The report" Global Blood Glucose Test Strips" Market by Technology (Glucose Dehydrogenase (GDH), Glucose Oxidase (GOD)), Application (Type 1 Diabetes, Gestational Diabetes, Type 2 Diabetes, Pre-Diabetes), End-user (Individuals, Hospitals & Clinics, Others) and Regional (North America, Europe, APAC, Latin America, The Middle East & Africa)- Global Forecast to 2030. "In 2020, the market share of the Global blood glucose test strips market was USD 11.6 billion. It is predicted to reach USD 21.16 billion by 2030, with a CAGR of 6.2 % throughout the forecasted period.
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KEY FACTORS AUGMENTING THE MARKET GROWTH
The sector is being driven by the advent of novel marketing tactics and an increase in the number of diabetic sufferers.
By Technology, the "Glucose Dehydrogenase Test Strips" segment holds the most significant market share.
Based on Technology, glucose dehydrogenase (GDH) test strips account for nearly 70% of the market. As the precision of measuring blood glucose levels has improved, self-monitoring (SMBG) devices have expanded, particularly in critical care settings. GDH testing strips also include no oxygen, galactose, or maltose interfaces, allowing them to assess sugar levels in human blood accurately. As a result, the market for self-monitoring blood glucose strips is exploding.
Based on the Application segment, the "Type 2 Diabetes "segment is likely to hold the most significant market share.
Based on the Application, the Type 2 Diabetes category is likely to obtain the greatest market share during the forecasted period. Type-2 diabetes patients' blood glucose levels are out of control due to their sedentary lifestyles, necessitating regular blood sugar monitoring to avoid additional complications. As a result of the cause mentioned above, the demand for blood glucose test strips has grown.
By End-users, the "Clinics and Hospital" segment is projected to hold the maximum share of the market.
According to End User, the hospitals and clinics business will ship approximately 6 billion units by 2026, with a CAGR of roughly 8%. Furthermore, hospitals and clinics acquire test strips in bulk through group purchasing groups. Since the COVID-19 epidemic, these devices have been widely used in hospitals and ambulatory settings to detect hyperglycemia, hypoglycemia, and glycemic variabilities.
By Region, North America comprehensively led the market in terms of revenue.
With a market share of 55 % in 2020, North America leads the market owing to healthcare reimbursements and the fastest adoption of new medical breakthroughs. In North America, there are presently more than 29 million diabetes patients, with that number expected to climb to 33 million by 2026. There will be close to 25 million diabetics in the United States alone by 2020. Type 2 diabetes affects nearly all the persons in this category. As a result, the demand for test strips is likely to expand in the coming years in unison with the growing number of diabetic patients in this region. In terms of volume, Europe dominated the market, while APAC is expected to rise at a CAGR of over 14%.
SOME OF THE CRUCIAL EXISTING MARKET PLAYERS:
Below mentioned players are the ones who are the market leaders in the global blood glucose test strips market – Roche, Lifescan, Bayer, Abbott, ARKRAY, I-SENS, Omron, B. Braun, 77 Elektronika, Nipro Diagnostics, AgaMatrix, Infopia, All Medicus, Terumo Corporation, Hainice Medical.
Recent Developments: -
On 13th July 2021, the Australian experts announced that the "holy grail" of blood sugar monitoring for diabetics is a non-invasive strip that detects glucose levels by means of saliva.
On 26th February 2021, The Accu-Chek Instant system was announced by Roche as a new "connected" blood glucose monitoring (BGM) solution that supports & facilitates Roche's integrated Personalized Diabetes Management approach (iPDM).
On 16th January 2020, Roche Diabetes Care (RDC) India announced the release of their new Accu-Chek Guide blood glucose monitoring gadget, which boasts innovative features and an easy-to-use design.