May 23, 2024
Global Diabetic Lancing Device Market

The Global Diabetic Lancing Device Market is Estimated to Witness High Growth Owing to Increasing Prevalence of Diabetes

The global diabetic lancing device market is primarily driven by the increasing prevalence of diabetes across the globe. Diabetic lancing devices are medical devices used for pricking the skin to obtain drops of blood for blood glucose testing. Such devices are increasingly being used for testing and monitoring blood sugar levels by diabetic patients. Diabetic lancing devices are available in various modified designs including rotating trigger-based lancing mechanism, improved ergonomics as well as multiple penetration depths, which make the lancing process less painful.

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 players operating in the Global Diabetic Lancing Device Market Size 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 mainly focusing on new product launches, mergers & acquisitions and collaborations in order to strengthen their presence in the global market.

The key opportunities in the global diabetic lancing device market include increasing healthcare expenditure, growing geriatric population, rising awareness regarding diabetes management and technological advancements. Moreover, favorable government policies and reimbursement for diabetes management devices further augment the market growth.

Global expansion of the diabetic lancing device market is mainly attributed to the increasing diabetes prevalence across both developed and developing regions. Asia Pacific region is expected to witness highest growth owing to large patient pool, growing healthcare infrastructure as well as rising healthcare expenditure in the region. North America captured the major share of global diabetic lancing device market in 2020 attributed to growing diabetes cases and presence of key players in the region.

Market Drivers

Increasing prevalence of diabetes worldwide is the major factor driving the growth of Global Diabetic Lancing Device Market. As per International Diabetes Federation, worldwide prevalence of diabetes among adults is estimated to increase from 9.3% in 2019 to 10.2% in 2030 and 10.9% in 2045. Moreover, advancements in technology have led to development of lancing devices with user-friendly and less painful features which increases patient compliance and boosts the overall market growth. Growing online sales and e-commerce platforms also contribute to the increasing demand and accessibility of diabetic lancing devices.

PEST Analysis

Political: Government policies and regulations play an important role in diabetic care. Regulations regarding approval of new lancing devices and reimbursement policies will impact the market growth.

Economic: Rising healthcare expenditure, growing middle class income, and increasing prevalence of diabetes globally will drive the demand for diabetic lancing devices. The outbreak of COVID-19 had negatively impacted the market growth in 2020-21 due to deferred non-emergency healthcare procedures.

Social: Increasing awareness about management of diabetes and regular blood glucose monitoring has accelerated the adoption of home-based lancing devices. Growing focus on healthier lifestyle is encouraging self-monitoring of blood glucose levels at home.

Technological: Technological advancements are leading to the development of pain-free lancing devices with adjustable penetration depth and soft-touch activation buttons. Integration of Bluetooth and android applications is also gaining traction.

Europe holds the largest share of the global diabetic lancing device market in terms of value due to the rising prevalence of diabetes and growing healthcare expenditure in countries like Germany, UK, and France. North America is the second largest regional market supported by the presence of major players and availability of advanced products in the US and Canada. In Asia Pacific, countries like China and India are expected to be the fastest growing regional markets due to the increasing incidences of diabetes, improving access to healthcare facilities, and rising healthcare expenditure.

The diabetic lancing device market in Central and Eastern Europe is poised to register the highest CAGR during the forecast period, driven by increasing disposable income, rising public health awareness, changing lifestyles, increasing government funding for diabetes care, and growing private sector participation in healthcare. Countries like Poland, Czech Republic, Hungary are likely to offer significant opportunities for major players in the coming years.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it