The global diabetic lancing device market comprises of lancing aids that help in obtaining capillary blood specimens from the fingertips for self-monitoring of blood glucose levels. Diabetic lancing devices are pain-free, convenient and improve compliance to regular self-monitoring. The market has been witnessing significant growth due to the rising diabetes patient pool globally and increasing adoption of home healthcare solutions for management of diabetes.
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 from 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. Major players are focusing on new product launches and partnerships with regional players to expand their geographic presence.
Key opportunities in the market include rising demand for pain-free lancing, growing awareness about diabetes self-management, and increasing collaboration between traditional and digital health platforms. Major players are expanding globally especially in Asian and Latin American countries owing to the rising burden of diabetes in these regions.
Market Drivers and Restraints
The primary driver for the global diabetic lancing device market is the growing prevalence of diabetes. As per International Diabetes Federation estimates, over 463 million adults were living with diabetes in 2019 and this is anticipated to reach over 700 million by 2045. Rising geriatric population and growing obesity rates globally are major factors responsible for the rising diabetes cases.
Another major driver is the increasing preference of diabetic patients towards home healthcare solutions for effective diabetes management. Self-monitoring of blood glucose levels has become essential for diabetic care. This is increasing the demand for convenient lancing aids. Stringent regulations regarding safety and efficacy of lancing devices is a major market restrain. However, players are overcoming this by complying with regulatory standards and offering advanced solutions.
Segment Analysis
The global diabetic lancing device market is dominated by lancing devices segment. Lancing devices segment holds the major market share owing to its high adoption among diabetics for self-monitoring of blood glucose levels. The painless lancing device sub-segment within lancing devices segment is witnessing high growth as these devices are designed to reduce pain during the blood collection process which increases patient compliance in self-monitoring of blood glucose levels.
Global Analysis
Regionally, North America dominates the global diabetic lancing device market and is expected to continue its dominance during the forecast period. The high diabetic population and strong presence of key players in the region driving the market growth. Asia Pacific region is expected to witness fastest growth over the forecast period owing to increasing awareness about diabetes management and emerging economies supporting market growth through their developing healthcare infrastructure and increasing healthcare spending.
Regional Analysis Europe holds a significant market share in the global diabetic lancing device market due to increasing research and development activities by key players for development of innovative and advanced lancing devices. The high adoption of advanced diabetes management devices and growing geriatric population with diabetes are supplementing the market growth in Europe.
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