Lancing Devices & Lancets Market to Record an Exponential CAGR by 2027
Global Lancing Devices & Lancets Market Introduction
Lancing is an important part of diabetes management for diabetic patients. Lancets are sharp-edged, small objects that are used to prick the skin. Pricking of the skin allows the user to draw a small amount of blood in order to test the blood glucose level by using blood glucose test strips and a blood glucose monitor. Lancing devices are designed to firmly hold a lancet. These devices are operated by just clicking a button. Depending on the skin type of the patient, different settings of the lancing device may be required. Lancets are designed to use only once. After usage, they should be disposed of in a safe manner. Different types of lancing devices are available in the market, including automatic lancing devices and laser lancing devices. Automatic lancing devices are offered by a variety of manufacturers and are most commonly used by users. Laser lancing devices perforate the skin in order to draw the blood. These devices produce a pulse of laser that creates a tiny hole into the skin.
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Global Lancing Devices & Lancets Market – Competition Landscape
Becton, Dickinson and Company
Founded in 1897, Becton, Dickinson and Company (BD) is headquartered in New Jersey, the U.S. It is a global medical technology company that engages in the development, manufacture, and sale of a wide range of medical supplies, devices, laboratory equipment, and diagnostic products. The company markets its products and services to health care institutions, life sciences researchers, clinical laboratories, pharmaceutical industry, and the general public.
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Abbott
Incorporated in 1888, Abbott is based in Illinois, the U.S. It is a medical and pharmaceutical devices company that provides a wide range of diagnostic and medical test instruments in order to diagnose and monitor infectious diseases, cancer, heart diseases, and metabolic disorders and assess other health indicators. The company operates through various business segments such as pharmaceutical products, diagnostic products, nutritional products, and vascular products. Abbott manufactures microfluidic medical devices and develops technologies such as point-of-care diagnostics, molecular diagnostics, and immunoassays for blood screening.
F. Hoffmann-La Roche AG
Established in 1896, F. Hoffmann-La Roche AG is located in Basel, Switzerland. It is a prominent biotechnology company that develops and markets breakthrough medicines and diagnostic solutions across various medical specialties. The company operates through two major divisions: pharmaceutical and diagnostics. It is a leading company that operates in the field of in vitro diagnostics. The company offers diverse products and solutions in the fields of clinical chemistry & immunoassays, molecular diagnostics, tissue diagnostics, point-of-care diagnostics, and hematology & hemostasis.
Global Lancing Devices & Lancets Market – Dynamics
Rise in Prevalence of Diabetes and Anemia Driving Demand for Lancets Used in Glucose and Hemoglobin Testing
Increase in the prevalence of diabetes and anemia is expected to drive the demand for lancets and lancing devices during the forecast period. According to the International Diabetes Federation, in 2017, about 245 million adults aged between 20 and 79 years were living with diabetes and the number is projected to reach 629 million by 2045 worldwide. Among these, estimated 79% of adults with diabetes were living in low- and middle-income countries. In 2017, about 4 million deaths occurred due to diabetes and health care expenditure on the disease was valued at least US$ 727 Bn in 2017 i.e. about 12% of the total health care expenditure on adults. Furthermore, according to a study published in the Advances in Hematology Journal, about 1.62 billion people are suffering from anemia, which corresponds to 24.8% of the global population. The rate of prevalence of anemia among pregnant women is 41.8% and the highest rate is among pregnant women living in Africa, which is about 57.1%.
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Favorable Reimbursement Options Available Expected to Drive the Lancing Devices & Lancets Market
Reimbursement options are available for lancets and lancing devices, especially in developed regions such as North America and Europe. Lancing devices are usually replaced every six months, which makes them costly in terms of long run usage. Thus, people prefer health insurance plans for these devices, which cover most of the device expenditure. These plans also provide coverage for glucose meters, glucose test strips, and diabetes testing supplies. In the U.S., Medicare covers about 80% of the cost of devices such as blood sugar lancets. Thus, favorable government support and reimbursement policies are expected to fuel the global lancing devices & lancets market during the forecast period. However, lack of awareness among patients and high costs of devices are expected to hinder the market during the forecast period.
Global Lancing Devices & Lancets Market – Segmentation
The lancing devices & lancets market can be segmented based on:
- Product Type
- Application
- End-user
- Region
Global Lancing Devices & Lancets Market, by Product Type
Based on product type, the global lancing devices & lancets market can be divided into:
Professional Lancets
Pressure-activated Lancets
Push-button Lancets
Side-button Lancets
- Personal Lancets
Global Lancing Devices & Lancets Market, by Application
In terms of application, the global lancing devices & lancets market can be classified into:
- Glucose Testing
- Hemoglobin Testing
- Cholesterol Testing
- Coagulation Testing
- Others
Global Lancing Devices & Lancets Market, by End-user
In terms of end-user, the global lancing devices & lancets market can be categorized into:
- Hospitals
- Clinics
- Home Settings
- Others