Market Research Report
Blood Glucose Test Strips Market - Growth, Trends, and Forecast (2012 - 2024)
|Published by||Mordor Intelligence LLP||Product code||567961|
|Published||Content info||105 Pages
Delivery time: 2-3 business days
|Blood Glucose Test Strips Market - Growth, Trends, and Forecast (2012 - 2024)|
|Published: February 1, 2019||Content info: 105 Pages||
As a part of diabetes treatment, constant monitoring of glucose levels is required. Blood glucose levels if not monitored regularly can lead to severe complications. Diabetes management process is an expensive service. At the large scale, patients use blood glucose test strips. The retail cost of these strips varies from 50 cents per piece to as high as USD 5 per strip.
Price is often a significant concern for the purchase of blood glucose test strips. Although various countries, like the United Kingdom, provide reimbursements for prescribed test strips, the majority of the patients have to pay for them from their pockets.
The frequency of monitoring glucose levels depends on the type of diabetes and varies from patient to patient.
Type 1 diabetic patients need to check their blood glucose levels at regular intervals to monitor their blood glucose levels and adjust the insulin dosing accordingly.
Therefore, if a patient performs 5-6 tests in a day, the average expenditure on test strips would be over USD 180/month. These expenses add to the already high diabetes management costs and are impeding the market growth.
In 2018, the global blood glucose test strips market was estimated at around USD 8,022.8 million. The market is expected to register a CAGR of about 10.8 % during the forecast period (2019-2024). The market is segmented by component (blood glucose test strips), end user (hospital and personal use test strips), and geography.
Key Market Trends - Increased Awareness Among Type 2 Diabetic Patients is Driving the Blood Glucose Test Strips Market
Due to the ease in handling glucometers, patients are now preferring to use them for their personal use (home use).
Measuring blood glucose levels is essential to take or alter the medication accordingly, especially insulin users. Within seconds, glucometers provide the blood glucose levels with accuracy. There is constant upgradation in glucometers for better use and more efficiency.
Approximately 10% of diabetic population contributes to Type 1 diabetes and 90% contributes to Type 2 diabetes.
About 90% of Type 1 patients are using glucometer in their daily routines, and 25% of Type 2 patients are using the glucometers.
Due to the sedentary lifestyle, the blood glucose levels for Type 2 diabetes patients are not under control, and this is causing the patients to regularly monitor their blood glucose levels to avoid further complications of diabetes.
Thus, the aforementioned factor has increased the demand for the blood glucose test strips market.
North America to Dominate the Market
Globally, North America accounted for the largest share of 58.33% in 2017, owing to the availability of healthcare reimbursements and the fastest adoption rate for new medical technologies.
Europe is also a leading region in the global blood glucose test strips market. North America is the fastest-growing region for the market and portrays a massive potential for growth in the future, due to the increasing government initiatives to combat diabetes and corporate investments to streamline R&D in diabetes.
The global blood glucose test strips market is highly fragmented, with few major manufacturers having presence in major regions of the global market, while the remaining manufacturers confine to the other local or region-specific manufacturers.
The innovations in test strips are increasing and are under development. For example, the new test strip includes features, such as underfill detection, and provides the user with the ability to reapply blood when the test strip is underfilled ("second chance" sampling).