Rising number of diabetic patients
The number of diabetic patients is increasing worldwide each year. It is very important to monitor blood glucose regularly on a daily basis. Glucose test strips plays an important role in measuring the blood glucose levels. At a very large scale, diabetic patients widely use glucose test strips. According to the data of International Diabetic Federation, 425 million people is suffering from diabetes worldwide with 82 million people in the South East Region, which is estimated to multiply and reach 151 million by 2045. There were over 72 million cases of diabetes in India in the year 2017 alone. This rise in the diabetic population in the world is anticipated to drive the glucose test strip market in the forecast period.
Increase in financial support by the government
The government financial support to the diabetic patients is one of the major drivers for the glucose test strip market. Government is taking different initiatives to provide glucose test strips to every diabetic patient at a subsidized rate. For an instance, to increase the usage of test strips and glucometers, Australian government is taking different initiatives to provide glucose test strips and glucometers at a very subsidized rate.
The global glucose test strips market is observing a robust growth on account of increased prevalence of diabetes worldwide, thereby increasing the demand. This is majorly contributed on the back of increasing lifestyle changes and genetic mutations. Increasing government support in different healthcare sectors followed by technological advancements in glucose test strip is expected to drive the global glucose test strips market significantly. Awareness regarding diabetes created by the government and different types of existing NGOs and market players are projected to drive the global glucose test strip market further.
Glucose Test Strip Market is anticipated to record a CAGR of approximately 5.5% over the forecast period. Thus, the glucose test strip market is expected to showcase a robust growth by the end of the forecast period. The market is segmented into end users such as diagnostic and hospital laboratories, clinics & home care settings. Increasing demand of point of care (POC) is anticipated to aid in capturing high market share during the forecast period. Real time monitoring of blood glucose is one of the important feature which is expected to drive the growth of the global glucose test strips market.
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High cost per glucose test strip
Diabetic monitoring procedure is very expensive. Buying test strips in large quantities are very costly for an average income individual. The average price of a glucose test strip can range from 40 cents to over USD 1 a piece, which is very expensive. This expensive price of a single glucose test strips is restraining the global glucose test strip market.
By Electrode Material
By Distribution Channel
By End User
On the basis of regional analysis, global glucose test strips market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
North America has a significant market share of the global glucose test strip market as they are technologically advanced in the field of medicine and healthcare. Europe has the largest share of the glucose test strip market. The market of Asia Pacific region is anticipated to expand at a faster pace in the forecast period owing to rising awareness regarding diabetes. Increment in the prevalence of diabetes in countries including Brazil, South Africa, Saudi Arabia is expected to drive the market in the Middle East and Latin America region.
Global glucose test strip market is further classified on the basis of region as follows:
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.