Global Diabetic Lancing Device Market |
The global diabetic lancing device market consists
of products that are used to obtain blood samples from the fingertips or
alternative sites to measure blood glucose levels. These devices are convenient
to use as they only require a small blood sample to be drawn with a single use
lancet. The connected devices that can record readings
and share with physicians is driving the adoption of these products.
The Global diabetic
lancing device market is estimated to be valued at US$ 1,786.6 Mn in
2024 and is expected to exhibit a CAGR of 9.8% over the
forecast period 2024 to 2031.
Key Takeaways
Key takeaways from the Global Diabetic Lancing Device
Market Size include the emphasis on technological advancements
to enhance patient comfort and convenience. Manufacturers are focusing on
developing innovative lancing devices that offer painless and minimally
invasive blood sampling solutions. Moreover, the growing adoption of continuous
glucose monitoring (CGM) systems and the integration of lancing devices with
CGM systems are expected to drive market growth in the forecast period.
Key players operating in the global diabetic lancing
device are Genteel LLC., Abbott, BD, Braun SE, F. Hoffmann-La Roche Ltd,
Greiner Bio-One International GmbH, Eli Lilly and Company, Allison Medical,
Inc., Diabetyk24 z o.o., i-SENS, Inc., Nipro Corporation, Medisave UK Ltd, Home
Health Ltd, Medtronic, ARKRAY, Inc., Owen Mumford, and LifeScan IP Holdings,
LLC.
Market Drivers
The growth of the Global Diabetic Lancing Device
Market is fueled by several factors. Firstly, the rising incidence of diabetes
globally has led to an increased demand for diabetic care devices, including
lancing devices. According to the International Diabetes Federation,
approximately 537 million adults aged 20-79 years were living with diabetes in
2023, and this number is expected to rise to 643 million by 2030. This surge in
diabetic population drives the demand for lancing devices for regular blood glucose
monitoring.
PEST Analysis
A PEST analysis of the Global Diabetic Lancing
Device Market reveals several external factors influencing the market's growth.
Political factors such as government initiatives to raise awareness about
diabetes management contribute to market expansion. Economic factors, including
increasing healthcare expenditure and reimbursement policies for diabetic care
devices, drive market growth. Social factors such as changing lifestyles and
dietary habits leading to a higher prevalence of diabetes impact market demand.
Additionally, technological advancements and regulatory reforms shape the
market's competitive landscape.
SWOT
Analysis
A SWOT analysis provides insights into the
strengths, weaknesses, opportunities, and threats facing the Global Diabetic
Lancing Device Market. Strengths include the growing diabetic population,
driving demand for lancing devices, and technological innovations enhancing
product efficacy. Weaknesses may include pricing pressures due to competition
and regulatory challenges in product approval processes. Opportunities lie in
untapped emerging markets with a rising diabetic population and the potential
for market expansion through strategic partnerships and acquisitions. Threats
encompass intense competition from existing players and the emergence of
alternative monitoring technologies.
Segment
Analysis
The Global Diabetic Lancing Device Market can be
segmented based on product type, end-user, and region. Product types include
safety lancets, standard lancets, and specialty lancets. End-users comprise
hospitals & clinics, homecare settings, and diagnostic centers.
Geographically, the market is segmented into North America, Europe, Asia
Pacific, Latin America, and the Middle East & Africa.
Geographical
Region
North America dominates the Global Diabetic Lancing
Device Market, attributed to the high prevalence of diabetes and
well-established healthcare infrastructure in the region. Europe follows
closely, driven by increasing awareness about diabetes management and favorable
reimbursement policies. The Asia Pacific region is poised to witness
significant growth, fueled by the growing diabetic population in countries like
India and China and increasing healthcare expenditure.
The Global Diabetic Lancing Device Market presents
lucrative opportunities for manufacturers, driven by the rising prevalence of
diabetes worldwide. However, challenges such as pricing pressures and
regulatory hurdles necessitate strategic initiatives to sustain growth and gain
a competitive edge in the market.
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