While the market for test strips and other blood glucose self-monitoring aids is on the rise because of an increase in the number of diabetes diagnoses, with the advancement of digital diagnostics that are non-invasive, there may be a limit to how high those types of revenues may rise. This is according to a press release by Frost & Sullivan, a market research firm.
In the release they indicated that the self-monitoring market for blood glucose products saw revenues totalling $4.04 billion in 2014 and by 2016 may increase to $4.18 billion. This is due to the test strips portion of the market that saw 90% of the share.
The senior industry analyst for the marketing firm, Divyaa Ravishankar, stated that market threats are coming from such things as non-invasive continuous monitoring digital aids that IT companies such as the search giant Google are pursuing.
Over time, non-invasive monitoring devices will most likely replace those invasive self-monitoring techniques within the glucose market due to the reduction in reimbursements within the US, according to Frost & Sullivan’s press release. Sequestration cuts are also projected to have an impact on the market as agencies like Medicare will see its share of cuts.
At the moment, those finger stick types of tests complement the digital continuous monitoring devices but it is a distinct possibility that these will lose ground to the non-invasive monitors over the long run. Ravishankar believes that popularity of the non-invasive types of testing which is growing by the day, will soon replace those finger-stick invasive testing methods.
According to Ravishankar, a good bit of the reason for self-monitoring loss of revenue is in the reimbursement and across-the-board budget cuts the government is implementing. He further believes that alternative monitoring methods such as the glycated albumin tests at the point of care can provide meaningful and adequate care for patients suffering from type 2 diabetes.