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Global Diabetic LancingDevice Market |
The global diabetic lancing device market comprises various product types such as fingertip lancing devices, heel lancing devices, and palm lancing devices. These devices are used to prick the skin to obtain a drop of blood for blood glucose monitoring. The rising geriatric population and increasing incidence of diabetes are fueling the demand for diabetic lancing devices. Diabetic lancing devices help people with diabetes to conveniently monitor their blood glucose levels through a minimally invasive procedure. Moreover, advanced fingertip lancing devices that are lightweight, easy-to-use, and cause less pain are gaining popularity among diabetic patients.
The
Global diabetic lancing device market is estimated to be valued at US$ 928.2 Mn in 2024 and is expected to exhibit a CAGR of 9.8% over the forecast period from 2024 to 2031.
Key Takeaways
The increasing awareness regarding diabetes management and growing preference
for pain-free and convenient blood glucose monitoring devices are fueling
opportunities for players in the
Global Diabetic Lancing Device Market
Size. Advancements in diabetes care technologies such as
self-monitoring devices integrated with artificial intelligence and data
analytics are expected to drive the global market.
Key
players operating in the global diabetic lancing device market 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. The key
players are focusing on new product launches, strategic collaborations, and geographical
expansion to gain a competitive advantage in the market.
The key players in the diabetic lancing device market are expanding their
global footprint by strengthening their distribution channels in high growth
regions. For instance, some of the players are establishing manufacturing
facilities and partnerships with regional distributors in Asia Pacific and
Middle East & Africa to cater to the increasing demand from developing
countries.
Market Drivers
Growing Geriatric Population: The
risk of developing diabetes increases with age. As per the National Institute
on Aging, the population aged 65 years and above is projected to grow from 52
million in 2018 to 95 million by 2060. This is expected to significantly drive
the demand for diabetic lancing devices.
Increasing Diabetes Prevalence: As
per the International Diabetes Federation, the number of adults with diabetes
has almost quadrupled from 108 million in 1980 to 422 million in 2014. This
rising prevalence of diabetes is expected to augment the uptake of home-use
diabetes monitoring devices for effective management of blood sugar levels.
Market Restrain
Alternative Blood Glucose Monitoring Technologies: Emergence of advanced
non-invasive continuous glucose monitoring systems using enzyme electrodes,
iontophoresis patches, and microdialysis probes are posing a threat to
conventional lancing devices. This may negatively impact the market growth.
Segment Analysis
The Global Diabetic Lancing Device Market is dominated by the personal use
segment. Over 75% market share is held by personal use segment as most diabetic
patients rely on self-monitoring of blood glucose levels multiple times a day.
Lancets intended for personal use are compact, portable, and affordable in
design making them user-friendly for diabetics to monitor glucose levels
discretely and conveniently on the go.
The hospitals and clinics segment is the second largest and growing segment.
Increasing number of diabetes patients opting for professional monitoring and
clinical management of their condition is driving demand for diabetic lancing
devices in hospitals and clinics. Advantages such as precision of penetration
depth, hygienic lancets disposal, minimization of pain are factors that
encourage patients to avail blood glucose monitoring services at hospitals and
clinics.
Regional Analysis
North America dominates the global diabetic lancing device market with over 35%
market share. The regional market is driven by high prevalence of diabetes,
advanced healthcare infrastructure, favorable reimbursement policies, and
growing health awareness among general population. Over time, technological
advancements have led to innovative product launches catering to convenience
and comfortable monitoring needs of diabetics. For instance, US based company
Genteel LLC manufactures 3-in-1 lancing device that collects and stores blood
automatically.
Asia Pacific exhibits fastest growth in the global market rising at a CAGR of
11.5% during the forecast period. Rapid economic development, increasing
healthcare expenditure, large diabetic population base in countries like India
and China are major factors for growth. Furthermore, growing geriatric
population who are more prone to developing diabetes also boosts regional
market demand. Manufacturers are targeting this region by introducing low-cost
lancing devices to increase affordability and access to diabetes management.
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Diabetic Lancing Device Market
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