Blood Glucose Strips Market Characteristics
The blood glucose strips market includes establishments involved in manufacturing test strips used for blood sugar level measurement. Blood glucose test strips are thin paper or plastic strips that are used to monitor blood glucose levels to help control diabetes. Diabetes is a chronic condition in which a person’s blood glucose level is excessively high according to medical standards. Diabetes is further diagnosed through various tests such as oral glucose tolerance tests (OGTT), random plasma glucose tests, and fasting plasma glucose tests.
Blood Glucose Test Strips Market Competitive Landscape
The market for blood glucose test strips is concentrated with a few major players occupying more than 50% of the market share. Major companies in the blood glucose test strips market include LifeScan, Roche Holding AG and Abbott Laboratories.
Due to decreasing prices for blood glucose test strips across the world and increasing competition from local players, these companies’ market shares are declining.
Blood Glucose Test Strips Market Size
The Blood glucose test strips market is expected to grow and reach a value of $12.9 billion by 2021. The growth is mainly attributed to government initiatives - governments around the world are investing in programs to help raise awareness and support research and development (R&D) in the field of diabetes. The US State Department’s National Institutes of Health and Centers for Disease Control and Prevention jointly launched the National Diabetes Education Program to educate and sensitize people about the risks and methods of prevention of diabetes. The program includes organizations, health care professionals, community health workers, and community-based organizations that partner with people with diabetes or who are at risk for diabetes.
In 2015, the National Health Service, UK, and Public Health England initiated the first National NHS Diabetes Prevention Programme that aims to reduce the 4 million people in the UK expected to have Type IIII diabetes by 2025, and increasing utilization of blood glucose strips utilization of blood glucose test strips is increasing in emerging countries such as India and China. Growing industrialization and urbanization in emerging markets is acting as a driver for diabetes care and consequently for the blood glucose test strips industry. Diabetes prevalence is known to correlate with the increasing growth in urbanization. Emerging markets with higher potential growth rates are poised to be a major source of growth for this market.
The key restraints on the blood glucose test strips industry during 2017-2021 are expected to include, alternative testing methods such as continuous blood glucose monitoring systems and HbA1c will impact the blood glucose test strips market. Many diabetes patients are afraid or unwilling to prick themselves with lancets each time for testing. The American Diabetes Association (ADA) recently recommended the use of the HbA1c test for diagnosing diabetes. Until then, all FDA approved HbA1c monitoring devices were approved only for long term glucose control. Diabetes Australia also recommends HbA1c testing every three to six months for type II diabetics These alternative methods of diabetes testing will affect the blood glucose test strips market and high costs associated with other consumables for blood glucose testing, lancets are consumables needed for pricking the finger during blood glucose testing.
Blood Glucose Test Strips Market Segmentation
The blood glucose test strips market is further segmented on the basis of technology, by type of electrode used and by geography.
By Technology- The blood glucose test strips market is further segmented into glucose oxidase-based blood glucose test strips and glucose dehydrogenase-based blood glucose test strips.
Among these segments, the glucose dehydrogenase segment accounts for the highest share in the blood glucose test strips industry.
Type of Electrode Used- The blood glucose test strips are segmented into thick film electrochemical blood glucose test strips, thin film electrochemical blood glucose test strips and optical blood glucose test strips.
Among these segments, thick film electrochemical blood glucose test strips account for the largest share in the blood glucose test strips market.
By Geography- The blood glucose test strips market is further segmented into North America, South America, Western Europe, Eastern Europe, Middle East and Africa. North America was the largest region in the global blood glucose test strips market, accounting for about 45% of the market in 2018. Western Europe was the second largest region accounting for about 26% of the global blood glucose test strips market. Africa was the smallest region in the global blood glucose test strips market.
Blood Glucose Test Strips Market Trends
Innovative blood glucose testing methods, adopting low cost alternatives of blood glucose strips and development of generic blood glucose test strips are a few trends witnessed in the blood glucose test strips industry.
Potential Opportunities In The Blood Glucose Test Strips Market
With increasing diabetic cases, adoption of advanced technology, rising disposable income and increasing utilization of blood glucose strips in emerging economies, the demand and scope of the global blood glucose test strips market is expected to increase in the forecast period.