May 18, 2024
Global Diabetic Lancing Device Market

Exploring the Dynamics of the Global Diabetic Lancing Device Market: Trends, Challenges, and Opportunities

Diabetic lancing devices are medical devices used to perform lancing (pricking the skin) for obtaining capillary blood samples from the fingers or alternate body locations to test blood glucose levels. They are small, light-weight, and easy-to-use devices used by diabetic patients to check blood sugar levels and make adjustments to treatment as needed. These devices allow for less painful lancing compared to manual lancets and help diabetics effortlessly obtain blood samples for regular glucose monitoring.

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.

Key opportunities in the market include increasing penetration of diabetic lancing devices in emerging economies and growing adoption of new painless lancing technologies. Technological advancements are being made to minimize pain during blood sampling through vibration, automatic needle retraction, and incorporation of laser assisted lancing methods.

Market Drivers

The rising global prevalence of diabetes is a key factor driving the growth of the diabetic lancing device market. According to estimates, approximately 537 million people worldwide suffered from diabetes in 2021 and this number is projected to reach 643 million by 2030. Growing awareness and availability of self-monitoring blood glucose devices also contributes to the increasing demand for diabetic lancing devices. Moreover, advancement in lancing technologies that have resulted in painless and easy blood collection will further boost the adoption of new lancing devices globally.

Current challenges in the Global Diabetic Lancing Device Market

The Global Diabetic Lancing Device Market faces several challenges currently. Regulations around the safe and hygienic use of lancing devices are becoming stricter. Manufacturers have to ensure devices meet all regulatory standards to gain approvals. Maintaining affordability is another major challenge with the costs of new technologies and stringent quality controls pushing device prices up. Ensuring user convenience and compliance with devices also poses a challenge. Newer alternatives like continuous glucose monitoring systems threaten the demand for conventional lancing devices.

SWOT Analysis

Strength: Convenient self-monitoring solutions for diabetics. Established distribution channels held by major players.
Weakness: High costs of new technologies and R&D. Vulnerability to price controls and regulations.
Opportunity: Unmet needs in developing countries present scope. Integration with continuous monitoring could expand applications.
Threats: Alternatives like minimally invasive technologies may reduce adoption. Regulations around safety and hygiene increase compliance costs.

In terms of value, the market is currently concentrated in North America and Europe due to high disposable incomes and healthcare spending in countries like the United States, Germany, United Kingdom and France. The Asia Pacific region excluding Japan is poised to be the fastest growing market over the forecast period. This is attributed to growing diabetes prevalence, increasing healthcare investments and expanding access to diagnosis and treatment options across densely populated countries like China and India.

The Global Diabetic Lancing Device Market is currently estimated at US$ 1,786.6 Mn in terms of value for 2024. It is projected to grow at a compound annual growth rate (CAGR) of 9.8% during the forecast period of 2024 to 2031 to reach a market size of US$ 3,345.5 Mn by 2031. Major players in the market are 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 who collectively hold a dominant share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it