The Global Diabetic Lancing Device Market is driven by increasing...

The Global Diabetic Lancing Device Market is driven by increasing diabetic population

Posted 2024-04-26 08:12:32

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The global diabetic lancing device market features devices used to extract tiny drops of blood from the fingertip or alternative sites such as the forearm, calf or thigh for self-monitoring blood glucose levels. Lancing devices are essential for patients with diabetes as they enable pain-free blood sample collection for monitoring blood glucose levels multiple times every day. Lancing devices consist of a needle or blade holder to secure the needle and a mechanism to trigger the lancet, commonly using a spring. This helps deliver consistent puncture depth for painless skin penetration. Diabetic lancing devices are one-time use and come pre-loaded with disposable sterile needles to minimize infection risks.

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 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 increasing diabetic population worldwide is expected to drive the demand for diabetic lancing devices over the forecast period. According to International Diabetes Federation estimates, around 537 million adults were living with diabetes in 2021 worldwide and the number is anticipated to rise to 643 million by 2030 and 784 million by 2045.
The growing demand for pain-free lancing, increasing prevalence of diabetes, improved glucose monitoring practices, and rising healthcare expenditure in emerging nations are major factors expected to fuel market growth during the forecast period. However, availability of alternative technologies for pain-free blood sampling and unfavorable reimbursement policies in certain countries may restrain market growth.

Key players operating in the global diabetic lancing device market are focusing on new product launches, geographical expansion and mergers and acquisitions to strengthen their market position. For instance, in June 2021, LifeScan, Inc. collaborated with Dexcom, Inc. to develop the world’s first fully-integrated continuous glucose monitoring system with OneTouch products. Further, growing demand for advanced blood glucose monitoring systems across developing countries presents lucrative opportunities for established as well as new diagnostic device manufacturers.

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