Blood Glucose Test Strips Market: Trends, Growth Opportunities and Industry Statistics Till 2030
Ngày đăng: 14-08-2023 |
Ngày cập nhật: 14-08-2023
The global Blood Glucose Test Strips Market reached a valuation of USD 12.35 billion in 2021 and is anticipated to exhibit a steady compound annual growth rate (CAGR) of 6.1% throughout the forecast period. The driving forces behind this growth include the escalating prevalence of type-2 diabetes on a global scale, an increasing demand for home-based blood glucose monitoring systems among a rising number of diabetes and hypoglycemia patients, and a substantial shift from conventional venipuncture blood sugar tests to more user-friendly test kits.
These factors collectively are projected to foster significant revenue expansion within the market between the years 2022 and 2030. Additionally, the rising incidence of diabetes-linked ailments such as Cardiovascular Disease (CVD), neuropathy, and nephropathy, coupled with growing awareness concerning the advantages of early disease detection and preventative measures, further propel the adoption of blood glucose test strips among diabetic patients, thereby significantly contributing to market growth.
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The utilization of Self-Monitoring Blood Glucose (SMBG) devices, including test strips, in conjunction with glucometers enables individuals to monitor irregularities and levels of blood glucose. This monitoring serves as an early preventive measure against diabetic hypoglycemia and other potential medical complications. Diabetes is characterized by blood glucose levels exceeding 200mg/dL two hours post a meal. The prevalence of diabetes is rising rapidly, encompassing various age groups. In 2021, the International Diabetes Federation (IDF) reported approximately 537 million adults diagnosed with diabetes, a number predicted to rise to 643 million by 2030. The management and prevention of diabetes carry substantial direct medical costs. According to the 2016 Global Report on Diabetes by the World Health Organization (WHO), the projected global economic losses due to the direct and indirect costs of diabetes between 2011 and 2030 is estimated at USD 1.7 trillion.
Within the current market landscape, consumables, which comprise test strips, represent the preferred choice over continuous glucose monitoring systems, accounting for around 90% of total revenue, as per a 2021 Health Action International (HAI) report. Test strips offer simplicity and convenience, require minimal invasiveness, and negate the need for surgical procedures to measure blood glucose levels.
The market dynamics driving this growth are rooted in various factors. The surge in global prevalence of type-2 diabetes serves as a pivotal driver behind the escalating revenue within the blood glucose test strips market. The causative factors for diabetes span weight gain, obesity, family history, excessive food consumption, limited physical activity, sedentary lifestyles, and even pregnancy. Prolonged diabetes can lead to CVDs, neurological issues, and kidney damage, among others. The prevalence of ailments stemming from diabetes has been consistently rising. As per the International Diabetic Federation (IDF) Atlas, global diabetic cases escalated from 366 million in 2011 to 536 million in 2021. CVDs account for approximately 17.9 million deaths annually, according to WHO data. Regular blood sugar level monitoring aids in reducing mortality rates. Blood glucose test kits, consisting of a glucometer and analytical test strips, empower patients to conveniently assess their blood sugar levels.
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The rising incidence of diseases such as Nephropathy (End-Stage Renal Disease) linked to diabetes, is another crucial driving factor. Diabetic Ketoacidosis (DKA), a potentially life-threatening condition, results from glucose deficiency, triggering ketone accumulation in the blood, decreasing pH levels. SMBG devices, particularly test strips, enable patients to manage their blood glucose levels and mitigate potential severity of DKA.
However, there exist restraints within the market. The requirement for finger-prick testing using strips is met with resistance from some patients due to the associated pain. Test strips possess limited expiration periods, cannot be reused, and are sensitive to temperature, sample quality, and humidity fluctuations. Furthermore, glucometer tests are not as accurate for diabetic patients with hypotension, anemia, and altered hematocrit levels. While the device cost is a one-time investment, the high expense of test strips places a financial burden on patients. These factors collectively present a potential hurdle to the growth of market revenue.
The blood glucose test strips market has witnessed recovery following supply chain disruptions brought about by the COVID-19 pandemic. The medical equipment sector has gradually resumed the production of continuous and test strip-based blood glucose monitoring devices to address demand-supply disparities. The pandemic's impact on unhealthy lifestyle practices has led to uncontrolled elevation of blood glucose levels in several individuals. Lockdown measures limiting access to medical facilities have caused patients to prefer self-monitoring blood glucose devices. Additionally, the development of COVID-19 test kits modeled after glucometer test strips is projected to boost demand. COVID-19 patients also exhibit a higher propensity for diabetes diagnoses, further fueling the demand for blood glucose test strips.
To summarize, the global blood glucose test strips market is characterized by steady growth, primarily driven by the escalating prevalence of diabetes, increasing demand for home-based monitoring systems, and a shift towards user-friendly test kits. Despite challenges such as pain associated with finger-prick testing and the sensitivity of test strips to environmental conditions, the market has shown resilience, even during the COVID-19 pandemic. As diabetes-related ailments continue to rise, the adoption of blood glucose test strips remains a key element in disease management and prevention, thus contributing to sustained market expansion. Major players in the market include Abbott Laboratories, F. Hoffmann-La Roche Ltd., Agamatrix, Ascensia Diabetes Care Holdings AG, and more. The market's trajectory is characterized by growing competition, strategic alliances, and ongoing product development to cater to the evolving needs of diabetic patients.
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These factors collectively are projected to foster significant revenue expansion within the market between the years 2022 and 2030. Additionally, the rising incidence of diabetes-linked ailments such as Cardiovascular Disease (CVD), neuropathy, and nephropathy, coupled with growing awareness concerning the advantages of early disease detection and preventative measures, further propel the adoption of blood glucose test strips among diabetic patients, thereby significantly contributing to market growth.
Get a free sample PDF of the report, visit @ https://www.reportsanddata.com/download-free-sample/2398
The utilization of Self-Monitoring Blood Glucose (SMBG) devices, including test strips, in conjunction with glucometers enables individuals to monitor irregularities and levels of blood glucose. This monitoring serves as an early preventive measure against diabetic hypoglycemia and other potential medical complications. Diabetes is characterized by blood glucose levels exceeding 200mg/dL two hours post a meal. The prevalence of diabetes is rising rapidly, encompassing various age groups. In 2021, the International Diabetes Federation (IDF) reported approximately 537 million adults diagnosed with diabetes, a number predicted to rise to 643 million by 2030. The management and prevention of diabetes carry substantial direct medical costs. According to the 2016 Global Report on Diabetes by the World Health Organization (WHO), the projected global economic losses due to the direct and indirect costs of diabetes between 2011 and 2030 is estimated at USD 1.7 trillion.
Within the current market landscape, consumables, which comprise test strips, represent the preferred choice over continuous glucose monitoring systems, accounting for around 90% of total revenue, as per a 2021 Health Action International (HAI) report. Test strips offer simplicity and convenience, require minimal invasiveness, and negate the need for surgical procedures to measure blood glucose levels.
The market dynamics driving this growth are rooted in various factors. The surge in global prevalence of type-2 diabetes serves as a pivotal driver behind the escalating revenue within the blood glucose test strips market. The causative factors for diabetes span weight gain, obesity, family history, excessive food consumption, limited physical activity, sedentary lifestyles, and even pregnancy. Prolonged diabetes can lead to CVDs, neurological issues, and kidney damage, among others. The prevalence of ailments stemming from diabetes has been consistently rising. As per the International Diabetic Federation (IDF) Atlas, global diabetic cases escalated from 366 million in 2011 to 536 million in 2021. CVDs account for approximately 17.9 million deaths annually, according to WHO data. Regular blood sugar level monitoring aids in reducing mortality rates. Blood glucose test kits, consisting of a glucometer and analytical test strips, empower patients to conveniently assess their blood sugar levels.
To know more about the latest insights of the report, visit @
https://www.reportsanddata.com/request-latest-insight/2398
The rising incidence of diseases such as Nephropathy (End-Stage Renal Disease) linked to diabetes, is another crucial driving factor. Diabetic Ketoacidosis (DKA), a potentially life-threatening condition, results from glucose deficiency, triggering ketone accumulation in the blood, decreasing pH levels. SMBG devices, particularly test strips, enable patients to manage their blood glucose levels and mitigate potential severity of DKA.
However, there exist restraints within the market. The requirement for finger-prick testing using strips is met with resistance from some patients due to the associated pain. Test strips possess limited expiration periods, cannot be reused, and are sensitive to temperature, sample quality, and humidity fluctuations. Furthermore, glucometer tests are not as accurate for diabetic patients with hypotension, anemia, and altered hematocrit levels. While the device cost is a one-time investment, the high expense of test strips places a financial burden on patients. These factors collectively present a potential hurdle to the growth of market revenue.
The blood glucose test strips market has witnessed recovery following supply chain disruptions brought about by the COVID-19 pandemic. The medical equipment sector has gradually resumed the production of continuous and test strip-based blood glucose monitoring devices to address demand-supply disparities. The pandemic's impact on unhealthy lifestyle practices has led to uncontrolled elevation of blood glucose levels in several individuals. Lockdown measures limiting access to medical facilities have caused patients to prefer self-monitoring blood glucose devices. Additionally, the development of COVID-19 test kits modeled after glucometer test strips is projected to boost demand. COVID-19 patients also exhibit a higher propensity for diabetes diagnoses, further fueling the demand for blood glucose test strips.
To summarize, the global blood glucose test strips market is characterized by steady growth, primarily driven by the escalating prevalence of diabetes, increasing demand for home-based monitoring systems, and a shift towards user-friendly test kits. Despite challenges such as pain associated with finger-prick testing and the sensitivity of test strips to environmental conditions, the market has shown resilience, even during the COVID-19 pandemic. As diabetes-related ailments continue to rise, the adoption of blood glucose test strips remains a key element in disease management and prevention, thus contributing to sustained market expansion. Major players in the market include Abbott Laboratories, F. Hoffmann-La Roche Ltd., Agamatrix, Ascensia Diabetes Care Holdings AG, and more. The market's trajectory is characterized by growing competition, strategic alliances, and ongoing product development to cater to the evolving needs of diabetic patients.
Request a customized copy of the report @ https://www.reportsanddata.com/request-customization-form/2398
Thank you for reading our report. To inquire about customization or any query about the report, please get in touch with us. Our team will make sure the report is best suited to your needs.
Browse for more reports:
Septic Shock Market
Prostate Biopsy Devices Market
Plasma Vaporization Electrode Market
Polymyositis Market
Gender Dysphoria Market
Bronchitis Treatment Market
About Reports and Data
Reports and Data is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients to make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Products, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Reports and Data has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
Contact Us:
John W
(Head of Business Development)
Reports and Data | Web: www.reportsanddata.com
Direct Line: +1-212-710-1370
E-mail: sales@reportsanddata.com
Blogs | Press Release | Industry News | Our competencies
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