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Written by amelia jems » Updated on: October 18th, 2024
The global blood glucose test strip packaging market size was valued at USD 2.25 billion in 2023. The industry is expected to expand from USD 2.38 billion in 2024 to USD 3.91 billion by 2032, exhibiting a CAGR of 6.41% over the study period.
A diabetes test strip is a small disposable strip made of plastic, layered with a biological enzyme and deployed with a diabetes testing device that reacts with glucose in the blood. Hence, its packaging is essential to get accurate outcomes of blood glucose levels. The deployment of desiccant into packaging is impelling the market growth. The best moisture protection is offered by desiccant packaging to test strips owing to its ability to retain dryness.
Fortune Business Insights™ provides this information in its research report, titled “Blood Glucose Test Strip Packaging Market, 2024-2032”.
List of Key Players Mentioned in the Report:
Segmentation:
Plastic Segment Dominates Due to Exceptional Barrier Features
In terms of material, the market is classified into aluminum, plastic, and others. The plastic segment accounts for the largest blood glucose test strip packaging market share. The superior barrier attributes offered by plastic for the protection of the test strips from moisture, gases, bacteria, and other environmental factors are augmenting the segment growth.
Extra Space Offered by Bottles to Drive Segment Expansion
By product type, the market is classified into vials & tubes, film, bottle, and others. The bottle segment holds the largest share as bottles offer an extra space to accommodate over 20 strips at a time.
Subsidies by Government to Foster the Hospital Segment Growth
With respect to end-user, the market is divided into household, hospital, diagnostic clinics, and others. The hospital segment registers the largest share as the government offers subsidies for diabetes checkups at very low costs.
From the regional perspective, the market is divided into Latin America, Asia Pacific, North America, the Middle East & Africa, and Europe.
Report Coverage
The report offers an in-depth analysis of the key driving and restraining factors impacting the market growth. It further provides vital insights into the top trends, the impact of the COVID-19 pandemic on the market growth, key industry developments, and major segments. Additional aspects of the report include the competitive strategies undertaken by prominent companies to surge their share.
Source: https://www.fortunebusinessinsights.com/blood-glucose-test-strip-packaging-market-109227
Drivers and Restraints:
Surging Demand for Individually Packed Test Strips to Escalate Market Growth
One of the major factors propelling the blood glucose test strip packaging market growth is a rise in the demand for individually packed test strips. An aluminum desiccant film covers the individual strips, ensuring safety and it helps in the prevention of all strips from exposure at once.
Despite such growth opportunities, the rising waste generated by test strips may hamper market expansion.
Regional Insights:
North America Dominates Due to the Strong Presence of Leading Companies
North America market for blood glucose test strip packaging holds the largest share. This is on the back of a robust presence of prominent companies, including Wisesorbent Technology and Aptar CSP Technologies, among others.
Asia Pacific market for blood glucose test strip packaging is the second-most leading due to the growing geriatric population.
Competitive Landscape:
Dominating Companies Leverage Product Innovation Strategies to Expand in the Market
The blood glucose test strip packaging market represents a highly competitive and fragmented structure. With respect to market share, few leading companies dominate by providing innovative packaging in the packaging industry. Moreover, a wide array of strategic initiatives are being leveraged by top companies to outshine the competition. Some of these strategies include joint ventures, partnerships, mergers, acquisitions, and others. Many companies are also deploying product innovation strategies as a part of their expansion strategy.
Key Industry Development:
April 2022: Aptar CSP Technologies, a prominent name in active material science solutions, announced the launch of its Activ-Vial system in China. This release is poised to help the company grow in the diagnostics market.
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