5th Floor, Rajapushpa Summit
Nanakramguda Rd, Financial District, Gachibowli
Hyderabad, Telangana - 500008
The Blood Glucose Test Strips Market is segmented by Component (Blood Glucose Test Strips), and Geography.
Fastest Growing Market:
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. The diabetes management process is an expensive service. On a 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 and adjust the insulin dosage 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 market growth.
The market is segmented by Component into blood glucose test strips and by Geography. The report provides a detailed overview of the blood glucose test strips market. The study offers value and volume for a period (2012-2025) for each country mentioned.
|By Component (Value and Volume, 2012-2025)|
|Blood Glucose Test Strips|
Report scope can be customized per your requirements. Click here.
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 blood glucose levels with accuracy. There is constant upgradation in glucometers for better use and more efficiency. Approximately 10% of the 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.
To understand key trends, Download Sample Report
Globally, North America accounted for the largest share of 55% in 2019, owing to the availability of healthcare reimbursements and the fastest adoption rate for new medical technologies. 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. Currently, in North America, there are more than 29 million diabetes patients and this number is expected to increase to 32 million by 2025. The US alone recorded over 25 million diabetes patients in 2019. In this, almost 90% of them are type-2 diabetes patients. With the increasing number of diabetic patients in this region, the demand for test strips is anticipated to increase simultaneously in the coming years.
To understand geography trends, Download Sample Report.
The blood glucose test strips market is highly fragmented, with few major manufacturers having a 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. 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).
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 By Component (Value and Volume, 2012-2025)
5.1.1 Blood Glucose Test Strips
5.2.1 North America
184.108.40.206 United States
220.127.116.11 Rest of North America
18.104.22.168 United Kingdom
22.214.171.124 Rest of Europe
5.2.3 Latin America
126.96.36.199 Rest of Latin America
188.8.131.52 South Korea
184.108.40.206 Rest of Asia-Pacific
5.2.5 Middle-East and Africa
220.127.116.11 Saudi Arabia
18.104.22.168 South Africa
22.214.171.124 Rest of Middle-East and Africa
6. MARKET INDICATORS
6.1 Type-1 Diabetes Population (2012-2025)
6.2 Type-2 Diabetes Population (2012-2025)
7. COMPETITIVE LANDSCAPE
7.1 Company Profiles
7.1.3 ARKRAY, Inc.
7.1.4 Ascensia Diabetes Care
7.1.5 LifeScan IP Holdings, LLC
7.1.7 Johnson & Johnson
7.1.8 Bionime Corporation
7.1.9 ACON Laboratories, Inc.
7.1.10 Trividia Health, Inc.
7.1.11 Rossmax International Ltd.
8. MARKET OPPORTUNITIES AND FUTURE TRENDS