Diabetic Lancets Market is Expected to Reach $1,788.6 Million by 2026

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OVERVIEW

Diabetic Lancets Market is valued at USD XX million in 2019 and is expected to reach USD 1,788.6 million by the end of 2026.

Bizlytik analysts forecast the global Diabetic Lancets market to grow at a CAGR of 9.6% during the forecast period, according to their latest market research report.

In terms of volume, the Diabetic Lancets was valued at XX Million Units in 2019 and is expected to garner 29,831.2 Million Units by 2026; witnessing a CAGR of 9.8% from 2020 to 2026.

Diabetic lancets are the small, sharp objects that are used to prick the skin for blood glucose monitoring. Diabetic lancets are two type of lancets disposable lancets and reusable lancet. Disposable lancets are for single use, and reusable lancets are used again by individuals. Lancets vary in size and are smaller and therefore appropriate for children. The same lancets may not draw a proper amount of blood for adults, so the lancing devices are designed to grip the lancet firmly and are operated by simply clicking a button.

Increasing prevalence of diabetes has raised the demand for diabetic lancets. According to a report published by the Centers for Disease Control and Prevention (CDC), as of 2015, 30.3 million Americans, 9.4% of the U.S. population, have diabetes. According to the CDC, approximately 7% of France’s adult population, which is 45 million have diabetes. According to international diabetes federation, in 2017, there were over 7,476,800 cases of diabetes in Germany. Prevalence of diabetes in adults has increased to 12.2%. According to the National Institute for Health and care excellence around 400,000 adults in the UK are affected by type 1 diabetes, and around 27,000 children and young people have either type 1 or type 2 diabetes. According to the World Health Organization (WHO), in 2016, almost 10% of adults in China which is about 110 million people have diabetes. The prevalence of diabetes in China is 10.9%. According to the Indian Council for Medical Research, in 2017, India represented 49% of the world’s diabetes burden, with an estimated 72 million cases, and it is expected to increase by 134 million in 2025. Diabetes prevalence has increased by 64% across India. According to international diabetes federation, in 2017, there were over 1,826,100 cases of diabetes in South Africa. Prevalence of diabetes in adults has increased to 5.4%. According to the International Diabetes Federation Atlas, 19.3% of adults aged 20 to 79 in the United Arab Emirates have diabetes. In Bahrain, the prevalence of diabetes rises to 19.6% and 20% for Kuwait, Qatar, and Saudi Arabia.

Reusable Lancets, and Disposable Lancets are covered in the Type segment of the market scope, while the Application segment is categorized into Hospital, Clinic, and Other. The report covers value and volume of the global market by Type and Application, with the volume expressed in Million Units.
The market value of Disposable Lancets was USD XX Million in 2019, and it is expected to reach USD XX Million by 2026, growing at a CAGR of 8.5% during 2020-2026. The recommendation and policy to use disposable lancets by the regulatory bodies would propel the growth of the segment.

North America, Europe, Asia Pacific, South America, and Middle East & Africa are taken into consideration at the global Diabetic Lancets Volume and Value figures. While North America is further categorized into enhancing United States, Canada, and Mexico, Europe is split into the United Kingdom, Germany, France, Italy, and Rest of Europe. Asia-Pacific covers India, China, Japan, South Korea, and Rest of Asia Pacific in its scope. South America is bifurcated into Brazil, Argentina, and Rest of South America, with Middle East & Africa involving GCC Countries, Egypt, South Africa, and Rest of Middle East & Africa.

Asia Pacific Diabetic Lancets market was USD XX Million in 2019, and it is predicted to reach USD XX Million by 2026, growing at a CAGR of 10.2% during the forecast period. The wide application of diabetic lancets during blood monitoring tests is one of the major factors impacting the gain in market traction of end-products in Asia Pacific.

Major players operating in the Diabetic Lancets industry include Roche, Medisana, Becton Dickinson, Natus Medical, Owen Mumford, Ascensia Diabetes Care, Intrinsyk Medical Devices, LifeScan, Cardinal Health, Simple Diagnostics, Biotest Medical, CML Biotech, BioCare Corporation, Arkray.

Commercialization of approved products and formation of strategic collaborations are among the most followed business strategies of the top companies, with a focus on maintaining competitive advantage over others. The companies are thus focused on product approvals and expansion of business activities on a global scale. As of 2019, LifeScan has the highest revenue for diabetic lancets, followed by Roche.