Selfmonitoring Blood Glucose Strips Market Size, Share, Industry Trends and Forecast to 2030

Selfmonitoring Blood Glucose Strips Market Size & CAGR in 2021

The global self-monitoring blood glucose strips market is expected to experience a CAGR growth rate of 4.2% from 2021 to 2030. As a result, the market is projected to reach a value of USD 2.1 billion by the end of 2028.

COVID-19 Impact on the Selfmonitoring Blood Glucose Strips Market

The COVID-19 pandemic has significantly impacted the self-monitoring blood glucose strips market. Due to the pandemic, there has been a surge in the demand for self-monitoring devices and accessories, including glucose strips, as individuals with diabetes are more vulnerable to the virus.

Many diabetic patients have been cautious about visiting healthcare facilities for regular check-ups, leading to increased adoption of self-monitoring devices at home. This shift in consumer behavior has boosted the sales of self-monitoring blood glucose strips during the pandemic.

Additionally, the disruptions in the global supply chain and manufacturing facilities have impacted the availability of these strips in the market. However, with the gradual reopening of businesses and healthcare facilities, the market is expected to stabilize in the coming years.

Selfmonitoring Blood Glucose Strips Dynamics

The self-monitoring blood glucose strips market is driven by several factors, including the increasing prevalence of diabetes worldwide. With the rise in diabetes cases, there is a growing demand for accurate and reliable self-monitoring devices, such as glucose strips, to manage the condition effectively.

Furthermore, technological advancements in glucose monitoring devices, such as the development of smart strips that can sync data with smartphones and apps, have contributed to the growth of the market. These innovative features enhance convenience and ease of monitoring blood glucose levels for patients.

On the other hand, the market faces challenges such as regulatory hurdles and pricing pressures. Regulatory approvals for new products can be time-consuming and expensive, impacting market entry for new players. Moreover, the competitive pricing strategies among key market players pose a challenge for smaller manufacturers.

Segments and Related Analysis

The self-monitoring blood glucose strips market is segmented based on type, application, and distribution channel. The type segment includes thin-film electrochemical strips, thick-film photometric strips, and others.

By application, the market is categorized into hospitals, clinics, home care, and others. The distribution channel segment consists of pharmacies, online stores, and others.

By Region Analysis

The global self-monitoring blood glucose strips market is segmented into regions, including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.

North America currently holds the largest market share due to the high prevalence of diabetes in the region and the presence of key market players. The Asia Pacific market is expected to witness significant growth driven by the expanding diabetic population and increasing awareness about self-monitoring devices.

Key Market Players and Competitive Landscape

Some of the key market players in the self-monitoring blood glucose strips market include Abbott Laboratories, Roche Diagnostics, Ascensia Diabetes Care, Lifescan Inc., and Medtronic, among others.

These companies are focusing on product innovation, strategic partnerships, and mergers and acquisitions to maintain their market position and gain a competitive edge. The market is highly competitive, with players striving to offer advanced and user-friendly self-monitoring solutions to consumers.

Recent Happenings in the Selfmonitoring Blood Glucose Strips Market

In recent years, the self-monitoring blood glucose strips market has witnessed several developments, including product launches, collaborations, and regulatory approvals.

For instance, Abbott Laboratories launched a new glucose monitoring system with advanced features for better diabetes management. Roche Diagnostics partnered with digital health platforms to integrate glucose monitoring data for improved patient outcomes.

These recent happenings highlight the dynamic nature of the self-monitoring blood glucose strips market and the continuous efforts of companies to enhance patient care and treatment outcomes.