According to IMARC Group's latest research report, titled "Blood Glucose Test Strips Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," presents a comprehensive analysis of the industry, covering the blood glucose test strips market trends, statistics size, share, demand, and growth prospects. The report also provides competitor and regional analysis and showcases the contemporary advancements in the global market.
The global blood glucose test strips market size reached US$ 11.6 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 18.9 Billion by 2028, exhibiting a growth rate (CAGR) of 8.2% during 2023-2028.
Blood glucose test strips are vital for monitoring and managing blood sugar levels in individuals with diabetes. These small disposable strips are used with a glucose meter to measure glucose levels in a drop of blood obtained from a fingerstick. The test strip contains enzymes that react with the glucose in the blood, generating an electrical signal detected by the meter. Accurate and timely glucose measurements help people with diabetes make informed diet, medication, and lifestyle choices.
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The global market is majorly driven by the increasing prevalence of diabetes, both type 1 and type 2. In line with this, the rising awareness about the importance of regular blood glucose monitoring and self-management of diabetes is significantly contributing to the product demand. Furthermore, the growing geriatric population is positively influencing the market. Apart from this, the continuous advancements in blood glucose monitoring technology, including test strip design, accuracy, and connectivity features, are offering numerous opportunities to the market by offering improved user experience and convenience. Moreover, supportive government initiatives, such as reimbursement policies for diabetes care, have increased the accessibility and affordability of blood glucose test strips, driving the market. Besides, the rapid integration of blood glucose meters with smartphones and healthcare apps is bolstering the market. Additionally, the escalating prevalence of obesity and the rapid adoption of self-monitoring of blood glucose is providing a boost to the market.
The report has segmented the market into the following categories:
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