In-depth Analysis and Data-driven Insights on the Impact of COVID-19 Included in this Global Blood Glucose Test Strips Market Report. The global blood glucose test strips market by revenue is expected to grow at a CAGR of over 6% during the period 2020–2026.
New York, May 17, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Blood Glucose Test Strips Market - Global Outlook & Forecast 2021-2026" - https://www.reportlinker.com/p06071892/?utm_source=GNW
The global market is one of the major segments of the diagnostics market and is growing at a steady rate during the forecast period. The surge in market growth can be attributed to the increasing prevalence/incidence of diabetes worldwide. However, the outbreak of the COVID-19 pandemic has immensely contributed to the growth of the market. According to the CDC research, diabetic people infected with the COVID-19 virus have a higher mortality rate than non-diabetic patients. France, Spain, and several other countries across Europe have witnessed high mortality among people suffering from diabetes. Meanwhile, test strips are witnessing higher growth as more people prefer self-monitoring of blood glucose at home. With the outbreak of the pandemic, the online sales of blood glucose monitoring devices and consumables such as test strips have increased. However, the impact of COVID-19 is not expected to have a long-term effect on the glucose monitoring test strips market. There is a surge in the uptake of technologically advanced test strips, which, in turn, expects to increase the adoption of these devices.
The following factors are likely to contribute to the growth of the blood glucose test strips market during the forecast period:
• Covid-19 Pandemic Increasing Demand for Test Strips & Lancets
• Increasing Demand for Generic Test Strips
• Increasing Prevalence of Diabetes
• New Product Launches
The study considers the global blood glucose test strips market’s present scenario and its market dynamics for the period 2020?2026. It covers a detailed overview of several market growth enablers, restraints, and trends. The report offers both the demand and supply aspects of the market. It profiles and examines leading companies and other prominent ones operating in the market.
Global Blood Glucose Test Strips Market Segmentation
The global blood glucose test strips market research report includes a detailed segmentation by technology, end-users, distribution channel, geography. The glucose dehydrogenase (GDH) test strips account for 70% of the market share. High accuracy in measuring blood glucose levels has positively affected the usage of self-monitoring blood glucose (SMBG) devices, especially in critical care settings. GDH tests strip are free from oxygen, galactose, and maltose interfaces, thereby measuring sugar levels accurately in the human blood. This has increased the demand for GDH among end-users. Moreover, increased emphasis to prevent hypoglycemia among patients is increasing the acceptance of SMBG in critical care settings.
The individual blood glucose test strips market is likely to reach over 27 billion units by 2026, growing at a CAGR of over 10%. The usage of test strips based on SMBGD is high among individual users in developing and developed countries. During the outbreak of the COVID-19 pandemic, the usage of blood glucose devices has increased, which has influenced the demand for test strips. The hospitals & clinics segment is likely to observe the unit shipments of approx. 6 billion units by 2026, growing at a CAGR of approx. 8%. Hospitals and clinics purchase test strips in a large volume via group purchase organizations. With the outbreak of the COVID-19 pandemic, these have become widely used devices in hospitals and ambulatory settings for detecting hyperglycemia, hypoglycemia, and glycemic variabilities. Moreover, the introduction of favorable government initiatives and reimbursement options for BGM to promote POC diagnostic tests over clinical diagnostic tests is fueling the market’s growth.
Offline channels expect to reach over USD 7 billion by 2026, growing at a CAGR of approx. 5%. Offline channels constitute a significant medium of sales in developing and underdeveloped countries. The offline store segment includes hospital pharmacies, standalone pharmacies, and other pharmacies. Most consumers prefer retail stores for purchase. Around 80% of sales take place through retail channels in low- and middle-income countries. In 2020, the online segment accounted for over 39% of the global blood glucose test strips market share. Global companies are strategizing impressive e-commerce strategies and developing direct patient interaction and distribution. For instance, Abbott launched its web shop to sell its products online, and it was a successive step in the distribution of blood glucose diagnostic products, including test strips.
• Glucose Dehydrogenase (GDH)
• Glucose Oxidase (GOD)
• Hospitals & Clinics
INSIGHTS BY GEOGRAPHY
In terms of volume, the APAC blood glucose test strips market is likely to reach approx. 4 billion units by 2026, growing at a CAGR of over 11%. In the APAC region, the growing population and the high prevalence of diabetes are the major contributors to the market growth. However, the usage of blood glucose test devices in the region is limited due to the high cost and lack of reimbursement. North America is likely to lead the market by revenue. The US region occupies a significant market share as glucose test strips utilization is high in the region. Moreover, the availability of medical reimbursement and the presence of well-established healthcare infrastructure further increase the growth of the market.
• North America
o South Korea
• Latin America
• Middle East & Africa
o Saudi Arabia
o South Africa
INSIGHTS BY VENDORS
The global blood glucose test strips market is intensely competitive, subject to rapid technological changes, and significantly affected by new product introductions and other market activities of industry participants. F. Hoffmann-La Roche’s Diabetes Care, LifeScan, Abbott’s Diabetes Care Division, and Ascensia Diabetes Care are the major player. Currently, these companies collectively account for significant blood glucose test strips market share. These players account for a substantial stake in the market. However, they are facing stiff competition from local and regional players.
• F. Hoffmann-La Roche
• Ascensia Diabetes Care Holding
Other Prominent Vendors
• 77 Elektronika Kft
• Alliance International
• B. Braun Melsungen
• BioTest Medical
• MED TRUST
• Trividia Health
• Bioland Technology
• TaiDoc Technology
• Rossmax International
• e-LinkCare Meditech
• Diagnosis S.A
• National Diagnostics Products
• Major BioSystem
KEY QUESTIONS ANSWERED:
1. How big is the blood glucose test strips market?
2. What is the use of test strips?
3. What is the growth of the blood glucose dehydrogenase test strips market growth?
4. Which segments have been covered in the blood glucose test strips market report?
5. Which region has the largest share in the blood glucose test strips market?
6. Who are the top players in the blood glucose test strips market?
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