter
• Online

Diabetes Type Outlook (Revenue, USD Billion; 2019-2030)

• Type-1 Diabetes
• Type-2 Diabetes
• Prediabetes
• Gestational Diabetes
• Others

End-Use Outlook (Revenue, USD Billion; 2019-2030)

• Hospitals
• Diagnostic Centers
• Nursing Homes and Polyclinics
• Pharmacies and Retail Outlets

Regional Outlook (Revenue, USD Billion; 2019-2030)

• North America
• U.S.
• Canada
• Mexico
• Europe
• Germany
• U.K.
• France
• Italy
• Spain
• Sweden
• BENELUX
• Rest of Europe
• Asia Pacific
• China
• India
• Japan
• South Korea
• Rest of APAC
• Latin America
• Brazil
• Rest of LATAM
• Middle East & Africa
• Saudi Arabia
• UAE
• South Africa
• Israel
• Rest of MEA

Key Topics Covered:

Chapter 1. Market Synopsis

Chapter 2. Executive Summary

Chapter 3. Indicative Metrics

Chapter 4. Blood Glucose Test Strips Market Segmentation & Impact Analysis

Chapter 5. Blood Glucose Test Strips Market by Distribution Type Insights & Trends

Chapter 6. Blood Glucose Test Strips Market by Diabetes Type Insights & Trends

Chapter 7. Blood Glucose Test Strips Market by End-use Insights & Trends

Chapter 8. Blood Glucose Test Strips Market Regional Outlook

Chapter 9. Competitive Landscape

Chapter 10. Company Profiles

Companies Mentioned

• Abbott Laboratories
• F. Hoffmann-La Roche Ltd.
• Agamatrix
• Ascensia Diabetes Care Holdings AG
• LifeScan Inc.
• ARKRAY Inc.
• Medtronic plc
• Bionime Corporation
• Care Touch LLC
• DarioHealth Corporation.

For more information about this report visit https://www.researchandmarkets.com/r/yvyzan

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SOURCE Research and Markets