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Glucose Test Strip Market

Segmentation By Electrode Material (Thin Film Strips, Thick Film Strips & Optical Strips); By Distribution Channel (Online & Offline); By End User (Diagnostic Laboratories, Hospital Laboratories, Clinics & Home Care Settings) - Global Demand Analysis & Opportunity Outlook 2027

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Report ID: 1312 | Published On: Feb 06, 2023
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Growth Drivers

Rising number of diabetic patients

The number of diabetic patients is increasing worldwide each year. It is very important to monitor blood glucose regularly on a daily basis. Glucose test strips plays an important role in measuring the blood glucose levels. At a very large scale, diabetic patients widely use glucose test strips. According to the data of International Diabetic Federation, 425 million people is suffering from diabetes worldwide with 82 million people in the South East Region, which is estimated to multiply and reach 151 million by 2045. There were over 72 million cases of diabetes in India in the year 2017 alone. This rise in the diabetic population in the world is anticipated to drive the glucose test strip market in the forecast period.

Increase in financial support by the government

The government financial support to the diabetic patients is one of the major drivers for the glucose test strip market. Government is taking different initiatives to provide glucose test strips to every diabetic patient at a subsidized rate. For an instance, to increase the usage of test strips and glucometers, Australian government is taking different initiatives to provide glucose test strips and glucometers at a very subsidized rate.


glucose test strip market Graph
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Market Size and Forecast

The global glucose test strips market is observing a robust growth on account of increased prevalence of diabetes worldwide, thereby increasing the demand. This is majorly contributed on the back of increasing lifestyle changes and genetic mutations. Increasing government support in different healthcare sectors followed by technological advancements in glucose test strip is expected to drive the global glucose test strips market significantly. Awareness regarding diabetes created by the government and different types of existing NGOs and market players are projected to drive the global glucose test strip market further.

Glucose Test Strip Market is anticipated to record a CAGR of approximately 5.5% over the forecast period. Thus, the glucose test strip market is expected to showcase a robust growth by the end of the forecast period. The market is segmented into end users such as diagnostic and hospital laboratories, clinics & home care settings. Increasing demand of point of care (POC) is anticipated to aid in capturing high market share during the forecast period. Real time monitoring of blood glucose is one of the important feature which is expected to drive the growth of the global glucose test strips market.

glucose test strip market Graph

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Restraints

High cost per glucose test strip

Diabetic monitoring procedure is very expensive. Buying test strips in large quantities are very costly for an average income individual. The average price of a glucose test strip can range from 40 cents to over USD 1 a piece, which is very expensive. This expensive price of a single glucose test strips is restraining the global glucose test strip market.


Market Segmentation

By Electrode Material

  • Thin Film Strips
  • Thick Film Strips
  • Optical Strips

By Distribution Channel

  • Online
  • Offline
    • Retail Pharmacy
    • Hospital Pharmacy

By End User

  • Diagnostic Laboratories
  • Hospital Laboratories
  • Clinics
  • Home Care Settings

By Region

On the basis of regional analysis, global glucose test strips market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.

North America has a significant market share of the global glucose test strip market as they are technologically advanced in the field of medicine and healthcare. Europe has the largest share of the glucose test strip market. The market of Asia Pacific region is anticipated to expand at a faster pace in the forecast period owing to rising awareness regarding diabetes. Increment in the prevalence of diabetes in countries including Brazil, South Africa, Saudi Arabia is expected to drive the market in the Middle East and Latin America region.

Global glucose test strip market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC,  Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
  • Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis.
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis


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Top Featured Companies Dominating The Market

    • Abbott Laboratories
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Sanofi
    • F. Hoffmann-La Roche Ltd
    • Trividia Health, Inc.
    • B. Braun Holding GmbH & Co. KG. 
    • Acon Laboratories, Inc.
    • Apex Biotechnology Corporation
    • Ascensia Diabetes Care
    • Hmd Biomedical
    • Other Prominent Players

In The News

  • April 2022: IBSRELA the first and only NHE3 inhibitor for the treatment of irritable bowel syndrome with constipation (IBS-C) in adults, has been made available by the biopharmaceutical company Ardelyx. The first Ardelyx product to receive approval from the US Food and Drug Administration is IBSRELA.
  • March 2022: Indegene a provider of technology-driven healthcare solutions, & meta Me Health, a maker of Regulora and a Prescription Digital Therapeutics (PDT) business, teamed up to offer Regulora as a remedy for irritable bowel syndrome-related stomach pain (IBS).

Global Economic Impact

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Despite Inflation & Fearing Recession, Businesses Across the Globe Expected to Do Better in 2023:

In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.

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