Global Lancing Devices & Lancets Market Introduction
Lancing is an important part of diabetes management for diabetic patients. Lancets are sharp-edged, small objects that are used to prick the skin. Pricking of the skin allows the user to draw a small amount of blood in order to test the blood glucose level by using blood glucose test strips and a blood glucose monitor. Lancing devices are designed to firmly hold a lancet. These devices are operated by just clicking a button. Depending on the skin type of the patient, different settings of the lancing device may be required. Lancets are designed to use only once. After usage, they should be disposed of in a safe manner. Different types of lancing devices are available in the market, including automatic lancing devices and laser lancing devices. Automatic lancing devices are offered by a variety of manufacturers and are most commonly used by users. Laser lancing devices perforate the skin in order to draw the blood. These devices produce a pulse of laser that creates a tiny hole into the skin.
Global Lancing Devices & Lancets Market – Competition Landscape
Becton, Dickinson and Company
Founded in 1897, Becton, Dickinson and Company (BD) is headquartered in New Jersey, the U.S. It is a global medical technology company that engages in the development, manufacture, and sale of a wide range of medical supplies, devices, laboratory equipment, and diagnostic products. The company markets its products and services to health care institutions, life sciences researchers, clinical laboratories, pharmaceutical industry, and the general public.
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Incorporated in 1888, Abbott is based in Illinois, the U.S. It is a medical and pharmaceutical devices company that provides a wide range of diagnostic and medical test instruments in order to diagnose and monitor infectious diseases, cancer, heart diseases, and metabolic disorders and assess other health indicators. The company operates through various business segments such as pharmaceutical products, diagnostic products, nutritional products, and vascular products. Abbott manufactures microfluidic medical devices and develops technologies such as point-of-care diagnostics, molecular diagnostics, and immunoassays for blood screening.
F. Hoffmann-La Roche AG
Established in 1896, F. Hoffmann-La Roche AG is located in Basel, Switzerland. It is a prominent biotechnology company that develops and markets breakthrough medicines and diagnostic solutions across various medical specialties. The company operates through two major divisions: pharmaceutical and diagnostics. It is a leading company that operates in the field of in vitro diagnostics. The company offers diverse products and solutions in the fields of clinical chemistry & immunoassays, molecular diagnostics, tissue diagnostics, point-of-care diagnostics, and hematology & hemostasis.
Global Lancing Devices & Lancets Market – Dynamics
Rise in Prevalence of Diabetes and Anemia Driving Demand for Lancets Used in Glucose and Hemoglobin Testing
Increase in the prevalence of diabetes and anemia is expected to drive the demand for lancets and lancing devices during the forecast period. According to the International Diabetes Federation, in 2017, about 245 million adults aged between 20 and 79 years were living with diabetes and the number is projected to reach 629 million by 2045 worldwide. Among these, estimated 79% of adults with diabetes were living in low- and middle-income countries. In 2017, about 4 million deaths occurred due to diabetes and health care expenditure on the disease was valued at least US$ 727 Bn in 2017 i.e. about 12% of the total health care expenditure on adults. Furthermore, according to a study published in the Advances in Hematology Journal, about 1.62 billion people are suffering from anemia, which corresponds to 24.8% of the global population. The rate of prevalence of anemia among pregnant women is 41.8% and the highest rate is among pregnant women living in Africa, which is about 57.1%.
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Favorable Reimbursement Options Available Expected to Drive the Lancing Devices & Lancets Market
Reimbursement options are available for lancets and lancing devices, especially in developed regions such as North America and Europe. Lancing devices are usually replaced every six months, which makes them costly in terms of long run usage. Thus, people prefer health insurance plans for these devices, which cover most of the device expenditure. These plans also provide coverage for glucose meters, glucose test strips, and diabetes testing supplies. In the U.S., Medicare covers about 80% of the cost of devices such as blood sugar lancets. Thus, favorable government support and reimbursement policies are expected to fuel the global lancing devices & lancets market during the forecast period. However, lack of awareness among patients and high costs of devices are expected to hinder the market during the forecast period.
Global Lancing Devices & Lancets Market – Segmentation
The lancing devices & lancets market can be segmented based on:
- Product Type
Global Lancing Devices & Lancets Market, by Product Type
Based on product type, the global lancing devices & lancets market can be divided into:
- Professional Lancets
- Pressure-activated Lancets
- Push-button Lancets
- Side-button Lancets
- Personal Lancets
Global Lancing Devices & Lancets Market, by Application
In terms of application, the global lancing devices & lancets market can be classified into:
- Glucose Testing
- Hemoglobin Testing
- Cholesterol Testing
- Coagulation Testing
Global Lancing Devices & Lancets Market, by End-user
In terms of end-user, the global lancing devices & lancets market can be categorized into:
- Home Settings
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.
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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.
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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?
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