Diabetes 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.
Diabetic Lancing Device Market Outlook
The global Diabetic Lancing Device Industry 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.
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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.
Diabetic Lancing Device Market Potential and Pitfalls
The market’s growth is chiefly directed by the augmenting prevalence of diabetes which has led to an increased demand for such devices and products in order to monitor and control it. The demand for lancets is anticipated to be enormous over the years as they are the widely used alternative devices to obtain samples of blood. Lancets are receiving global recognition owing to its various convenient characteristics which offer them an edge over conventional methods for vein puncture. They are easy to handle, painless, and offer safety during its usage. Such factors are contributing to the growth of the market across the globe.
With the growing incidences of the diabetic population across the globe, growing awareness regarding safety measures to avoid infectious diseases, and raising awareness for blood glucose monitoring devices, the market for diabetic lancing devices is considered to flourish across the globe. The market is also driven by the reimbursement policies available, specifically in the developed economies. The devices are replaced every six to eight months which makes them expensive. Patients, thus prefer health insurance plans which can cover most of the device expenditure.
On the flip side, the high price of lancing devices is considered a major issue which is negatively affecting the market. Also, changes in the reimbursement policies in the U.S. for blood glucose monitors, especially the ongoing impact on private insurance sectors are considered to vitiate the market growth in the long run. Moreover, the development of non-invasive insulin methods like inhalation and oral administration are likely to deter the market growth in the coming years.
Global Diabetic Lancing Device Market: Segmental Analysis
The global diabetic lancing device market has been segmented on the basis of gauge, type, penetration depth, and end user.
By mode of type, the global diabetic lancing device market has been segmented into standard lancets and safety lancets.
By mode of gauge, the global diabetic lancing device market has been segmented into 17/18g, 21g, 23g, 25g, 28g, 30g, and others.
By mode of penetration depth, the global diabetic lancing device market has been 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 mode of end-users, the global diabetic lancing device market has been segmented into diagnostic centers & medical institutions, hospitals & clinics, research & academic laboratories, home care & home diagnostics, 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.
Competitive Dashboard
The prominent players operating the global diabetic lancing device market comprises Bayer AG, Eli Lilly and Company, MedExel Co. Ltd, Abbott Laboratories, Terumo Corporation, B. Braun Melsungen AG, Allison Medical Inc., Improve Medical, Sanofi, Becton Dickinson, Stat Medical, Trividia Health, Simple Diagnostics, Terumo, UltiMed, Inc., ARKRAY Inc., HTL-STREFA S.A, Medtronic, F. Hoffmann-La Roche AG, Sarstedt AG & Co, Novo Nordisk A S, Greiner Bio One, VOGT MEDICAL, Perrigo Diabetes Care, Ypsomed Holding AG, Artsana S.p.a., Owen Mumford Ltd, and others.
TABLE OF CONTENT
Chapter 1. Report Prologue
Chapter 2. Market Introduction
2.1 Definition
2.2 Scope Of The Study
2.2.1 Research Objective
2.2.2 Assumptions
2.2.3 Limitations
Chapter 3. Research Methodology
3.1 Introduction
3.2 Primary Research
3.3 Secondary Research
3.4 Market Size Estimation
Chapter 4. Market Dynamics
4.1 Drivers
4.2 Restrains
4.3 Opportunities
4.4 Challenges
4.5 Macroeconomic Indicators
4.6 Treatment Trends & Assessment
Chapter 5. Market Factor Analysis
5.1 Porter’s Five Forces Analysis
5.1.1 Bargaining Power Of Suppliers
5.1.2 Bargaining Power Of Buyers
5.1.3 Threat Of New Entrants
5.1.4 Threat Of Substitutes
5.1.5 Intensity Of Rivalry
5.2 Value Chain Analysis
5.3 Investment Feasibility Analysis
5.4 Pricing Analysis
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