Market Scenario
Market Research Future (MRFR) asserts that the global diabetic lancing device market size is slated to register 13.2% CAGR during the forecast period (2023-2030). Augmenting incidences of diabetes across the globe is favoring the market growth. Diabetic Mellitus is referred to as a group of metabolic disorders which generally arise due to the high blood glucose level in the body. The condition usually occurs due to the absence of insulin. Lancets are the most widely used alternative devices which help to obtain blood samples. Such devices are highly accepted across the globe due to their convenient characteristics. Their benefits include painless vein puncture, easy handling, and safety during its usage. Diabetic lancing devices find its application in capillary blood microsampling, HIV screening test, cholesterol test, coagulation tests, blood group test, allergy tests, hemoglobin, and others.
Market Potential and Pitfalls
The market’s growth is chiefly directed by the augmenting prevalence of diabetes which has led to an increased demand for such devices and products in order to monitor and control it. The demand for lancets is anticipated to be enormous over the years as they are the widely used alternative devices to obtain samples of blood. Lancets are receiving global recognition owing to its various convenient characteristics which offer them an edge over conventional methods for vein puncture. They are easy to handle, painless, and offer safety during its usage. Such factors are contributing to the growth of the market across the globe.
With the growing incidences of the diabetic population across the globe, growing awareness regarding safety measures to avoid infectious diseases, and raising awareness for blood glucose monitoring devices, the market for diabetic lancing devices is considered to flourish across the globe. The market is also driven by the reimbursement policies available, specifically in the developed economies. The devices are replaced every six to eight months which makes them expensive. Patients, thus prefer health insurance plans which can cover most of the device expenditure.
On the flip side, the high price of lancing devices is considered a major issue which is negatively affecting the market. Also, changes in the reimbursement policies in the U.S. for blood glucose monitors, especially the ongoing impact on private insurance sectors are considered to vitiate the market growth in the long run. Moreover, the development of non-invasive insulin methods like inhalation and oral administration are likely to deter the market growth in the coming years.
Competitive Dashboard
The prominent players operating the global diabetic lancing device market players Bayer AG, Eli Lilly and Company, MedExel Co. Ltd, Abbott Laboratories, Terumo Corporation, B. Braun Melsungen AG, Allison Medical Inc., Improve Medical, Sanofi, Becton Dickinson, Stat Medical, Trividia Health, Simple Diagnostics, Terumo, UltiMed, Inc., ARKRAY Inc., HTL-STREFA S.A, Medtronic, F. Hoffmann-La Roche AG, Sarstedt AG & Co, Novo Nordisk A S, Greiner Bio One, VOGT MEDICAL, Perrigo Diabetes Care, Ypsomed Holding AG, Artsana S.p.a., Owen Mumford Ltd, and others.
Global Diabetic Lancing Device Market: Segmental Analysis
The global diabetic lancing device market has been segmented on the basis of gauge, type, penetration depth, and end user.
By mode of type, the global diabetic lancing device market has been segmented into standard lancets and safety lancets.
By mode of gauge, the global diabetic lancing device market has been segmented into 17/18g, 21g, 23g, 25g, 28g, 30g, and others.
By mode of penetration depth, the global diabetic lancing device market has been segmented into 0.8 mm to 1.0 mm, 1.1 mm to 1.5 mm, 1.6 mm to 2.0 mm, 2.1 mm to 2.5 mm, 2.5 mm to 3.0 mm, and others.
By mode of end-users, the global diabetic lancing device market has been segmented into diagnostic centers & medical institutions, hospitals & clinics, research & academic laboratories, home care & home diagnostics, and others.
Regional Insights
Geographically, the diabetic lancing device market span across regions namely, Europe, America, Asia Pacific, and the Middle East & Africa.
Considering the global scenario, the European region is estimated to occupy the largest market share and is likely to retain its dominance in the coming years. The growth in this region is credited to the change in lifestyle and rising R&D activities for the development of new drugs. For instance, as per the International Diabetes Federation, around 59.8 million European people suffered from diabetes back in 2015. Sarstedt and HTL Strefa are among the two European companies which have marked their presence as a major manufacturer of lancets globally.
The American region is gaining prominence with North America dominating the market in terms of revenue. With the high availability of technologically advanced products and the presence of advanced infrastructure, the market in this region is predicted to flourish. The U.S. is considered the largest market for diabetic devices due to its wide adoption in the region.
The Asia Pacific region is presumed to be the fastest growing region and is anticipated to expand at a high CAGR in the long run. The growth is credited to the increased spending by the government on healthcare services especially in the economies like China and India. A large number of lancet manufacturers are from India, China, the Republic of Korea, and Japan due to the low cost of R&D and labor, which further trigger its market growth.
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