June 22, 2024
Global Diabetic Lancing Device Market

The Global Diabetic Lancing Device Market to exhibit steady growth with telemedicine adoption trends

Diabetic lancing devices are small, hand-held medical devices used by diabetic patients to obtain a blood sample for self-monitoring of blood glucose levels and for testing blood parameters like HbA1c. These devices comprise of a thin plastic or metal pen needle attached to an adjustable spring-loaded mechanism that pricks the skin to draw a small blood sample. This causes less pain compared to traditional needle pricking and is more convenient for diabetics to self-monitor their blood glucose levels regularly. The Global Diabetic Lancing Device Market is driven by rising prevalence of diabetes worldwide coupled with increasing adoption of home-based healthcare practices.

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 from 2024 to 2031.

Key Takeaways

Major players are focusing on expanding their presence in emerging markets through strategic agreements, partnerships and capacity expansion activities to tap the growth opportunities in developing countries. The adoption of telemedicine practices coupled with home-based healthcare is expected to drive the future growth of the Global Diabetic Lancing Device Market Size.

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 growing prevalence of diabetes across countries has boosted the demand for diabetic lancing devices over the years.

Market Key Trends

One of the key trends witnessed in the Global Diabetic Lancing Device Market Size is the shift towards wireless connected lancing devices. Major players are focusing on development of smart, app-integrated blood glucose monitoring devices integrated with lancing functionality. These connected devices automatically upload the glucose readings to mobile apps or web portals allowing physicians to remotely monitor patients’ health progress. Companies are innovating lancing pen needle designs to ensure minimal pain and increase patient compliance for self-monitoring. Adoption of artificial intelligence and big data analytics capabilities by market players will allow for personalized diabetes management plans for better health outcomes. Overall, technological advancements in product design, connectivity and data analytics remain crucial factors shaping the future landscape of the Global Diabetic Lancing Device Market.

Porter’s Analysis

Threat of new entrants: The threat of new entrants is low due to established brands, intellectual property and regulatory requirements.
Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of substitutes and standard product types.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to some product differentiation and availability of substitutes.
Threat of new substitutes: The threat of new substitutes is moderate as alternative monitoring methods can be used.
Competitive rivalry: Competition is high between existing brands to gain market share through innovation and partnerships.

Geographical Regions

The North American region accounts for the largest share in the global diabetic lancing device market in terms of value as of 2024. This is attributed to factors such as the increasing prevalence of diabetes, availability of advanced products and greater awareness among patients.

The Asia Pacific region is expected to witness the fastest growth during the forecast period from 2024 to 2031. This can be attributed to large patient pools, growing healthcare expenditures, rising awareness regarding diabetes management and increasing adoption of home-based monitoring devices in countries such as India and China.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it