Track topics on Twitter Track topics that are important to you
In 2017, the global blood glucose test strips market was estimated at around USD 11,000 million. The market is expected to register a CAGR of about 6.5% during 20182023 the forecast period. North America, followed by AsiaPacific, accounts for the largest share in the blood glucose test strips market.
Convenience of CGM over Conventional Monitoring
Continuous glucose monitoring CGM provides a frequent and realtime feedback about glucose levels and retrospective 24hrs glucose profiles. Incorporating CGM in the treatment of type 1 diabetes T1D has given potential advantages over conventional selfmonitoring of blood glucose SMBG. The realtime use of CGM results can equip people with T1D and parents of youths with T1D, to respond promptly and address glycemic excursions, minimizing, both, hyperglycemia and hypoglycemia. Retrospective use of CGM profiles can reveal recurring glycemic fluctuations that are not apparent with conventional SMBG, permitting regimen adjustments to stabilize glucose control. As CGM systems have become more widespread, the market for blood glucose test strip is likely to experience growth. Moreover, owing to the rising diabetic population and technological advancements, this market is expected to grow and combat diabetes.
High Cost Per Strip
Diabetes treatment requires constant monitoring of glucose levels. If blood glucose levels are not monitored regularly, it can lead to severe complications. Diabetes management process is an expensive service. At large scale, patients use blood glucose test strips. The retail cost of these strips varies from 50 cents per strip to as high as USD 5 per strip. Since, constant monitoring is necessary for diabetic patients, the cost often becomes a problem. Although various countries, like the United Kingdom, provide reimbursements for prescribed test strips, the majority 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. For type 1 diabetes patients, at least four tests are advised per day. If the patient is using insulin injections, the count can go up to seven tests per day. Therefore, if a patient performs 56 tests in a day, the average expenditure on test strips would be over USD 180 each month. These expenses add to the already high diabetes management costs and are impeding the market growth.
North America to Dominate the Market Growth
North America accounted for the largest share of 56% of the global market, owing to the availability of healthcare reimbursements and the fastest adoption rate for new medical technologies. Europe is also the leading region in the global blood glucose test strips market. AsiaPacific is the fastest growing region for blood glucose test strips market and portrays a huge potential for growth in the future, due to the increasing government initiatives to combat diabetes and corporate investments to streamline RD in diabetes.
Key Developments in the Market
January 2018: Ascensia Diabetes Care announced the expansion of its strategic alliance with Insulet Corporation, a leader in tubeless insulin pump technology, by signing a global commercial agreement. This expansion follows the worldwide nonexclusive development agreement that Ascensia announced in June 2017, to connect its CONTOURNEXT ONE blood glucose monitoring system BGMS with Insulet's nextgeneration Omnipod System Omnipod DASH.
Major Players: ROCHE DIAGNOSTICS, LIFESCAN, BAYER HEALTHCARE, ABBOTT LABORATORIES, ARKRAY INC., ACON LABORATORIES, APEX BIOTECHNOLOGY CORPORATION, ASCENSIA DIABETES CARE, HMD BIOMEDICAL, B. BRAUN MELSUNGEN AG amongst others.
Reasons to Purchase this Report
Current and future the blood glucose test strips market outlook in the developed and emerging markets
Analyzing various market perspectives, with the help of Porter's five forces analysis
The segment that is expected to dominate the market
The regions that are expected to witness fastest growth during the forecast period
The latest developments, market shares, and strategies that are employed by the major market players
3 months analyst support, along with the Market Estimate sheet in excel
Customization of the Report
This report can be customized to meet your requirements. Please connect with our analyst, who will ensure you get a report that suits your needs.NEXT ARTICLE
Diabetes is a lifelong condition that causes a person's blood sugar level to become too high. The two main types of diabetes are: type 1 diabetes type 2 diabetes In the UK, diabetes affects approximately 2.9 million people. There are a...