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.

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

Custom Market Research Services

TMR offers custom market research services that help clients to get information on their business scenario required where syndicated solutions are not enough.

REQUEST CUSTOMIZATION

Diabetic Lancing Device Market

Pre Book