Introduction to Glucose Test Strips
Diabetes is a disease in which the blood glucose levels rises in the body because of lack of insulin production or the inability of insulin to help glucose to get inside a cell. Glucose helps the body to get energy. The increase in the level of blood glucose in the body is medically termed as hyperglycemia whereas the decrease in the concentration of glucose is termed as hypoglycemia. Both these conditions can be fatal to a person. It has the potential to damage kidneys, nerves and heart. There are mainly three types of diabetes which includes Type-1 Diabetes, Type-2 Diabetes and Gestational Diabetes.
The prevalence of diabetes across the globe is increasing because of increasing adoption of unhealthy lifestyle which has made glucose monitoring a compulsory task. It is very difficult to go to a diagnostic center and monitor the blood glucose level on a regular basis. This led to the development of glucose monitoring devices with the help of which the blood glucose can be monitored in home settings in real time. It is comparatively less painful than the other conventional blood glucose monitoring methods.
Blood glucose test strips are small plastic disposable strips which plays an important role to monitor diabetes through glucose monitoring devices. A single drop of blood is placed at the tip of the strip. An important enzyme called glucose oxidase is present on the strip. The blood reacts with this enzyme to produce gluconic acid. The other end of the glucose monitoring strip is connected to the glucometer. The glucometer sends a current signal; to the strip. With the help to this electric signal, the glucometer measures the electric current in between terminals. The production of gluconic acid from the blood plays an important role in determining the electric current in between two terminals of the glucose monitoring strip. All the glucose monitoring strips have some marginal errors associated with them.
Market Size and Forecast
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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Growth Drivers
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.
Restraints
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.
Market Segmentation
By Electrode Material
- Thin Film Strips
- Thick Film Strips
- Optical Strips
By Distribution Channel
- Online
- Offline
- Retail Pharmacy
- Hospital Pharmacy
By End User
- Diagnostic Laboratories
- Hospital Laboratories
- Clinics
- Home Care Settings
By Region
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:
- North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis.
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis
Top Featured Companies Dominating The Market
- Abbott Laboratories
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- Sanofi
- F. Hoffmann-La Roche Ltd
- Trividia Health, Inc.
- B. Braun Holding GmbH & Co. KG.
- Acon Laboratories, Inc.
- Apex Biotechnology Corporation
- Ascensia Diabetes Care
- Hmd Biomedical
- Other Prominent Players
