Global Lancet and Lancing Devices Market – Industry Trends and Forecast to 2030

Lancet and Lancing Devices Market Analysis and Size

An essential element of everyday diabetes treatment involves poking your finger and obtaining a drop of blood to assess glucose levels. Even those who use continuous glucose monitors (CGMs) occasionally need to check and calibrate to a new drop of blood. However, this method of blood testing is frequently uncomfortable and painful. Lancing tools and lancets are frequently not checked. People often use the supplies that arrive with their glucometer. The lancet and its needle were clearly visible as it moved down its track toward the fingertip and was part of a sizable, spring-loaded device. Fortunately, modern lancing devices hide the lancet needle, which makes the procedure less frightening and accidental shots less expected.

Data Bridge Market Research analyses that the lancet and lancing devices market, which was USD 4 billion in 2022, is expected to reach USD 6.38 billion by 2030, at a CAGR of 6% during the forecast period 2023 to 2030. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.

Lancet and Lancing Devices Market Scope and Segmentation  

Market Definition

Lancing is regarded as an important component of diabetic treatment. Lancets are small, sharp-edged devices that are used to puncture the skin. The user can test the blood glucose level by taking a tiny amount of blood from the skin and using a blood glucose monitor and test strips. Lancing devices are designed to keep a lancet in position. These devices can be operated by pressing a button. Different lancing device settings may be required depending on the patient's skin type. Lancets are designed to be used only once. They should be properly disposed of once they have been used.

Global Lancet and Lancing Devices Market Dynamics

Drivers

• Favorable reimbursement options

Diabetes and anemia are expected to drive demand for lancets and lancing devices during the forecast period. According to the International Diabetes Federation, approximately 245 million adults aged 20 to 79 had diabetes in 2017, which is expected to rise to 629 million by 2045. According to estimates, 79% of diabetic adults live in low- and middle-income countries. Diabetes claimed the lives of approximately 4 million people in 2017, and healthcare spending on the disease totaled at least $727 billion in 2017, accounting for about 12% of total adult healthcare spending.

• Growing geriatric population

The global geriatric population (those aged 65 and up) is expected to reach 1 billion by 2050, creating a large pool of patients vulnerable to chronic diseases such as type 2 diabetes. This will increase demand for lancet needles and other related products used in diagnostics and treatment worldwide.

Opportunities

• Increasing incidence of diabetes and other chronic diseases

Diabetes' global prevalence is expected to rise from 9% in 2013 to 11% by 2030. This will result in many patients requiring regular blood glucose monitoring and treatment, driving demand for lancing devices.

The development of new lancing devices with features like adjustable depth, vibration feedback, and pre-set depths is expected to drive the lancet and lancing devices market forward.

Restraints/Challenges

• High costs associated with the device

High costs associated with device usage and a lack of awareness among people about the benefits of these devices in developing economies will likely propel the growth of the lancet and lancing devices market during the forecast period. The FreeStyle Lancing Devices must be used with the FreeStyle Lancets. They cost about $15 per box (without insurance), and each box contains 100 lancets. Four depth settings for personalised finger sticks

This lancet and lancing devices market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the lancet and lancing devices market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Global Lancet and Lancing Devices Market Scope

The lancet and lancing devices market is segmented on the basis of product type, drug class, application, distribution channel, device type and end user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Drug Class

• Carbidopa
• Lebodopa
• Dopamine Receptor Agonist
• MAO-inhibitors

 End-Users

• Hospitals
• Specialty Clinics
• Others

 Device Type

• Reusable
• Disposable
• Safety Lancets
• Homecare Lancets

Application

• Cholesterol Tests
• Hemoglobin Testing
• Coagulation Testing
• Glucose Tests
• Other

Distribution Channel

• Hospital Pharmacy
• Clinics
• Retail Pharmacy
• Others

Product Type

• Professional Lancets
• Pressure-activated Lancets
• Push-button Lancets
• Side-button Lancets
• Personal Lancets

Lancet and Lancing Devices Market Regional Analysis/Insights

The lancet and lancing devices market is analysed and market size insights and trends are provided by country, product type, drug class, application, distribution channel, device type and end user as referenced above.

The countries covered in the lancet and lancing devices market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

North America dominates the lancet and lancing devices market due to the prevalence of favorable reimbursement policies and growing occurrences of anemia and diabetes in the region, while India.

Asia-Pacific is expected to grow at the highest growth rate in the forecast period of 2023 to 2030 owing to the surging levels of investment in healthcare services along with the low cost of research and development activities in the region.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.

Healthcare Infrastructure Growth Installed base and New Technology Penetration

The lancet and lancing devices market also provides you with detailed market analysis for every country growth in healthcare expenditure for capital equipment, installed base of different kind of products for lancet and lancing devices market, impact of technology using life line curves and changes in healthcare regulatory scenarios and their impact on the lancet and lancing devices market. The data is available for historic period 2011-2021.

Competitive Landscape and Lancet and Lancing Devices Market Share Analysis

The lancet and lancing devices market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to lancet and lancing devices market.

Some of the major players operating in the lancet and lancing devices market are:

• Abbott (U.S.)
• B.Braun SE (Germany)
• ARKRAY, Inc. (Japan)
• Terumo Corporation (Japan)
• I-SENS, Inc. (South Korea)
• Nipro Medical Corporation (Japan)
• Omron Corporation (Japan)
• AgaMatrix (U.S.)
• Smiths Group plc (U.S.)
• SARSTEDT AG& CO. KG (Germany)
• Yu Yue medical (China)
• Greiner Bio One International GmbH (Austria)
• EDAN Instruments, Inc. (China)
• Jiangsu huida medical instruments co. Ltd (China)
• B.D. (U.S.)
• Sanofi (France)
•  F. Hoffmann-La Roche Ltd (Switzerland)
•  Bayer AG (Germany)
•  Owen Mumford Ltd (U.K.)
•  Medtronic (Ireland)
•  Ypsomed AG (Switzerland)

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