Lancing Device Market Size, Share Global Analysis Report, 2020–2026

Industry Insights

According to the report published by Facts & Factors, the global Lancing Device market size was worth around USD 1200 million in 2019 and is predicted to grow around USD 2500 million by 2026 with a compound annual growth rate (CAGR) of roughly 15% between 2020 and 2026.

The lancing device market report analyzes and notifies the industry statistics at the global as well as regional and country levels in order to acquire a thorough perspective of the entire lancing device market. The historical and past insights are provided for FY 2016 to FY 2019 whereas projected trends are delivered for FY 2020 to FY 2026. The quantitative and numerical data is represented in terms of both volume (K Units) and value (USD Million) from FY 2016 – 2026.

This specialized and expertise-oriented industry research report scrutinizes the technical and commercial business outlook of the lancing device industry. The report analyzes and declares the historical and current trends analysis of the lancing device industry and subsequently recommends the projected trends anticipated to be observed in the lancing device market during the upcoming years.

Key Insights from Primary Research

• According to the primary researcher working in the global lancing device market, the market was valued at USD 1,200million and is expected to be valued over USD 2,500million.
• The lancing device market is projected to witness a significant growth of nearly 15% during 2020-2026 due to the global acceptance of lancing devices over the traditional devices.
• By type segment, the reuse category led the market with USD 150 million in 2019, and it is expected to grow in the future years.
• By gender analysis, the men category held the market with a share of more than 55% in 2019, owing to the increasing number of chronic diseases in men.
• On the basis of application analysis, the hospital segment-headed the market with more than USD 85 million, in 2019. Owing to the use of lancing devices for the detection of various diseases, the hospital category is expected to grow over the forecast period.
• By function analysis, the adjustable category held the market with a share of above 95%, in 2019. This segment is expected to grow over the forecast period owing to better depth selection and lancet compatibility.

Key Recommendations from Analysts

• According to our analysts, the Asia-Pacific region is anticipated to grow over the forecast period owing to the rising awareness about health and diabetic treatment, an increase in government expenditure for healthcare services and low labor costs in this region.
• Non-adjustable lancet is easy to use, even young kids can use it easily, it is very lightweight and it comes with the excellent safety design. Due to these features, our analysts recommend that the non-adjustable category will grow in the future years.
• Due to the increasing number of diabetic patients and the growing prevalence of infectious diseases requires blood tests for diagnosis and treatment, hospital and clinic category is expected to grow in forthcoming years.
• By gender analysis, the women category is anticipated to boost the market owing to increasing chronic diseases in women.
• Due to the continuous improvement in technology, convenient characteristics provided by the lancing devices, increasing healthcare expenditure, favorable reimbursement policies in the healthcare industry, the lancing device is expected to bring lucrative opportunities in the industry.

Market Attractiveness By Type Analysis

The quantitative data is further underlined and reinforced by comprehensive qualitative data which comprises various across-the-board market dynamics. The rationales which directly or indirectly impact the lancing device industry are exemplified through parameters such as growth drivers, restraints, challenges, and opportunities among other impacting factors.

Throughout our research report, we have encompassed all the proven models and tools of industry analysis and extensively illustrated all the key business strategies and business models adopted in the lancing device industry. The report provides an all-inclusive and detailed competitive landscape prevalent in the lancing device market.

The report utilizes established industry analysis tools and models such as Porter’s Five Forces framework to analyze and recognize critical business strategies adopted by various stakeholders involved in the entire value chain of the Lancing Device industry. The lancing device market report additionally employs SWOT analysis and PESTLE analysis models for further in-depth analysis.

The report study further includes an in-depth analysis of industry players' market shares and provides an overview of leading players' market position in the Lancing Device sector. Key strategic developments in the lancing device market competitive landscape such as acquisitions & mergers, inaugurations of different products and services, partnerships & joint ventures, MoU agreements, VC & funding activities, R&D activities, and geographic expansion among other noteworthy activities by key players of the lancing device market are appropriately highlighted in the report.

A lancing device is generally known as a blood sampling device. Most commonly it is used to monitor the glucose level in the blood by diabetic patients. Additionally, it is used for HIV screening testing, capillary blood microsampling, cholesterol testing, etc. The lancing device comes with the lancet. The lancets are used to make punctures to obtain small blood specimens. Generally, blood lancets are disposable. The depth of the penetration of the skin can be adapted to different thicknesses of the skin. Long lancing devices are used to check fetal scalp blood to gain a measure of the fetus's acid-base status. The main features of the lancet device are it is safe, easy to handle and provide painless vein puncture.

The growth in the number of diabetic patients increases the demand for a lancing device to obtain the blood sample for the checking of glucose level. The use of lancing devices is also increasing for the testing and detection of various contagious and non-contagious diseases such as diarrheal diseases, tuberculosis, HIV/AIDS, malaria, lower respiratory infections. Thus, increasing demand for a lancing device drives the lancing device market.  Additionally, numerous manufacturers are innovating new technology such as the use of custom vacuum technology in lancing devices to increase the reliability and ability of the lancing devices, which may result in the growth of the lancing device market. However, the risk associated with the reuse of lancets, needlestick injuries, and Poor health care infrastructure in developing countries is restricting the market growth.

The lancing device comes with several convenient features to provide the edge over the traditional method of punching. The global acceptance of lancing devices, increasing healthcare expenditure, favorable reimbursement policies in the healthcare industry, the entrance of new players in the lancing device market may bring lucrative opportunities in the industry.

The lancing device market research report delivers an acute valuation and taxonomy of the lancing device industry by practically splitting the market on the basis of different types, applications, and regions. Through the analysis of the historical and projected trends, all the segments and sub-segments were evaluated through the bottom-up approach, and different market sizes have been projected for FY 2020 to FY 2026. The regional segmentation of the lancing device industry includes the complete classification of all the major continents including North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. Further, country-wise data for the lancing device industry is provided for the leading economies of the world.

The lancing device market is segmented based on type, gender analysis,  application analysis, and function analysis. On the basis of type segmentation, the lancing device market is divided into reuse and one time. By gender analysis, the market is classified into men and women.By application-wise, the market is categorized into hospitals, clinics, and households. And in the term of function, the market is bifurcated into adjustable and non-adjustable.

Report Scope

Some of the essential players operating in the Lancing Device market, but not restricted to include:

• Norditalia Group Srl
•  Visiomed Group
•  STAT Medical Devices
•  TaiDoc Technology Corporation
•  Menarini Group
•  Yuyue medical Equipment & Supply Co. Ltd.
•  Sannuo Biological Sensing Co Ltd
•  Roche Holding AG
•  Omron Corporation
•  Medisana AG
•  iHealth Lab Inc.
•  MED TRUST
•  IME-DC GmbH
•  nu-beca
•  Biotest Medical Corp.
•  L-TacMediCarePte Ltd.
•  VivaChek Laboratories Inc.

The taxonomy of the lancing device market by its scope and segmentation is as follows:

By Type Segmentation Analysis

• Reuse
• One Time

By Gender Analysis Segmentation

• Men
• Women

By Application Segmentation Analysis

• Hospital
• Clinic
• Household

By FunctionSegmentation Analysis

• Adjustable
• Non-Adjustable

Regional Segmentation Analysis

• North America
  • The U.S.
  • Canada
• Europe
  • Germany
  • The UK
  • France
  • Spain
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa