The global diabetic lancing device market involves medical devices used for puncturing the skin
The global diabetic lancing device market involves medical devices used for puncturing the skin to obtain samples of capillary blood for testing blood glucose levels. These devices are crucial for self-monitoring of blood glucose levels among diabetic patients. Popular product types include push-button lancing devices, side-button lancing devices, and pressure-activated lancing devices. Diabetic lancing devices are easy-to-use, painless, and help patients effectively manage their condition. The alarming rise in diabetes cases globally is a key factor fueling demand for lancing devices for regular self-testing.
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 2024 To 2031.
Key Takeaways
The Global Diabetic Lancing Device Market Size is driven by the rising prevalence of diabetes worldwide. As per estimations, around 463 million adults suffered from diabetes in 2019 and the number is predicted to increase to around 700 million by 2045. This immense patient pool requires regular self-testing, boosting demand for lancing devices.
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.
Technological developments are also supporting market growth. Key players are focusing on developing smart, wireless, and painless lancing devices integrated with various testing features. This is expected to improve compliance for self-monitoring among patients.
Market Trends
The demand for alternative site testing lancing devices is growing owing to its advantages. Alternative site testing offers painless blood collection from areas like forearm, thigh, calf, besides fingertips. This improves compliance for regular glucose monitoring. Advanced alternative site testing lancing devices with features like adjustable depth settings and easy calibration are gaining traction.
Integration of lancing devices with apps and connectivity features is another emerging trend. Connected lancing devices automate data collection and sharing with physicians and caregivers. This eases remote monitoring and management of diabetes. Bluetooth and Wi-Fi enabled smart lancing devices are being increasingly marketed by key players.
Market Opportunities
Emerging economies in Asia Pacific and Latin America are a major opportunity, with growing diabetes prevalence in these regions. Favorable regulations and reimbursement policies could boost the uptake of lancing devices in these developing healthcare markets.
Online sales channels and direct-to-consumer business models also offer scope for higher penetration. With increasing internet penetration, online platforms help diabetic patients conveniently purchase lancing devices and testing supplies. This presents an avenue for market participants.
Impact of COVID-19 on the Global Diabetic Lancing Device Market
The COVID-19 pandemic has significantly impacted the growth of the global diabetic lancing device market. During the peak of the pandemic in 2020-2021, people were avoiding visiting healthcare facilities and clinics for non-emergency care due to fear of contracting the virus. This led to delays in diagnosis and treatment monitoring of diabetes. As a result, demand for home-use diabetic lancing devices saw a surge as patients were relying more on self-monitoring of blood glucose levels at home.
With vaccines roll-outs and relaxation of lockdowns from late 2021 onwards, patients gradually began visiting doctors for routine check-ups and treatment. However, the after-effects of the pandemic are still being felt in the lancing device market. The supply chain disruptions caused due to lockdowns and restrictions impacted the availability of lancing devices. This led to a rise in prices of lancing devices in the short-term. Additionally, the economic downturn due to the pandemic has also affected the purchasing power of some consumers.
Going forward, as the overall healthcare system recovers, the demand for diabetic lancing devices is expected to regain momentum. However, a lasting impact of the pandemic will be the increased preference for home-use lancing devices amongst patients. Manufacturers will need to focus on developing affordable and user-friendly lancing devices that can help in self-management of diabetes and blood glucose monitoring at home in the post-COVID world. Collaborations with healthcare providers and insurers will also be important for improving access to these devices.
North America dominates the global diabetic lancing device market in terms of value. This is attributed to the growing prevalence of diabetes in the region along with high adoption of technologically advanced lancing devices. Additionally, favorable reimbursements and initiatives by governments to promote self-monitoring are propelling the market in North America. The Asia Pacific region is poised to be the fastest growing market owing to rising awareness about diabetes management, increasing healthcare expenditures and presence of leading players focusing on these emerging countries. Countries like China, India and Japan will be the prime drivers of the lancing device market in the Asia Pacific region.
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