Blood Glucose Test Strips Market Continues to Gain Traction05 Feb 2019 • by Natalie Aster
LONDON – Diabetes is one of the most prevalent diseases from pole to pole and one of the major health concerns of the modern world. As of 2017, around 8.8% of the adult population around the globe had diabetes; the figure is predicted to come to 9.9% by 2045. It is estimated that urban areas account for the biggest number of diabetics – in 2017, nearly 279 people in urban areas suffered from diabetes, this figure is poised to rise to 473 million by 2045.
Globally, the highest prevalence of diabetes is registered in the Republic of the Marshall Islands – in 2017, about 33% of the country’s population between the ages of 20 and 79 had this disease. It is followed by Tuvalu and Tokelau with 29.6% and 26.7%, respectively, of the population in these countries suffering from diabetes in 2017.
As for the countries with the highest number of people diagnosed with diabetes, China tops the global list – in 2017, appr. 114 million Chinese were diagnosed with diabetes. Other countries with the high number of diabetics include India (72.9 million people in 2017), the US (30.2 million people in 2017), Brazil (12.5 million people in 2017), and Mexico (12 million people in 2017).
The increasing incidence of diabetes acts as the major driver of the global sales of various anti-diabetic products. As of 2017, the overall revenue generated from anti-diabetic products sales was worth some USD 66.2 billion, whilst in 2018 it amounted to USD 72.2 billion. By the year 2021, the global sales value of anti-diabetic products is expected to cross USD 121 billion.
Rising Diabetes Prevalence to Propel SMBG Devices Sales
Diabetes treatment requires continuous monitoring of the amount of glucose in the blood. The rapidly escalating number of diabetics across the globe backed majorly by the rising prevalence of obesity, unhealthy lifestyles and poor diet together with lack of regular exercises and physical activity is predicted to boost sales of self-monitoring of blood glucose (SMBG) devices, which are highly essential tools to control the concentration of glucose in the blood. The world’s SMBG devices market is projected to increase at a CAGR of appr. 6.2% through 2024 to amount to the value of USD 20 billion. Declining prices, enhancing awareness amid patients, ongoing technological progress, and certain economic incentives will also encourage growth in this market. Glucometers are the most preferred devices in the SMBG category, as they are easy to handle and provide accurate results within several seconds.
Blood Glucose Test Strips Market to Continue Gaining Momentum
Nowadays, numerous people suffering from diabetes rely on blood glucose test strips as an accurate and cost-competitive method of controlling blood glucose concentration. The blood glucose test strips market has demonstrated an impressive increase during the recent years and is slated to maintain a robust growth pace in the foreseeable future.
In 2017, the global market for blood glucose test strips was evaluated at slightly over USD 8.66 billion. Through 2023, this market is anticipated to keep on expanding at a CAGR of appr. 3-4%. By 2021, the value of the world’s blood glucose test strips market is slated to surpass USD 12.9 billion.
Amid types of blood glucose test strips available in the market, the glucose dehydrogenase type is the top seller, contributing around two/thirds to the overall sales; this is attributed primarily to the lower price and higher accuracy. Besides, the glucose dehydrogenase strips segment is expanding at twice the glucose oxidase strips sector’s growth rate. Meantime, when the electrode material used in test stripes is concerned, the largest market segment, commanding a share of almost 50%, is formed by thick film electrochemical strips.
Asia-Pacific to See the Fastest Growth in Demand for Blood Glucose Test Strips
Amid regional markets, North America grabs the biggest chunk of the world’s market for blood glucose test strips. But, it is anticipated to lose its market share in the coming years owing to the expanding adoption of generic test strips. Europe holds the second largest market share.
However, the demand for blood glucose test strips is predicted to see the highest growth rates in Asia-Pacific. This is attributed to several factors, comprising rapidly changing people’s lifestyles, rising prevalence of smoking, increasing popularity of irregular junk food, to name a few. Moreover, as obesity is one of the most common risk factors for diabetes – the mounting number of obese people in the Asia-Pacific region is directly linked to the rise in diabetes cases. For reference, over 2012-2016, the prevalence of obesity in India increased by 5.9% per year, in China – by 5.5% per year, and in Japan – by 4.5% per year. Thus, the increasing prevalence of obesity in Asia-Pacific also acts as an important driver of the regional market for blood glucose test strips. Besides, growth in the regional market is boosted by the increasing knowledge of local people about diabetes, disease management and control options, and diabetes care devices, as well as enhancing health awareness in the region.
© MarketPublishers.com, 2019