The Diabetic lancing device market size is expected to reach USD 1,642.01 Million by 2030 at 13.2% CAGR during the forecast period 2022-2030
Diabetes mellitus is a group of metabolic disorders which arises due to high blood glucose levels. This condition arises due to the absence of insulin, a hormone responsible for regulating blood sugar. Nearly 415 million people had diabetes in 2015 (International Diabetes Federation (IDF)). Such high prevalence of diabetes across the globe has led to rising demand for pen needles. Patients who have diabetes commonly use injectable pen devices, which helps in easy drug delivery.
Some of the major driving factors include increasing prevalence of diabetes along with the increasing inclination towards home healthcare. The increasing healthcare expenditure for quality patient care and various advanced treatments also boost the growth of the global diabetic lancing device treatment market.
Some of the key players in the global diabetic lancing devices market are B. Braun Melsungen AG, Terumo Corporation, Becton Dickinson, Sanofi, F. Hoffmann-La Roche AG, Bayer AG, Novo Nordisk A S, Eli Lilly and Company, Owen Mumford Ltd, Medtronic, Ypsomed Holding AG, Sarstedt AG Co, Greiner Bio One, Abbott Laboratories, HTL-STREFA S.A, Improve Medical, UltiMed, Inc., Allison Medical, Inc., Artsana S.p.a., VOGT MEDICAL, Perrigo Diabetes Care, MedExel Co., Ltd, ARKRAY Inc., Simple Diagnostics, Stat Medical, Terumo, Trividia Health, and others.
The global Diabetic Lancing Devices Market is segmented on the basis of type, gauge, penetration depth, and end-user.
On the basis of type, the market for diabetic lancing devices it is segmented into safety lancets and standard lancets. The safety lancets is further categorized into push-button safety lancets, pressure activated safety lancets, and side button safety lancets. The pen needles is further categorized into standard pen needles and safety pen needles.
On the basis of gauge, the market for diabetic lancing devices it is segmented into 17/18g, 21g, 23g, 25g, 28g, 30g, and others.
On the basis of penetration depth, the market for diabetic lancing devices 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.
On the basis of the end-users, it is segmented into hospitals clinics, diagnostic centers medical institutions, home care home diagnostics, research academic laboratories, and others.
Global diabetic lancing device consists of regions namely the Americas, Europe, Asia Pacific, and the Middle East and Africa.
Europe dominates the global diabetic lancing device market owing to the increasing prevalence of diabetic patients. The growth of the European market is attributed to the growing demand and need for safe blood glucose tests in hospitals, clinics, diagnostics centers, etc. and the growth of insulin users.
The Americas hold the second largest market share in the global diabetic lancing device market, owing to the growth of diabetes prevalence, need of diabetes diagnosis. Monitoring diabetes by analyzing various lancets for diabetes is a profound approach to control this disease. The government policies and FDA approval are further encouraging the growth of the global diabetic lancing devices market.
Asia Pacific is the fastest growing market for the global diabetic lancing device owing to the rapid development of technology and presence of huge patient population. On the other hand, the Middle East Africa holds the least share but will be one of the fastest growing regions in the forecast period.
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