by The global diabetic lancing device market offers various advantages such as painlessness, quick healing of puncture, preventing cross-contamination, and accurate results. Diabetic lancing devices are one of the necessary diabetes care accessories that are required to obtain blood for glucose monitoring. Diabetic lancing devices enable the users to prick the skin easily and get the blood sample with minimum pain.
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 Global Diabetic Lancing Device Market Size include new product launches, collaborations and partnerships between laboratories, diagnostic centers and manufacturers. Various players are focused on investments in R&D for the development of advanced lancing devices.
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.
The global expansion of the market is attributred to increasing prevalence of diabetes across worldwide. The rising geriatric population globally acts as a high impact rendering driver for the growth of the market.
Market Drivers
The Global Diabetic Lancing Device Market Size is expected to grow at a significant rate owing to rising geriatric population globally. As per WHO, the number of people aged 65 years and above is projected to reach 1.5 billion in 2050 from 703 million in 2019. Growing aging population is the major factor contributing to the diabetic lancing device market growth due to higher risk of diabetes among elderly people. Further, increasing patient awareness regarding diabetic care and home diabetes monitoring is also fueling the market growth.
PEST Analysis
Political: Healthcare reforms and government initiatives to spread awareness regarding diabetes management are helping the growth of this market. Regulations regarding safety and efficacy of diabetes devices are in place.
Economic: Rising disposable incomes, growing healthcare expenditures are positively impacting the market. However, product prices and insurance coverage can affect demand.
Social: Increasing incidence of diabetes, especially type 1 diabetes among children is a major driver. Growing health consciousness and acceptance of self-monitoring practices are favorable.
Technological: Advanced products with features like pre-filled lancing devices, variable incision depth settings are gaining popularity. Integration of smart connectivity sees development.
North America Market Concentration
North America has the highest market share in terms of value due to high incidence of diabetes and well developed healthcare infrastructure in countries like the US and Canada. Large patient pool, supportive insurance policies and established key players in the region contribute to its sizeable market share.
Asia Pacific Fastest Growing Region
The rising diabetes prevalence coupled with growing healthcare expenditures in developing Asian countries makes Asia Pacific the fastest growing regional market. Factors like expanding patient access, increasing investments by players sense opportunities in emerging nations like India and China drive the high growth rate in this region.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
