Market Trends of United States Self-Monitoring Blood Glucose Industry
Rising Diabetes Prevalence in the United States
According to the CDC's National Diabetes Statistics Report 2022, more than 130 million adults in the United States have diabetes or prediabetes. People of color, people who live in rural areas, and people with less education, lower incomes, and less health literacy are more likely to have type 2 diabetes, and it is more dangerous for them.
The ADA, the Endocrine Society, the American College of Physicians, the American Academy of Pediatrics, the Society of General Internal Medicine, and the National Academy of Medicine all put out statements and calls to action about SDOH at the individual, organizational, and policy levels.In 2021, the ADA also published a scientific review about the links between SDOH and diabetes risk and outcomes. The review focused on socioeconomic status, health literacy, the food environment, food insecurity, and the neighborhood and physical environments, among other things.
Self-monitoring is a commitment that many diabetic patients follow to manage their condition. The blood glucose levels help the patients and doctors modify their diet, lifestyle, insulin therapy, and medications to help their blood sugar return to normal. With newer innovations in medical technology, glucometers these days have highly sensitive strips and sensors that can detect every component of blood accurately, close to lab results.
In the United States, there are several innovations in diabetes management platforms by startups, like Glooko, OneDrop, Verily, Vacate, Insulet, Noom, Bigfoot Biomedical, Virta Health, Diabeloop, and Orgenesis, which have launched in the market. People are learning more about advanced diabetes devices, which is making blood glucose monitoring devices more flexible.To get a large share of the market, the top manufacturers are putting a lot of effort into developing new technologies and making more advanced products.
In May 2021, the World Health Assembly agreed on a resolution to make it easier to stop diabetes and keep it under control.It makes suggestions for things that can be done, like making insulin easier to get and making sure that insulin and other medicines and health products used to treat diabetes have the same rules.In May 2022, the World Health Assembly agreed on five goals for the treatment and coverage of diabetes around the world by 2030.
Therefore, the studied market is anticipated to witness growth over the analysis period due to rising prevalence and the aforementioned factors.
The Test Strips Segment held the highest market share in the current year
The Test Strips Segment recorded a market share of about 80% in the current year.
Blood glucose test strips are small, disposable strips that are a key component of blood glucose testing. When blood is placed on the test strip, it reacts with a chemical called glucose oxidase, producing gluconic acid from the glucose in the blood. At the other end of the test strip, the meter transfers a current to the test strip. The test strip has electric terminals, which allow the meter to measure the current between the terminals. The current between the terminals changes depending on the level of gluconic acid that has been produced. The blood glucose meter then uses an algorithm to work out the blood glucose level based on the difference in current.
The growth in market share of test strips is expected to be higher than that of glucose meters because of the difference in use-case frequency. The glucometer is a one-time purchase; however, test strips, on the other hand, are a continuous investment as a test strip needs to be disposed of after one use, causing a recurrent cost impact. An average glucose meter lasts anywhere between six months and three years, presenting a one-time cost during the same time frame.
The federal health insurance program Medicare (Part B and Part D) pays for diabetes supplies to help doctors, providers, suppliers, and other healthcare professionals who give diabetic supplies to people with Medicare. Medicare Part B covers diabetic supplies such as blood glucose self-testing equipment and supplies, therapeutic shoes and inserts, insulin pumps, and the insulin used in the pumps. Blood glucose self-testing equipment and supplies are covered for all people with Medicare Part B who have diabetes. This includes those who use insulin and those who do not use insulin. Such reimbursement policies and the aforementioned factors are expected to drive the market over the forecast period.
