Market Trends of Australia Self-Monitoring Blood Glucose Industry
Rising Diabetes Prevalence in Australia
According to Diabetes Australia, diabetes is the fastest-growing chronic condition in Australia, increasing faster than other chronic diseases such as heart disease and cancer.
Currently, almost 1.9 million Australians have diabetes, including all types of diagnosed diabetes (almost 1.5 million known and registered) and undiagnosed type 2 diabetes (up to 500,000 estimated). Around 1.2 million people are hospitalized with diabetes-related conditions every year. Aboriginal and Torres Strait Islander Australians are three times more likely to develop type 2 diabetes than non-Indigenous Australians, 4.3 times more likely to be hospitalized with type 2 diabetes, and four times as likely to die.
Various evidence suggests that diabetes can be successfully managed, especially when detected early. Multifactorial intervention, including control of blood glucose, blood pressure, and lipids, can reduce the range of diabetes-related microvascular and macrovascular complications and premature mortality. The Australian National Diabetes Strategy 2021-2030 considers current approaches to diabetes services and care; the role of governments and the diabetes sector; ensures current efforts and investments align with identified needs; maximizes the efficient use of health care resources; and articulates a vision for preventing, detecting and managing diabetes.
The Australian government has an important role in maintaining access to affordable, high-quality medicines, devices, and services to support people with diabetes in self-management and treatment. It supports people with diabetes through the National Diabetes Services Scheme, the Pharmaceutical Benefits Scheme, the Insulin Pump Program, and Medicare and other funding. State and territory governments also have an important role in preventing and treating diabetes. All levels of government share responsibility for health services in Australia and have a responsibility to ensure that systems work together to produce the best options for people, regardless of their geographic location.
Therefore, the studied market is anticipated to grow over the analysis period due to rising prevalence and the factors above.
The Test Strips Segment held the highest market share in the current year
The Test Strips Segment recorded a market share of about 72% in the current year.
Blood glucose test strips are small disposable strips and are a key component of blood glucose testing. When blood is placed onto 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 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. While an average glucose meter lasts anywhere between six months and three years, presenting a one-time cost during the same time frame.
The National Diabetes Services Scheme (NDSS) helps people with diabetes to understand and manage their life with diabetes. It provides timely, reliable, and affordable access to diabetes support services and products. The NDSS provides subsidized access to syringes and needles, blood glucose test strips, CGMs, and other products for the management of diabetes. In July 2021, Australian scientists from the University of Newcastle in Australia developed a non-invasive strip that checks glucose levels via saliva; such innovations are expected to drive the market over the forecast period.
