The market for self-monitoring blood glucose meters and test strips is expanding along with increasing diagnoses of diabetes, but challenges from digital and noninvasive monitoring may limit how high the revenues rise, according to a press release.
An analysis by the market research firm Frost & Sullivan revealed that the market for self-monitoring blood glucose products earned $4.04 billion in revenue in 2014 and could reach $4.18 billion in 2016. The strips market contributed to over 90% of the revenues.
“Generic test strip market coupled with [the] slash in Medicare reimbursement and national mail order program will affect the market until 2016,” Divyaa Ravishankar, senior industry analyst at Frost & Sullivan Life Sciences, said in a press release. “Other threats to the market include innovations in continuous monitoring and noninvasive methods of testing being pursued by IT companies like Google.”
In the long-run, noninvasive methods may replace the self-monitoring blood glucose market because of reimbursement reductions and sequestration cuts in the United States, according to the release.
“Finger-stick tests currently complement continuous devices and these invasive meters losing share to continuous devices is a long-term possibility,” Ravishankar said. “Noninvasive methods are becoming popular and may replace the [self-monitoring blood glucose] market in the long run, given the reimbursement reductions and sequestration cuts in the Unites States. Alternative markers at the point of care, for instance the glycated albumin tests, can ease the reimbursement issues associated with the market and also provide meaningful care in type 2 diabetic patients.”