Global Diabetes Lancing Device Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2028

Global Diabetes Lancing Device Market Overview:

“The global Diabetes Lancing Device market size is expected to be worth around US$ xx Billion by 2021 from US$ X.xx million in 2031, growing at a CAGR of X.x% during the forecast period 2021 to 2031.”

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Diabetes is a disease that occurs due to high blood glucose levels. A Lancing device is also recognized as a blood sampling device, mostly used by diabetics during blood glucose monitoring, and the device is equipped with a lancet.

Lancing devices are reusable, but the lancet can be used for a single check. Operating the lancing device is simple and the device is very easy to use, and this is resulting in increasing preference for personal use.

Global Diabetes Lancing Device Market Dynamics:

The increasing prevalence of diabetes among the population in developed and developing countries is a major factor expected to drive global market growth.

In addition, rising awareness regarding the use of blood glucose monitoring devices and safety measure devices to avoid infectious diseases are among some other significant factors projected to boost the growth of the target market.

However, rising prices of diabetes lancing devices, growing changes in reimbursement policies for blood glucose monitors, and rapid development in non-invasive insulin methods are among some of the major factors that could restrain the growth of the global market.

Increasing technological advancements and innovations related to blood glucose level testing, coupled with rising demand for new devices to control and monitor blood glucose levels are among some major factors expected to create growth opportunities for manufacturers operating in the target market.

Segmentation:

By Type:

Among the type segments, the standard lancets segment is expected to contribute a higher revenue share over the forecast period owing to increasing advancements in lancing products.

By Gauge:

Among the gauge segments, the 30g gauge segment is expected to account for major revenue share as compared to other segments of the global market.

By Penetration Depth:

Among the penetration depth segments, the 0.8 mm to 1.0 mm segment is expected to account for significant growth in revenue share over the forecast period.

By Application:

Among the application segments, the home care & home diagnostics segment is expected to dominate in terms of revenue share and is projected to maintain a dominant position in the global diabetes lancing device market.

Region Analysis:

The North American market is estimated to hold the dominant position in the target market over the forecast period. This can be attributable to the rising prevalence of diabetes coupled with the growing preference for diabetes lancing devices in the countries in the region.

The Europe diabetes lancing device market is expected to account for major revenue share in the global market. This can be attributable to increasing changes in individual lifestyles and rising research and development activities for the improvement of new medications and devices.

Asia Pacific diabetes lancing device market is expected to register a significant growth rate in the near future.

Presence of a large number of lancet manufacturers from emerging economies such as India, Japan, South Korea, and China owing to low R&D costs and low labor costs, and rising government spending on healthcare services. This in turn is expected to propel market growth in these countries in the region.

Global Diabetes Lancing Device Market Segmentation:

Segmentation by Type:

• Safety Lancets
• Standard Lancets

Segmentation by Gauge:

• 17/18g
• 21g
• 23g
• 25g
• 28g
• 30g
• Others

Segmentation by Penetration Depth:

• 8 mm to 1.0 mm
• 1 mm to 1.5 mm
• 6 mm to 2.0 mm
• 1 mm to 2.5 mm
• 5 mm to 3.0 mm

Segmentation by Application:

• Hospitals & Clinics
• Home care & Home Diagnostics
• Diagnostic centers & Medical institutions
• Research & Academic Laboratories
• Others

Segmentation by Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa