Diabetes mellitus is a group of metabolic disorders that arise due to high blood glucose levels. This condition occurs due to the absence of insulin, a hormone responsible for regulating blood sugar. The WHO projects that diabetes will be the seventh leading cause of death by 2030. An estimated 4 million people die annually from complications associated with diabetes. Therefore, if the current trend associated with the prevalence of diabetes continues over the coming years, the number of diabetic patients across the globe would be very significant after a decade. Increase in prevalence of diabetes is expected to result in rise in demand for devices and products to monitor and control the disease, eventually leading to increased consumption of lancets. Thus, the demand for lancets is expected to be high in the coming years.
Lancets are the most commonly used alternative devices to obtain blood samples. These devices are easily acceptance y globally due to their convenient characteristics that provide them an advantage over traditional methods used for vein puncture. Some of the important features of lancets are easy handling, painless vein puncture, and safety while using. The major applications of lancets are in HIV screening tests, capillary blood micro sampling and cholesterol test, coagulation tests, blood group tests, haemoglobin, allergy tests, and many other blood-based tests.
The global diabetic lancing device market is expected to expand substantially due to rise in prevalence of diabetic population, increase in awareness about blood glucose monitoring devices, and increased awareness about safety measures in order to avoid infectious diseases. According to the International Diabetes Federation, in 2016, 422 million people worldwide were living with diabetes, and it is predicted that by 2040, more than 10% of the world’s adult population, or around 642 million people, are likely to have diabetes. These factors are likely to boost the global diabetic lancing device market. However, price erosion is a main issue that is anticipated to negatively impact the market.
The global diabetic lancing devices market can be segmented based on type, penetration depth, gauge, end user, and region. Based on type, the diabetic lancing devices market can be classified into safety lancets and standard lancets. The safety lancets segment can be further categorized into pressure-activated safety lancets, push-button safety lancets, and side-button safety lancets. In terms of gauge, the diabetic lancing devices market can be divided into 17/18g, 21g, 23g, and others. Based on penetration depth, the diabetic lancing devices market can be segmented into 0.8 mm to 1.0 mm, 1.1 mm to 1.5 mm, 1.6 mm to 2.0 mm, and others. In terms of end user, the diabetic lancing devices market can be classified into hospitals & clinics, home care & home diagnostics, diagnostic centers & medical institutions, research & academic laboratories, and others.
Based on region, the diabetic lancing devices market can be segmented into North America, Europe, Latin America, Asia Pacific, and Middle East & Africa. Each region is sub-divided into specific countries such as the U.S., Canada, Germany, the U.K., Brazil, China, India, Japan, and GCC countries. Europe is anticipated to hold a dominant share of the global diabetic lancing device market due to change in lifestyle and increase in R&D activities for the development of new drugs. According to the International Diabetes Federation (IDF), in 2015, approximately 59.8 million people had diabetes in Europe. HTL Strefa and Sarstedt are two European companies that have marked their presence on a global level as major manufacturers of lancets and safety lancets in the world. North America is projected to be a highly attractive region of the market over the forecast period due to rise in prevalence in diabetes in the region.
Key players operating in the market are Terumo Corporation, B. Braun Melsungen AG, Becton Dickinson, F. Hoffmann-La Roche AG, Sanofi, Bayer AG, Eli Lilly and Company, Novo Nordisk A/S Owen Mumford Ltd, Medtronic, Ypsomed Holding AG, Sarstedt AG & Co, Greiner Bio One, Abbott Laboratories, HTL-STREFA S.A, and other prominent players. In order to gain competitive advantage in the industry, major players are actively involved in various growth strategies. Collaborations, agreements, partnerships, and new product launches are some of the important strategies adopted by market players.
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This post was originally published on The Market Plan