Blood Glucose Test Strips Market by End-user and Geography - Forecast and Analysis 2021-2025

The blood glucose test strips market share is expected to increase by USD 67.75 billion from 2020 to 2025, and the market's growth momentum will accelerate at a CAGR of 9.84%.

This blood glucose test strips market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers blood glucose test strips market segmentation by end-user (hospitals and diagnostic laboratories, home care settings, and POL) and geography (North America, Europe, Asia, and ROW). The blood glucose test strips market report also offers information on several market vendors, including Abbott Laboratories, Ascensia Diabetes Care Holdings AG, B. Braun Melsungen AG, F. Hoffmann-La Roche Ltd., LifeScan IP Holdings LLC, Omnis Health LLC, Sanofi SA, Sinocare Inc., Teladoc Health Inc., and UniStrip Technologies LLC among others.

What will the Blood Glucose Test Strips Market Size be During the Forecast Period?

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Blood Glucose Test Strips Market: Key Drivers, Trends, and Challenges

Based on our research output, there has been a positive impact on the market growth during and post COVID-19 era. The increase in the number of diabetes cases and rising awareness about diabetes is notably driving the blood glucose test strips market growth, although factors such as lack of efficacy may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the blood glucose test strips industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Blood Glucose Test Strips Market Driver

An increase in the number of diabetes cases and rising awareness about diabetes are the major drivers fueling the blood glucose test strips market growth. Diabetes can often be controlled through physical activity, diet, and medications. In most cases, prediabetes sets in before the onset of diabetes. This is considered a serious health condition, wherein the blood sugar levels are higher than normal. The rising incidence of diabetes has increased the demand for diabetes testing products such as blood glucose test strips in the market, which can help patients control and manage diabetes. According to the Centers for Disease Control and Prevention (CDC), in 2020, around 34.2 million people in the US were living with diabetes. An increase in the new cases of diabetes and prediabetes fuels the opportunities for market growth. This rise in the number of diabetic cases has prompted many organizations to create awareness programs regarding the management and control of diabetes. For instance, American Diabetes Association creates many awareness programs such as African American program and Latino program to prevent diabetes among at-risk populations. Similarly, in the US, the CDC organizes diabetes prevention programs to reduce the number of new cases of diabetes. For instance, the CDC's Division of Diabetes Translation (DDT) provides funds to state and local health departments to support programs and activities that aim at preventing or delaying the onset of Type 2 diabetes and for improving the health of people diagnosed with diabetes. Such factors will increase the demand for blood glucose test strips in the global market.

Key Blood Glucose Test Strips Market Trend

Product bundling is a major trend influencing the blood glucose test strips market growth. The rising popularity of rapid tests for checking diabetes is encouraging vendors to innovate and expand their product lines continually to remain competitive. The availability of blood glucose test strips in combo offers can increase the demand growth during the forecast period. For instance, Omnis Health's Embrace is available in the market in a bundle of blood glucose test strips along with a meter, namely, Embrace test strips+meter. This bundle includes two or more boxes of Embrace Strips 50ct and one or more Embrace Meter. This type of product bundling attracts end-users as they benefit from a single, value-oriented purchase of complementary offerings. Bundling helps vendors to reduce marketing and distribution cost and increase efficiency. Therefore, vendors are trying to offer advanced and bundled products in the market to capture a large customer base, which will, in turn, drive the market during the forecast period.

Key Blood Glucose Test Strips Market Challenge

Lack of efficacy is a major hindrance to the blood glucose test strips market growth.The blood glucose test strips are not 100% accurate. There are various factors that can lead to inaccuracy of blood glucose test strips, such as application errors, extreme environmental conditions, extreme hematocrit values, or medication interferences. Many physicians and diabetic patients are aware that blood glucose monitor test strips that are exposed to humidity or extreme heat/cold give falsely elevated results, as the humidity and temperature will affect the enzymes in the test strip, thereby reducing the efficacy of the strips. The blood glucose test strips' results are not always accurate, as there is always a margin of error. For instance, 95% of the meter test outcomes for 75 mg/dl (4.2 mmol/l) or above must be within 20% of the actual blood glucose level. Similarly, 95% of the test results must be within 15 points of the actual blood glucose level for the results below 75 mg/dl. Therefore, a reading of 70 can only give an indication that the actual glucose level is anywhere between 55 and 85. Therefore, this lack of efficacy of blood glucose test strips can hinder the growth of the market.

This blood glucose test strips market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.

Parent Market Analysis

Technavio categorizes the global blood glucose test strips market as a part of the global healthcare supplies market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the blood glucose test strips market during the forecast period.

Who are the Major Blood Glucose Test Strips Market Vendors?

The report analyzes the market's competitive landscape and offers information on several market vendors, including:

• Abbott Laboratories
• Ascensia Diabetes Care Holdings AG
• B. Braun Melsungen AG
• F. Hoffmann-La Roche Ltd.
• LifeScan IP Holdings LLC
• Omnis Health LLC
• Sanofi SA
• Sinocare Inc.
• Teladoc Health Inc.
• UniStrip Technologies LLC

This statistical study of the blood glucose test strips market encompasses successful business strategies deployed by the key vendors. The blood glucose test strips market is fragmented and the vendors are deploying growth strategies such as organic and inorganic strategies to compete in the market.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The blood glucose test strips market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Blood Glucose Test Strips Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the blood glucose test strips market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

The value chain of global healthcare supplies market includes the following core components:

• Inputs
• Inbound logistics
• Operations
• Outbound logistics
• Marketing and sales
• Service
• Support activities
• Innovation

The report has further elucidated on other innovative approaches being followed by manufacturers to ensure a sustainable market presence.

Which are the Key Regions for the Blood Glucose Test Strips Market?

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43% of the market's growth will originate from North America during the forecast period. The US and Canada are the key markets for blood glucose test strips in North America. Market growth in this region will be faster than the growth of the market in regions.

The growth of new marketing strategies will facilitate the blood glucose test strips market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID Impact and Recovery Analysis

The exponential rise in the number of COVID-19 cases compelled the governments of various countries in the region to impose restrictions on business and transportation activities, which led to the closure of manufacturing units and affected various offline distributors of blood glucose test strips. This led to a decline in the sales of blood glucose test strips during the first half of 2020. However, the lifting of lockdowns, followed by a rise in the rescheduling of visits to physicians by patients, is expected to boost the growth of the regional market during the forecast period.

What are the Revenue-generating End User Segments in the Blood Glucose Test Strips Market?

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The blood glucose test strips market share growth by the hospitals and diagnostic laboratories segment has been significant.  The rising incidence of diabetes has increased the demand for diabetes testing products such as blood glucose test strips in the market, which can help patients control and manage diabetes.

 This report provides an accurate prediction of the contribution of all the segments to the growth of the blood glucose test strips market size and actionable market insights on post COVID-19 impact on each segment.

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What are the Key Data Covered in this Blood Glucose Test Strips Market Report?

• CAGR of the market during the forecast period 2021-2025
• Detailed information on factors that will drive blood glucose test strips market growth during the next five years
• Precise estimation of the blood glucose test strips market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the blood glucose test strips industry across North America, Europe, Asia, and ROW
• A thorough analysis of the market's competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of blood glucose test strips market vendors

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