Blood Glucose Test Strips Market Definition
Blood glucose test strips are made from fabric material embedded with sensors, electrodes and enzymes. They are thin paper or plastic strips which help to monitor blood glucose levels and control diabetes symptoms. A test strip is composed of several layers. The top layer serves as a mini-sponge to soak up the blood sample. The middle layer acts as a filter to channel the blood sample to the reaction center. The next layer contains the enzyme that reacts with blood glucose. The bottom layer consists of a gold and palladium coated circuit that transfers reaction electrons to the meter for analysis. When blood is placed onto the test strip, it reacts with a chemical called glucose oxidase to produce gluconic acid from the glucose in the blood. The blood glucose meter then uses an algorithm to find the blood glucose level based on the difference in current between the terminals of the blood strip and the level of gluconic acid.
Blood Glucose Test Strips Market Size
The global blood glucose test strips market was worth $10.6 billion in 2017. The market size is influenced by the prevalence of diabetes, awareness of self-monitoring of blood glucose, and reimbursement for test strips in some countries. This market grew from $9.4 billion in 2013 to $10.64 billion in 2017 at a compound annual growth rate (CAGR) of 3.15% and is forecast to grow to $12.93 billion at a CAGR of 5% by 2021.
Major drivers of the blood glucose test strip industry in the historic period included increased diabetes cases, increased disposable income, and technological advances, while major restraints on the market included lack of diabetes awareness, decreased reimbursement prices, and development of alternative technologies for blood glucose monitoring.
Major drivers of the blood glucose test strip market in the forecast period include increasing awareness, government initiatives, rapid industrialization and urbanization and changing life styles. The increasing trend in the prevalence of diabetes in both developed and developing countries will help the diabetes care market to grow in turn driving for the blood glucose test strips market. Major restraints on the market include alternative testing methods, and the decreasing price of the product faced with these substitutes.
Blood Glucose Test Strips Market Drivers
The Key drivers of the blood glucose test strips market include:
Increase In Diabetes Cases - The blood glucose test strips market has been driven by the rising number of people being affected by diabetes. The International Diabetes Federation claims that almost 7 million people are diagnosed with diabetes every year. The disease continues to be the fourth leading cause of death in the world. This pool of global diabetes patients is predicted to increase to 629 million by 2045. This is mainly due to increasingly unhealthy lifestyles (rising inactivity and obesity) and growth of the aging population.
Obesity is a major risk factor for diabetes. The Asia-Pacific region has high growth in obesity: from 2012-2016 the growth was around 5.9% in India, 5.5% in China, and 4.5% in Japan. Increases in obesity in these populations are directly proportional to the diabetes cases.
Blood Glucose Test Strips Market Restraints
The key restraints on the blood glucose test strips market include:
Alternative Testing Methods-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.
Blood Glucose Test Strips Market Trends
Major trends influencing the blood glucose test strips market include:
Development Of Generic Blood Glucose Test Strips - Blood glucose test strip manufacturers are offering generic blood glucose test strips as a low-cost alternative to conventional test strips. Generic blood glucose test strips are third-party strips that work with a variety of blood glucose meters and are much less expensive than their counterparts. They have been proven to perform similar to or even exceed the FDA accuracy standards for blood glucose test strips. For example, Pharma Tech Solutions, a California-based company distributes Shasta GenStrip, a more affordable alternative that can be used with One Touch and Ultra brand meters. Other generic strip brands in the market include Unistrip, GenUltimate, Equate and Relion.
Silk Strips - A Low Cost Alternative-Test strips made from Indian silk are an increasing trend in the blood glucose test strips market. Indian silk has wound healing properties and when combined with polypropylene creates a product with strong antibacterial properties. Clinical trials have shown that silk strips are just as accurate as paper or plastic strips. Silk strips are cost-effective and are easier to manufacture. They cost about one-quarter or one-third of the price of paper or plastic strips. Paper or plastic strips require high-priced machinery to embed electrodes, whereas silk strips cut out the mechanical needs by way of weaving electrodes with silk yarn. For instance, Achira Labs, a Bangalore-based company, has come up with a way to weave diabetic strips from silk. Technological advancements in blood glucose monitoring devices are expected to further boost the demand for test strips made from Indian silk.
Blood Glucose Test Strips Market Segmentation
The blood glucose test strips market is segmented by technology, by electrode material used, and by geography.
By Service Type -
The blood glucose test strips market is segmented by technology type into
Glucose Dehydrogenase had the highest growth rate of 3.69% during the historic period.
- a) Glucose Dehydrogenase
- b) Glucose Oxidase
By Electrode Material Used -
The blood glucose test strips market is segmented by end user gender into
By Geography - The blood glucose test strips market is segmented into
- a) Thick Film Electrochemical Strips
- b) Thin Film Electrochemical Strips
- c) Optical Strips
North America is the largest market for blood glucose test strips, accounting for 47.1% of the global market. It was followed by Western Europe, Asia-Pacific and then the other regions. Going forward, Asia-Pacific and Western Europe will be the fastest growing regions in this market.
- o North America
- o Western Europe
- o Asia Pacific
- o Eastern Europe
- o South America
- o Middle East
- o Africa
Blood Glucose Test Strips Competitive Landscape
Major Competitors are:
Other Competitors Include:
- • Roche Holding AG
- • Johnson & Johnson
- • Ascensia
- • Abbott Laboratories
- • Nipro Diagnostics
- • Terumo Corporation
- • Arkray Inc.
- • Omron
- • Lifescan
- • Medtronic plc
- • Bayer HealthCare AG
- • Novo Nordisk
- • B. Braun
- • Medisana AG
- • Sanofi