Lancing Devices And Equipment Global Market Report 2023

The global lancing devices and equipment market will grow from $0.5 billion in 2022 to $0.58 billion in 2023 at a compound annual growth rate (CAGR) of 16.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The lancing devices and equipment market is expected to grow to $1.11 billion in 2027 at a CAGR of 17.5%.

The lancing devices and equipment market consist of sales of safety lancets and standard lancets, flake lancets And fixed depth lancet. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

Lancing devices and equipment are used to prick the skin to obtain blood samples for testing glucose levels.

North America was the largest region in the lancing devices and equipment market in 2022. Western Europe was the second-largest region in the lancing devices and equipment market. The regions covered in the lancing devices and equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

The main products of lancing devices and equipment are safety lancets and standard lancets. Safety lancets are sterile, single-use devices intended for capillary blood sampling. The lancing devices and equipment types are reusable and disposable that are available at various penetration depths such as 0.8mm-1mm, 1.1mm- 1.5mm, 1.6mm-2.0mm, and others. The end-users are hospitals and clinics, homecare and home diagnostics, diagnostic centres and medical institutions, research and academic laboratories, and others.

The rising prevalence of diabetes is driving the market for lancing devices and equipment as more people depend on lancing devices to test blood glucose levels. Lancing devices are used by diabetics to obtain samples of blood for testing glucose levels in it. According to the International Diabetes Federation, in 2021, around 537 million adults had diabetes and the number is expected to reach 783 million by 2045. This growth in the number of diabetic patients is expected to increase the demand for lancing devices and equipment, thereby driving the market growth.

Recalls of defective lancing devices are acting as a restraint on the lancing devices and equipment market. A product recall is done by the manufacturer or regulatory body as a precautionary measure when safety issues or defects are discovered that can endanger the consumer. Lancing devices and equipment penetrate the skin and come in direct contact with blood inside the body. Any defect in the product can infect the blood causing risk to the patient's life. For instance, the ACCU-CHECK FastClix Lancing Device by Roche Diagnostics Operations Inc. was recalled by the Food and Drug Administration (FDA) as the needle of the lancet utilized in a finger stick may not completely retract back into the lancet drum as it was intended to. Such recalls discourage product use and affect the growth of the market.

Lancing device manufacturers are increasingly using custom vacuum technology in lancing devices to minimize pain from poking. Lancing devices that use this technology create a shallow puncture on the skin without hitting the deeper pain nerves and blood is pulled up by the vacuum. For example, the Genteel Lancing Device is a vacuum blood drawing lancing device that draws blood from the capillaries and can be used on different sites on the body apart from fingers.

Lancing devices and equipment manufacturers are governed by regulatory bodies such as the Food and Drug Administration Act (FDA) in the USA. For instance, in the USA, Section 510(k) of the Food, Drug, and Cosmetic Act requires manufacturers of lancing devices to register their device with the FDA and notify their intent to market the device at least 90 days before the actual marketing of the device. This period of 90 days allows FDA to classify the device among three prescribed classes (Class I, II, or III). The FDA also laid down regulations regarding the application of section 510(K) in case of advancements, or changes made to the lancing device.

In September 2021, B. Braun Melsungen AG, a German medical and pharmaceutical device company acquired Sterinova Inc for an undisclosed amount. This acquisition of Sterinova will continue to operate as a distinct subsidiary of B. Braun Melsungen AG. Sterinova Inc is a Canada-based company that develops, manufactures, and distributes ready-to-use sterile injectable products in syringes and premix bags.

The countries covered in the lancing devices and equipment market are Brazil, China, France, Germany, India, Indonesia, Japan, South Korea, Russia, UK, USA, and Australia.

The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).

The revenues for a specified geography are consumption values - that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.

The lancing devices and equipment market research report is one of a series of new reports that provides lancing devices and equipment market statistics, including lancing devices and equipment industry global market size, regional shares, competitors with a lancing devices and equipment market share, detailed lancing devices and equipment market segments, market trends and opportunities, and any further data you may need to thrive in the lancing devices and equipment industry. This lancing devices and equipment market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

Major players in the lancing devices and equipment market are Abbott Laboratories, B. Braun Melsungen AG, Terumo Corporation, F. Hoffmann-La Roche AG, LifeScan, Ascensia Diabetes Care, Becton Dickinson, Bayer AG, Medtronic, and ARKRAY.



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