The report further elucidates primary business obstacles and growth prospects within the forecasted timeline, while examining the current competition and key to hold an edge in the Diabetic lancing device Market
Diabetic lancing device market research report By type (push button safety lancets, pressure activated safety lancets, side button safety lancets), by gauge (17/18g, 21g, 23g, 25g, 28g, 30g), by penetration depth, by end-user – Global forecast till 2023Diabetes is a globally recognized disease prevalent in mid-income and high income countries. According to the World Health Organization (WHO), diabetes will be one of the major causes of blindness, stroke, heart attacks, and kidney failure. Diabetic lancing devices are devices known for extracting blood samples for discerning the glucose levels of patients. The global diabetic lancing device market report by Market Research Future (MRFR) contains a comprehensive outlook backed by substantive drivers, opportunities, and restraints.
Market Outlook
The global Diabetic Lancing Device Market is expected to touch a towering valuation by exhibiting 11% CAGR from 2017 to 2023 (forecast period). High cases of diabetes is expected to push the market demand for prevention and management of the disease. Rising awareness of self-monitoring devices combined with safety measures for prevention of acquiring infectious diseases among patients can bode well for the diabetic lancing device market growth.
Alarming numbers of diabetics and demand for effective glycemic management can induce the demand for diabetic lancing devices. Recommendations by doctors for regular testing of hemoglobin A1c (HbA1c) can result in a massive surge. One of the devices gaining prominence include Accu-chek by Roche Labs which sends out alerts to your phone for regular tests and easy insertion for lancet strips.
But emergence of non-invasive technology can pose a threat to the market growth.
Segmentation Analysis
The global diabetic lancing device market is segmented by type, gauge, penetration depth, and end-user.
By type, it is segmented into standard and safety lancets. By gauge, it is segmented into 17/18g, 21g, 23g, 25g, 28g, 30g, and others. By penetration depth, it is segmented into 0.8 mm to 1.0 mm, 1.1 mm to 1.5 mm, 1.6 mm to 2.0 mm, 2.1 mm to 2.5 mm, 2.5 mm to 3.0 mm, and others. By end-user, it is segmented into research & academic laboratories, hospitals & clinics, home care & home diagnostics, diagnostic centers & medical institutions, and others.
Regional Analysis
Europe, the Middle East & Africa (MEA), Asia Pacific (APAC), and the Americas are regions covered in the diabetic lancing device market report.
The Americas have captured a significant market share in 2016, with North America acting as one of the key contributors. High prevalence of diabetes will be the major market driver. According to the International Diabetes Federation (IDF), close to 29.2 million in the U.S. suffer from diabetes in 2015. Healthcare policies and expanded healthcare budget are future indicators of the region’s large scope for the global diabetic lancing device market.
Europe is predicted to hold a major hold for the global market due to changes in lifestyle and tandem development of drugs due to inflow of capital in research and development. Presence of prominent manufacturers of safety lancets and lancing devices can work in favor of the region.
On the other hand, the APAC region can exhibit a stellar CAGR during the assessment period due to increased healthcare spending by governments of India and China. According to the Novo Nordisk Education Foundation, the average HbA1c level of citizens in key major cities is higher than the usual level with diabetes management solutions being pivotal for reducing the number. Presence of large number of lancet manufacturers in China, South Korea, and India can influence the global diabetic lancing market valuation by a considerable degree.
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Competitive Outlook
MedExel Co., Ltd, VOGT MEDICAL, Abbott Laboratories, HTL-STREFA S.A, Terumo, Owen Mumford Ltd, Improve Medical, Bayer AG, Becton Dickinson, Perrigo Diabetes Care, Greiner Bio One, Novo Nordisk A S, Medtronic, Eli Lilly and Company, ARKRAY Inc., UltiMed, Inc., Allison Medical, Inc., Stat Medical, B. Braun Melsungen AG, Sarstedt AG & Co, Artsana S.p.a., F. Hoffmann-La Roche AG, Simple Diagnostics, Trividia Health, Sanofi, Terumo Corporation, and Ypsomed Holding AG are some of the noteworthy players in the global diabetic lancing device market
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