Lancing plays a crucial role in the management of diabetes, serving as a vital component of the treatment process. Lancets, small and sharp devices, are utilized to pierce the skin, allowing for blood glucose testing. Extracting a tiny amount of blood from the skin, individuals can utilize blood glucose monitors and test strips to assess their glucose levels. Lancing devices are specifically designed to secure the lancet in place and often feature a button for easy operation. The settings of lancing devices may vary depending on the patient's skin type. It is important to note that lancets are single-use items and should be disposed of properly after each use.
According to Data Bridge Market Research the Lancet and Lancing Devices Market accounted for USD 4 billion in 2022, and expected to reach USD 6.38 billion by 2030. The market is expected to grow with a CAGR of 6% in the forecast period of 2023 to 2030.
“Favourable reimbursement options”
Favourable reimbursement options for lancets and lancing devices refer to the availability of insurance coverage or financial assistance programs that help individuals afford these medical devices. Reimbursement options can vary depending on the healthcare system and policies in place. When reimbursement is favourable, it reduces the financial burden on patients, making lancets and lancing devices more accessible and affordable. This, promotes better self-monitoring of blood glucose levels for individuals with diabetes, leading to improved disease management and overall health outcomes and driving the markets growth.
What restraints the growth of lancet and lancing devices market?
“High costs associated with the device”
The market for lancet and lancing devices is expected to experience growth due to factors such as the high costs associated with device usage. For instance, the FreeStyle Lancing Devices are specifically designed to be used with FreeStyle Lancets. Each box of FreeStyle Lancets typically costs around $15 (without insurance) and contains 100 lancets. These devices offer four depth settings, allowing for personalized finger sticks.
Segmentation: Global Lancet and Lancing Devices Market
The lancet and lancing devices market is segmented on the basis of product type, drug class, application, distribution channel, device type and end users.
- On the basis of drug class, the lancet and lancing devices market is segmented into carbidopa, lebodopa, dopamine receptor agonist, mao-inhibitors.
- On the basis of end users, the lancet and lancing devices market is segmented into hospitals, specialty clinics, others.
- On the basis of device type, the lancet and lancing devices market is segmented into reusable, disposable, safety lancets, homecare lancets.
- On the basis of application, the lancet and lancing devices market is segmented into cholesterol tests, hemoglobin testing, coagulation testing, glucose tests, other.
- On the basis of product type, the lancet and lancing devices market is segmented into professional lancets, personal lancets.
- On the basis of distribution channel, the lancet and lancing devices market is segmented into hospital pharmacy, clinics, retail pharmacy, others
Regional Insights: North America Dominates the Lancet and Lancing Devices Market
North America dominates the market due to the availability of reimbursement support encourages the adoption of these devices, while the rising prevalence of anemia and diabetes necessitates the use of lancets and lancing devices for blood testing. This combination of factors contributes to the expanding market for lancets and lancing devices in India.
Asia Pacific is expected to grow during the forecast period of 2023 to 2030 as the healthcare sector in the region is witnessing a surge in investment, supported by the low cost of research and development activities. This combination of factors contributes to the growth and advancement of healthcare services in the region.
To know more about the study visit, https://www.databridgemarketresearch.com/reports/global-lancet-and-lancing-devices-market
The Prominent Key Players Operating in the Lancet and Lancing Devices Market Include:
- Abbott (U.S.)
- B.Braun SE (Germany)
- ARKRAY, Inc. (Japan)
- Terumo Corporation (Japan)
- I-SENS, Inc. (South Korea)
- Nipro Medical Corporation (Japan)
- Omron Corporation (Japan)
- AgaMatrix (U.S.)
- Smiths Group plc (U.S.)
- SARSTEDT AG& CO. KG (Germany)
- Yu Yue medical (China)
- Greiner Bio One International GmbH (Austria)
- EDAN Instruments, Inc. (China)
- Jiangsu huida medical instruments co. Ltd (China)
- B.D. (U.S.)
- Sanofi (France)
- F. Hoffmann-La Roche Ltd (Switzerland)
- Bayer AG (Germany)
- Owen Mumford Ltd (U.K.)
- Medtronic (Ireland)
- Ypsomed AG (Switzerland)
Above are the key players covered in the report, to know about more and exhaustive list of lancet and lancing devices market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Lancet and Lancing Devices Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
