Market Challenges And Opportunities

Global Blood Glucose Test Strip Market Drivers:

Increasing prevalence of diabetes to propel market growth

One of the key factors expected to augment the growth of the global Blood Glucose Test Strip market over the forecast period is the increasing prevalence of increasing prevalence of diabetes across the world. For instance, according to statistics published by Center for Disease Control and Prevention in June 2022, stated that 37.3 million people have diabetes in the U.S. Moreover, 28.7 million people are diagnosed including 28.5 million adults.

Growing geriatric & pediatric population to drive market growth

Another factor which is driving the growth of the global Blood Glucose Test Strip market is the growing geriatric and pediatric population worldwide. For instance, with the growing geriatric and pediatric population, the demand for temperature monitoring devices is also increasing, as this population is more prevalent to disease, such as fever, sour throat, and cold & cough. India is home to largest number of children in the world. According to the World Health Organization (WHO), one in six people in the world will be aged 60 years or over by 2030, and the world’s population of people aged 60 years and older will double (2.1 billion) by 2050.

Global Blood Glucose Test Strip Market Opportunities:

High demand for blood glucose test strips due to the increase in diseased population such as obesity population across the globe is expected to offer significant growth opportunities for players in the global blood glucose test strip market. For instance, according to fact sheet published by World Health Organization in June 2021 stated that in 2019, an estimated 38.2 million children under the age of 5 were overweight or obese. Overweight and obesity, once considered a problem in high-income countries, is now increasing in low- and middle-income countries, particularly in urban areas. In Africa, the number of overweight children under the age of 5 has increased by almost 24 percent since 2000. Almost half of the children under the age of 5 who were overweight or obese in 2019 were in Asia.

The outbreak of COVID-19 across the world is expected to offer significant growth opportunities for players in the blood glucose test strip marketDuring the COVID-19 pandemic, several research and development activities in the field of diabetes have been funded. For example, Indigo Diabetes, a Belgium-based startup, raised $44.6 million in a Series B funding round in July 2020. Fund+, Ackermans&van Haaren, Capricorn Digital Growth Fund, imec.xpand and Titan Baratto were among the new investors in this round. Indigo Diabetes is working on a sensor and app for continuous glucose monitoring.

Global Blood Glucose Test Strip Market Restraints:

Invasiveness associated with the use of test strip to hinder market growth

One of the key factors expected to hinder growth of the global blood glucose test strip market is the availabilities of other invasive technologies. Glucometer and continuous glucose monitoring, both need blood samples to analyze, transmit, and display data. People who use glucometer frequently need to prick via lancet every time. Type-1 patients and insulin-dependent type-2 patients need to measure blood glucose regularly after every meal. Hence, there is a preference towards a technology that overcomes the pain of getting pricked, in order, to make the technology more user friendly. Needle stick injuries are a reality for people who regularly use needles. It is estimated that 600,000 to 800,000 needle stick injuries occur per year in the United States.

The requirement to use glucose strips for testing creates reluctance in some patients to hamper the market growth

A lancet is included in glucometer test kits, and it is used by the patient to prick their finger to take blood for the test strip. However, this process is quite painful, which makes some patients reluctant to submit to such testing. The strips are susceptible to variations in temperature, sample quality, and humidity and have short shelf lives, cannot be reused. Additionally, for diabetic individuals who also have hypotension, anaemia, and decreased hematocrit, glucometer readings are not thought to be accurate. Although the cost of the equipment is an initial outlay, the burden on patients is increased by the significantly high cost of test strips. This, among other things, is a significant element that is anticipated to somewhat restraint market growth.