A comprehensive overview of the global blood glucose test strips market is recently added by UnivDatos Market Insights to its humongous database. The report has been aggregated by collecting informative data from various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the blood glucose test strips markets globally. This report offers a detailed analysis of the latest industry developments and trending factors that are influencing market growth. Furthermore, this statistical market research repository examines and estimates the global market at regional and country levels. The global blood glucose test strips market is likely to showcase a robust growth of around ~7% during the forecast period (2022-2028).
Market Overview
The blood glucose test strips market is expected to register a CAGR of around ~7% over the period of 2022-2028. This is mainly due to the increasing prevalence of diabetes-related diseases such as cardiovascular disease (CVD), neuropathy, and nephropathy and increasing awareness regarding the benefits of early detection of diseases and preventive measures are other factors resulting in the adoption of blood glucose test strips among the diabetic patient pool. Moreover, the increase in adoption of the strips as they allow the patient to perform their test regularly at his home without visiting a diagnostic laboratory and high usage of these strips as a diabetic patient is expected to test his sugar at least 2-3 times a day accelerate the blood glucose test strip market growth. According to CDC, around 28.7 million people, including 28.5 million adults are diagnosed from diabetes. Furthermore, advancements in blood glucose test strips, innovations in technology, and healthy reimbursement policies, as well as raising awareness among the population about diabetes control and accessibility to glucose test strips, are all factors ensuring the market's growth. In addition, various factors such as growing research and development activities are also expected to drive the demand for the blood glucose test strips over the forecast period which is responsible for the excessive use and also significantly contributes to the market for the medical applications of blood glucose test strips. Therefore, the market for blood glucose test strips is expected to witness significant growth during the forecast period.
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COVID-19 Impact
The COVID-19 pandemic has adversely impacted the global healthcare industry. Several countries enforced nationwide lockdowns as part of measures to limit the spread of the coronavirus. In addition, COVID-19 patients are also 116% more likely to be newly diagnosed with diabetes than similar patients who had an acute respiratory infection during pre-pandemic times. Furthermore, diabetes has been indicating a potentially high prevalence rate among patients with COVID-19. According to the Journal of the American Medical Association (JAMA), patients with COVID-19 were 166% more likely to receive a new diabetes diagnosis than age- and sex-matched patients without COVID-19. These factors have impacted the blood glucose test strips industry.
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The global blood glucose test strips market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
By Technology, the market is primarily bifurcated into:
· Glucose Dehydrogenase (GDH)
· Glucose Oxidase (GOD)
Based on technology, the market is classified into glucose oxidase and glucose dehydrogenase. Amongst technology, the glucose dehydrogenase category accounted for a significant share of the market. GDH testing strips are devoid of oxygen, galactose, and maltose interfaces, allowing them to measure sugar levels in human blood correctly. As a result, the self-monitoring blood glucose strips market is growing exponentially. Therefore, this segment is likely to boost the demand for the blood glucose test strips market.
By Application, the market is primarily bifurcated into:
· Type I Diabetes
· Type II Diabetes
Based on application, the market is categorized into Type I diabetes, and Type II diabetes. Among these, Type II diabetes is expected to witness the highest CAGR during the forecast period. This segment is rising due to the sedentary lifestyle, the blood glucose levels for Type-II diabetes patients are not under control, and this is causing the patients to regularly monitor their blood glucose levels to avoid further complications of diabetes. According to CDC, more than 37 million Americans have diabetes (about 1 in 10), and approximately 90-95% of them have type 2 diabetes. Furthermore, stringent government rules for driving under the influence which expected to support the growth of the segment over the forecast period. These results boost the production of blood glucose test strips.
Global blood glucose test strips market Geographical Segmentation Includes:
· North America
Ø United States
Ø Canada
Ø Rest of North America
· Europe
Ø Germany
Ø UK
Ø France
Ø Italy
Ø Spain
Ø Rest of Europe
· Asia-Pacific
Ø China
Ø Japan
Ø India
Ø Australia
Ø Rest of Asia-Pacific
· Rest of World
For a better understanding of the market adoption of the home-use beauty industry, the market is analyzed based on its worldwide presence in the countries such as North America (US, Canada, Rest of North America); Europe (Germany, UK, France, Italy, Spain, and Rest of Europe); Asia-Pacific (China, Japan, India, Australia, Rest of Asia-Pacific), and Rest of World. North America is expected to witness the highest CAGR during the forecast period on account of the growing various blood glucose test strips and highly developed economy, high product adoption rates, and awareness about road health consciousness coupled with early diagnosis in the U.S. economy. For instance, According to Juvenile Diabetes Research Foundation (JDRF), around 1.6 million individuals have been diagnosed with type-1 diabetes in the US. Thus, opting for blood glucose tests and level monitoring in countries in the region and increasing patient preference to adopt self-monitoring blood glucose devices, and the development of advanced blood glucose test strips by major companies and the diagnostics industry owing to the presence of well-established market players and frequent product launches in the region.
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The major players targeting the market include:
· Abbott Laboratories
· Roche
· AgaMatrix
· Bayer
· LifeScan
· Care Touch
· GenUltimate
· Ascensia Diabetes Care Holdings
· Bioland Technology Ltd
· Medtronic
Competitive Landscape
The degree of competition among prominent companies has been elaborated by analyzing several leading key players operating globally. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the global blood glucose test strips market. The major players have been analyzed by using research methodologies for getting insight views on market competition.
Key questions resolved through this analytical market research report include:
· What are the latest trends, new patterns, and technological advancements in the global blood glucose test strips market?
· Which factors are influencing the global blood glucose test strips market over the forecast period?
· What are the global challenges, threats, and risks in the global blood glucose test strips market?
· Which factors are propelling and restraining the global blood glucose test strips market?
· What are the demanding global regions of the global blood glucose test strips market?
· What will be the market size in the upcoming years?
· What are the crucial market acquisition strategies and policies applied by the companies?
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