June 17, 2024
Global Diabetic Lancing Device Market

Diabetic Lancing Device Market Surges with Self-Monitoring Advances

Diabetic lancing devices are medical devices used for self-monitoring of blood glucose. These devices help in getting blood samples from fingertips or alternative sites for testing blood glucose levels through blood glucose meters. Diabetic lancing devices are often integrated with safety-engineered pen devices to enable quick and painless blood collection. The increasing prevalence of diabetes and growing acceptance of home healthcare products are driving the adoption of diabetic lancing devices.

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 key opportunities in the market include increasing awareness about diabetes management and home healthcare, technological innovations in diabetes device manufacturing, and rising healthcare expenditure. Manufacturers are focusing on developing painless, compact, and easy-to-use Global Diabetic Lancing Device Market Size.

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.

Technological advancements like integration of lancing devices with cloud connectivity and artificial intelligence are enabling automated blood glucose monitoring and analysis. Wearable lancing devices and integrated blood collection mechanisms are increasing user convenience.

Market Drivers

The increasing prevalence of diabetes across the world is a major market driver. As per IDF Diabetes Atlas, around 463 million adults were living with diabetes in 2019, and the number is projected to rise to 700 million by 2045. Growth in the geriatric population and changing lifestyles leading to obesity and physical inactivity are fueling the diabetes burden. This is expected to drive the demand for diabetic lancing devices for self-monitoring of blood glucose levels. Moreover, growing awareness about diabetes management and home healthcare is encouraging the adoption of self-care blood glucose monitoring devices.

Current challenges in the Global Diabetic Lancing Device Market

The Global Diabetic Lancing Device Market Size is facing several challenges currently. The risk of infections associated with re-use of lancing devices is a major concern. Controlling blood glucose levels on a regular basis requires frequent finger pricking for testing which increases infection risks. Accessibility and affordability of lancing devices in developing regions is another challenge. Lack of awareness about proper diabetes management and latest device technologies also act as a barrier to market growth.

SWOT Analysis

Strength: Diabetic population growth worldwide is driving demand. Advanced features like adjustable depth settings and painless lancing help increase patient compliance.
Weakness: Cost of advanced devices limits widespread adoption. Risk of infections associated with repeated use.
Opportunity: Untapped rural markets in developing countries present large opportunities. Home-based monitoring gaining uptake over hospital visits.
Threats: Complex regulatory approvals delay product launches. Cost-cutting in healthcare budgets could impact demand.

Geographical regions of concentration

North America currently accounts for the largest share of the global diabetic lancing device market in terms of value. High awareness levels, availability of advanced products, and growing diabetic population are major factors contributing to the region’s dominant position.

Fastest growing region

Asia Pacific region is poised to witness the fastest growth over the forecast period in the global diabetic lancing device market. Presence of vast diabetic populations in countries like India and China coupled with improving access to healthcare are driving market growth. Growing medical tourism industry is also attracting international medical device companies to target Asia Pacific markets.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it