Blood Glucose Test Strips – An Indispensable Means of Self-Blood Glucose Level Testing
Blood glucose test strip is a small disposable plastic strip that is an integral component of blood glucose meters which, among others, facilitates the monitoring as well as management of diabetes. Glucose oxidase present on these strips reacts with glucose present in the blood thereafter indicating the glucose level in the blood.
One of the major drivers for the blood glucose test strip market is the convenience offered by the self-blood glucose testing over the traditional methods. This small disposable plastic strip is an enabler for the diabetic and the pre-diabetic people with respect to keeping track of their blood glucose level regularly without visiting a clinic or diagnostic laboratory, ensuring their independence within the comfort of their own space. For a diabetic, the testing of their blood glucose level regularly without visiting a clinic or diagnostic laboratory. Diabetics are expected to test their glucose levels at least 2-3 times a day which makes blood glucose test strip an indispensable means of self-blood glucose level testing.
Another major driver for the blood glucose market is the rising diabetic population that has emerged as one of the major concerns of national governments around the globe. According to the International Diabetic Federation as of 2019, approximately 463 million adults (20-79 years) were living with diabetes; by 2045 this will rise to 700 million. Moreover, the proportion of people with type 2 diabetes is increasing in most countries with 79% of adult diabetics were living in low- and middle-income countries. With 1 in 5 people aged above 65 years, old are diabetics. 1 in 2 (232 million) people with diabetes were undiagnosed. The total health expenditure in 2019 related to diabetes was to the tune of at least USD 760 billion. More than 1.1 million children and adolescents are living with type 1 diabetes. Before all foregoing, 374 million people are at increased risk of developing type 2 diabetes. Therefore, the healthcare segment is poised to witness a meteoric rise in the blood glucose test strips market trend.
Current trends in the self-blood glucose monitoring market
o DarioHealth (Formerly LabStyle Innovations) Corp. (Nasdaq: DRIO), a global digital therapeutics (DTx) innovator, announced in March 2020 that in an effort to reduce contact between healthcare providers and patients in hospitals thereby restricting the U.S. Food and Drug Administration (FDA) has recognized that home-use blood glucose meters including Dario's smartphone-connected metering device may be used by patients with diabetes who are hospitalized due to COVID-19 to check their blood glucose levels and provide the readings to the health care personnel caring for them.
o Another development is that of STAT-Site WB, which is a dual-use whole blood β-ketone and glucose meter meant for professional use in the management of diabetes. It has been brought to the market by EKF Diagnostics, a global in-vitro diagnostics company as a recent addition to its Diabetes Care portfolio in the US. It uses test strips to which whole blood is added directly and is reagent free. For convenience the test strips are wide and a strip indication light on the analyzer light guides insertion. Enchaining the aforesaid convenience, the strip identification system, automatically differentiates whether blood glucose or β-ketone test strip has been inserted and will analyze accordingly via its auto-start function.
o Back in August 2019, Portea Medical, a consumer healthcare brand launched InControl, a one-of-its-kind complete diabetes care program for patients with Type 2 Diabetes. With an annual subscription, a patient will get a free glucometer called OneTouch Verio Flex Glucometer, an unlimited supply of test strips, and correct health coaching through a certified counselor for a period of one year. In the same year, One Drop kits were made available at hundreds of Walmart stores in the U.S.
o In 2018, GlucoGorx™ Glucose Monitoring Test Kit that includes a glucose meter, test strips, and a lancet device brought about by Sand Diego based Innovus Pharmaceuticals, Inc.
Being one of the fast-growing chronic diseases coupled with the advent of a global pandemic, it has necessitated the medical landscape which is inclusive of care points as well as patients to adopt the practice of self-glucose monitoring for swifter results with the safe confines of one’s own space to prevent any plausible infections. This change ion perceived convenience and the resultant consumer behavior is driving the demand for glucometers which requires the use of blood glucose test strips. This, in turn, is poised to fuel the growth of the blood glucose test strip market during the forecast period.
Key Questions Answered in This Report:
· What are the key regions having a significant market share of the Blood Glucose Test Strip Market?
· What are the drivers and restraints of the Blood Glucose Test Strip Market?
· Who are the key market players in the Blood Glucose Test Strip Market?
· What is the market segmentation of the Blood Glucose Test Strip Market?
· Who are the end-users of the Blood Glucose Test Strip Market?