The Blood Glucose Test Strips Market is projected to witness a CAGR of 5.43% during the forecast period to reach a total market size of US$17.204 billion by 2026, increasing from US$11.882 billion in 2019.
Blood Glucose test strips are plastic blood testing strips used for testing diabetes. It checks the level of glucose present in the blood. On one end of the strip, a sample of blood is put, it reacts with a chemical called glucose oxidase producing gluconic acid from the glucose in the blood. The meter thus uses an algorithm to identify the level of glucose blood.
The growing prevalence of diabetes around the globe is considered as the key driver for the growth of the blood glucose test strips market as diabetes treatment requires consistent monitoring of the blood glucose levels. According to International Diabetes Federation (IDF), Approximately 463 million adults (20-79 years) were living with diabetes in 2019; by 2045 this will rise to 700 million. More than 1.1 million children and adolescents are living with type 1 diabetes. In 2019, 79% of adults with diabetes were living in low- and middle-income countries. Therefore, to monitor glucose levels in low and middle-income countries, affordable options are needed for testing. Blood Glucose test strips, as compared to sensor-based monitors, are an affordable option. And thus have a huge market in the low and middle-income countries.
The blood glucose testing strips have properties like easy to use, high accuracy, and affordable as compared to other options available. Unlike sensor-based diabetes testing devices which need medical intervention, blood glucose test strip devices can be used by the individuals themselves. An increasing number of cases of diabetes not only in adults but also in children due to change in lifestyle has added costs for monitoring the sugar level. Blood glucose testing strips not only give high accuracy but also saves cost.
Blood glucose testing strips have some exceptional qualities like ease to use, high accuracy, and affordable as compared to other options available. With the increase in the awareness of health and as a precautionary measure test for diabetes is one of the most common amongst all ages. With the start of covid19, the precautions have further increased, as it is life-threatening to diabetic and severe asthmatic patients. Thus, causing an increase in the number of tests and a further increase in the usage of blood glucose testing strips.
Blood glucose test strips are made out of plastics, environmental issues. With a ratio of 1 is to 11 for diabetes, these test strips constantly help to monitor people’s diabetes, since the strips are one-time use, have their fair share of environmental concerns.
With constant innovation and improvement in technology, there is always a treat for new and better technology. Blood glucose test strips being one of the economical options
Impact of COVID–19
The blood glucose test strips are highly reliant on their end-user. With the increase in healthcare awareness and diabetes, the demand for test strips has increased. While some industries like E-health and telehealth flourished during the pandemic owing to avoiding direct contact as a precautionary measure and lockdown among others. Overall, the market has foreseen a mixed response during the pandemic. However, the investments in R&D and innovations surged in the prospect of newer product launches and applications to mitigate the effects of the pandemic.
The market leaders for the blood glucose test strips are Abbott Diabetes Care, Roche Diabetes Care, LifeScan, Care Touch amongst others. The key players in the market implement growth strategies such as product launches, mergers, acquisitions, etc. to gain a competitive advantage over their competitors. For instance,
Apple aims to put blood-sugar sensors, which would help diabetics monitor glucose levels. But it is unlikely to be ready for commercial launch for a few more years.
In 2020, Roche Diabetes Care (RDC) India announced the launch of its new Accu-Chek Guide blood glucose monitoring system, which offers easy-to-use features, providing spill resistance test strips and easy data monitoring by storing in a mobile app by using Bluetooth.
LifeScan, in March 2020, completed the localization of glucose test strips production in Russia. The brand produces OneTouch glucose meter test strips. By doing so, the company focuses on reducing the cost and being able to meet the demand more effectively.
In 2019, Medtronic and IBM Wastson health colaburated to develped an app tp predict hypoglycemia
Frequently Asked Questions (FAQs)
Abbott Diabetes Care,
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