Blood glucose test strips are thin, single-use plastic strips that are used by people with diabetes to check their blood glucose levels. Blood glucose test strips are used in handheld electronic devices called blood glucose meters. When a small drop of blood from a finger prick is placed on the strip, it's chemically analyzed by the meter to provide a blood glucose level reading that helps diabetics and their health care professionals develop the best treatment plan.

The global blood glucose test strip market is estimated to be valued at US$ 10.7 Bn in 2023 and is expected to exhibit a CAGR of 9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity:
Continuous glucose monitoring (CGM) offers the opportunity for improved glycemic control and reduced risk of diabetes-related complications. CGM systems provide real-time blood glucose measurements with no need for routine finger pricks. This eliminates the need for multiple daily finger pricks and provides a detailed picture of how foods, activities, and medications affect a person's blood glucose levels. The non-invasive nature and ability to closely monitor trends in glucose levels continuously is expected to drive increasing adoption of CGM systems over the forecast period, boosting demand for blood glucose test strips used in these systems.

Porter's Analysis
Threat of new entrants: The threat of new entrants is moderate as the blood glucose test strip market requires huge capital investment and resources for R&D. However, the growing demand lowers the threat.
Bargaining power of buyers: The bargaining power of buyers is high as there are many established players offering substitutable products. Buyers can choose from various brands easily.
Bargaining power of suppliers: The bargaining power of suppliers is moderate given the availability of raw material suppliers and established relationships with manufacturers.
Threat of new substitutes: Threat of new substitutes is moderate as some handheld devices and CGMs offer remote monitoring options but test strips remain the most affordable solution.
Competitive rivalry: The competitive rivalry is high among established players given their wide distribution networks, branding, and technological advancements.

SWOT Analysis
Strength: Rising diabetes prevalence, government initiatives for diabetes management, and growing awareness boost market growth. Home use and precision offered strengthen the product appeal.
Weaknesses: High costs of innovative products limit scope. Lack of reimbursements in developing nations hinders revenue.
Opportunities: Growing geriatric population prone to diabetes augments demand. Remote monitoring via smart devices and digital platforms opens new avenues.
Threats: Stringent regulatory environment increases compliance costs. Alternative monitoring techniques like implants pose threats.

Key Takeaways
The Global Blood Glucose Test Strip Market Size is expected to witness high growth over the forecast period supported by the rising diabetic patient pool globally. The global blood glucose test strip market is estimated to be valued at US$ 10.7 Bn in 2023 and is expected to exhibit a CAGR of 9% over the forecast period 2023 to 2030.

North America dominates currently due to supportive reimbursement policies and advanced healthcare systems in the US and Canada. However, Asia Pacific is expected to grow at the fastest pace considering rapidly increasing diabetes prevalence in highly populous countries like China and India primarily due to changing lifestyles and urbanization.

Key players operating in the blood glucose test strip market are Hyosung Corporation, Roche, Lifescan, Bayer, Abbott, ARKRAY, I-SENS, Omron B. Braun, 77 Elektronika, Nipro Diagnostics, AgaMatrix. Most companies are focusing on product innovation, partnerships with digital health platforms and geographical expansion strategies to strengthen their positions. For instance, Roche launched its Accu-Check Guide Blood Glucose Monitoring system with Bluetooth connectivity for seamless data sharing.

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