Global Diabetic Lancing Devices Market: Introduction
Diabetes mellitus is a metabolic disorder caused due to high blood glucose level. This condition occurs due to 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 in the next few years, the number of diabetic patients across the globe would be quite significant after a decade. Rise in prevalence of diabetes is expected to result in increase in demand for devices and products to monitor and control the disease, eventually leading to increased consumption of lancets.
Lancets are the most commonly used alternative devices to obtain blood samples. These devices are easily accepted globally due to convenient characteristics that provide an advantage over traditional methods used for vein puncture. The important features of lancets are easy handling, painless vein puncture, and safety while using. Major applications of lancets are HIV screening tests, capillary blood micro sampling and cholesterol test, coagulation tests, blood group tests, hemoglobin, allergy tests, and other blood-based tests.
Key Drivers of Global Diabetic Lancing Devices Market
Rise in Prevalence of Diabetes
According to the World Health Organization (WHO), the number of people with diabetes has risen from 108 million in 1980 to 422 million in 2014. The global prevalence of diabetes among adults over 18 years of age has risen from 4.7% in 1980 to 8.5% in 2014. Diabetes prevalence has been rising rapidly in middle- and low-income countries. Diabetes is a major cause of blindness, kidney failure, heart attack, stroke, and lower limb amputation. In 2016, an estimated 1.6 million deaths were directly caused by diabetes. Another 2.2 million deaths were attributable to high blood glucose in 2012. Nearly half of all deaths attributable to high blood glucose occur before the age of 70 years. The WHO estimated that diabetes was the seventh leading cause of death in 2016.
Rise in Prevalence of Obesity
According to the WHO, global prevalence of obesity has nearly tripled since 1975. In 2016, over 1.9 billion adults, 18 years and older, were overweight. Of these, over 650 million were obese. Around 39% adults aged 18 years and above were overweight in 2016, and 13% were obese. Most of the world's population lives in countries where overweight and obesity kills more people than underweight. About 40 million children under the age of five were overweight or obese in 2018. Over 340 million children and adolescents aged five to 19 were overweight or obese in 2016.
North America to Account for Major Share of Global Diabetic Lancing Devices Market
- North America is projected to account for major share of the global Diabetic Lancing Devices market during the forecast period. The market in the region is anticipated to grow at a rapid pace in the next few years due to increase in research & development and technologically advanced products being introduced in the market. Europe is expected to be the second largest market during the forecast period owing to advanced facilities provided by the hospital infrastructure in the region.
- The Diabetic Lancing Devices market in Asia Pacific is likely to expand at a high CAGR during the forecast period owing to the dense population and high birthrate
Key Players Operating in Global Diabetic Lancing Devices Market
The global Diabetic Lancing Devices market is highly consolidated owing to the presence of small number of key players. Leading players operating in the global Diabetic Lancing Devices market include:
- Abbott Laboratories
- B. Braun Melsungen AG
- Bayer AG
- Becton Dickinson
- Eli Lilly and Company
- F. Hoffmann-La Roche AG
- HTL-STREFA S.A
- Novo Nordisk A/S Owen Mumford Ltd.
- Sarstedt AG & Co
- Terumo Corporation
- Ypsomed Holding AG
- Greiner Bio One
Global Diabetic Lancing Devices Market: Research Scope
Global Diabetic Lancing Devices Market, by Type
- Safety Lancets
- Pressure-activated Safety Lancets
- Push-button Safety Lancets
- Side-button Safety Lancets
- Standard Lancets
Global Diabetic Lancing Devices Market, by Gauge
Global Diabetic Lancing Devices Market, by Penetration Depth
- 8 mm to 1.0 mm
- 1 mm to 1.5 mm
- 6 mm to 2.0 mm
- 1 mm to 2.5 mm
- 5 mm to 3.0 mm
Global Diabetic Lancing Devices Market, by End-user
- Hospitals & Clinics
- Home Care & Home Diagnostics
- Diagnostic Centers & Medical Institutions
- Research & Academic Laboratories
Global Diabetic Lancing Devices Market, by Region
- North America
- Rest of Europe
- Asia Pacific
- Australia & New Zealand
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
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
- 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.