Lancing Devices And Equipment Market 2020 | By Top Key Companies Abbott Laboratories, B. Braun Melsungen AG, Terumo Corporation

The Global Lancing Devices And Equipment Market Research Report Forecast 2020 is a valuable source of insightful data for business strategists. It provides the industry overview with growth analysis and historical & futuristic cost, revenue, demand, and supply data (as applicable). The report also takes into account the impact of the novel COVID-19 pandemic on the Lancing Devices And Equipment market and offers a clear assessment of the projected market fluctuations during the forecast period. The research analysts provide an elaborate description of the value chain and its distributor analysis. This Market study provides comprehensive data that enhances the understanding, scope, and application of this report.

The global lancing devices and equipment market was valued at about $0.29 billion in 2018 and is expected to grow to $0.38 billion at a CAGR of 7.0% through 2022.

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Top Key Players in the Global Lancing Devices And Equipment Market: Abbott Laboratories, B. Braun Melsungen AG, Terumo Corporation, F. Hoffmann-La Roche AG, LifeScan

North America was the largest region in the lancing devices and equipment market in 2018, which accounts for about 46% of the global market.

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 2017, around 425 million adults had diabetes and the number is expected to reach 629 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 a risk to the patient's life. For instance, in May 2014, 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 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 the 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.

Scope

Markets Covered: 1) By Product: Safety Lancets, Standard Lancets
2) By Type: Reusable, Disposable
3) By End User: Hospitals and Clinics, Homecare and Home Diagnostics, Diagnostic Centres and Medical Institutions, Research and Academic Laboratories, Others
4) By Penetration Depth: 0.8mm-1mm, 1.1mm- 1.5mm, 1.6mm-2.0mm, Others

Regional Analysis for Market:

For a comprehensive understanding of market dynamics, the global Lancing Devices And Equipment market is analyzed across key geographies namely: United States, China, Europe, Japan, South-east Asia, India, and others. Each of these regions is analyzed on the basis of market findings across major countries in these regions for a macro-level understanding of the market.

This Lancing Devices And Equipment Market statistical surveying report underlines the leading merchants in this market everywhere throughout the world. This sector of the report includes market depictions, requirements, and product portrayals, manufacture, competence, contact figures, cost, and revenue. In a comparable way, automated gathering, upstream raw materials, and downstream demand studies are administered.

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What are the market factors that are explained in the report?

-Key Strategic Developments: The study also includes the key strategic developments of the market, comprising R&D, new product launch, M&A, agreements, collaborations, partnerships, joint ventures, and regional growth of the leading competitors operating in the market on a global and regional scale.

-Key Market Features: The report evaluated key market features, including revenue, price, capacity, capacity utilization rate, gross, production, production rate, consumption, import/export, supply/demand, cost, market share, CAGR, and gross margin. In addition, the study offers a comprehensive study of the key market dynamics and their latest trends, along with pertinent market segments and sub-segments.

-Analytical Tools: The Global Lancing Devices And Equipment Market report includes the accurately studied and assessed data of the key industry players and their scope in the market by means of a number of analytical tools. The analytical tools such as Porter’s five forces analysis, SWOT analysis, feasibility study, and investment return analysis have been used to analyze the growth of the key players operating in the market.

Finally, the Lancing Devices And Equipment Market report is the believable source for gaining the Market research that will exponentially accelerate your business. The report gives the principle locale, economic situations with the item value, benefit, limit, generation, supply, request, and Market development rate, and figure and so on. This report additionally Present a new task SWOT examination, speculation attainability investigation, and venture return investigation.

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Note: All the reports that we list have been tracking the impact of COVID-19 on the market. Both upstream and downstream of the entire supply chain has been accounted for while doing this. Also, where possible, we will provide an additional COVID-19 update supplement/report to the report in Q3, please check for with the sales team.

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