The sale of BGM devices and consumables including the test strips accounted for 5%–8% of the overall sales before the outbreak of COVID-19.
According to the latest Arizton's market research report, the diabetes test strips market size to reach over USD 13 billion by 2026, growing at a CAGR of around 7% during the forecast period.
Growth Enablers in the Diabetes Test Strips Market
Around 463 million individuals are suffering from diabetes globally. This increase in the prevalence rates is likely to surge demand in the diabetes test strips market. The e-test strips have not undergone technological advancements such as the BGMD, however, players are coming up with new model test strips with unique features. The diabetes test strips market is witnessing significant growth in terms of sales volume, especially due to the growing prevalence of diabetes and awareness of self-management of diabetes. The technological advancements revolutionized the glucose testing in which the blood removal step was eliminated and very less amount blood sample was required for diagnostics and creating high demand in the global market.
Interesting Facts to know!
- Vendors have started producing the GDH enzyme-based test strips with more accuracy in the market.
- In Brazil, the usage of continuous glucose management devices is high among children and adolescents as they are large in number.
- The sale of BGM devices and consumables including the test strips accounted for 5%–8% of the overall sales before the outbreak of COVID-19.
- Hoffmann-La-Roche has more than 120 years of experience in delivering diagnostics, especially in self-blood glucose devices.
- Market Size & Forecast by Revenue | 2020−2026
- Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
- Segmentation – A detailed analysis by technology, distribution channel, end-users, and geography
- Competitive Landscape – 4 Key Company Profiles and 31 Other Prominent Vendors
Geographical Analysis in the Diabetes Test Strips Market
North America to occupy the largest share in the diabetes test strips market. The rapidly increasing prevalence of diabetes in the region is driving the market at a greater pace. North America is anticipated to spend the highest in terms of healthcare expenditure, especially in the US where the healthcare expenditure covers around 17% of the total expenditure. Factors such as the increase in patient population and the adoption of technological advancements are boosting the demand for diabetes test strips usage in the region. For instance, the innovative product launches, Roche launched spill-resistant test strips in the US. Canada is one of the countries with the highest expenditure on conditions related to diabetes. Diabetes costs around USD 4 billion in 2020 and it is expected to cost around USD 5 billion direct costs to the country thereby, will create growth opportunities for the players in the country.
Diabetes Test Strips Market – Competitive Landscape
Several companies are developing or commercializing products such as advanced test strips for self- blood glucose devices in the diabetes test strips market. Players are innovating new test strips with advanced technologies to gain momentum in the global market. F. Hoffmann-La Roche’s Diabetes Care, LifeScan, Abbott’s Diabetes Care Division, and Ascensia Diabetes Care are the global players playing a significant role in the diabetes test strips market. Several regional players involved in the manufacturing of generic blood glucose test strips are competing with global players. Abbott is a leading player in manufacturing in the diabetes test strips market. Numerous second-tier and third-tier companies, including several Asian companies, are posing a threat to key players as they are offering BGM devices and test strips such as lancets and test strips at competitive prices.
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