by The global diabetic lancing device market consists of products that are used to obtain blood samples from the fingertips or alternative sites to measure blood glucose levels. These devices are convenient to use as they only require a small blood sample to be drawn with a single use lancet. The introduction of smart, connected devices that can record readings and share with physicians is driving the adoption of these products.
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 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. The growing prevalence of diabetes globally is expected to drive the demand for lancing devices. Nearly half a billion people worldwide are estimated to have diabetes by 2030. Major players are focusing on expanding their presence across emerging markets such as Asia Pacific and Latin America to tap the growth opportunities.
Key players operating in the global diabetic lancing device 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 globally is driving the demand for lancing devices. Close to half a billion people worldwide are estimated to have diabetes by 2030. Major players are focusing on emerging markets like Asia Pacific and Latin America for growth opportunities due to high unmet needs.
Major companies are focusing on expanding their product portfolio and launching smart, connected devices to gain a competitive edge. Personalization with custom settings that can be adjusted based on individual needs is the latest trend. Devices that can automatically update readings to digital platforms and share with physicians are being widely adopted. This allows for remote monitoring of glucose levels and better management of the condition.
Market Key Trends
One of the key trends in the Global Diabetic Lancing Device Market is the introduction of personalized and smart devices. Major players are focusing on developing connected devices that can automatically synchronize readings with smartphones and other digital platforms. This allows sharing of glucose level data with physicians and remote monitoring of the condition. Features such as custom setting options and automatic log of readings are increasing patient convenience and compliance with therapy. The trend towards smart, personalized devices is expected to positively impact market growth over the forecast period.
Porter’s Analysis
Threat of new entrants: Low, given existing patents of key players and requirement of approval from regulatory bodies.
Bargaining power of buyers: High, as the devices are critical for diabetes patients. Buyers can negotiate on prices.
Bargaining power of suppliers: Low to moderate, as raw materials required are generic and commodity in nature. Suppliers cannot influence prices much.
Threat of new substitutes: Low, as lancing devices are critical for self-monitoring of blood glucose levels by diabetics and there are no major substitutes available currently.
Competitive rivalry: High, as the market has large number of global as well as regional players. Players compete on pricing, product features, reliability and customer services.
Geographical Regions
North America dominates the global diabetic lancing device market in terms of value. Advanced healthcare infrastructure, high awareness about diabetes management and presence of leading market players have boosted the market. The US accounts for over 50% of the regional market.
Asia Pacific region is expected to witness the fastest growth during the forecast period. Rapid economic development, growing medical needs of large diabetic population, rising disposable incomes and improving access to healthcare are fueling the market growth. China and India represent major shares, supported by increasing diabetes prevalence and rising healthcare spending.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
