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Lancing Devices And Equipment Market Insights, Competitive Analysis, Latest Trends, And Forecast To 2033
Lancing Devices And Equipment Market Insights
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According to The Business Research Company's, The lancing devices and equipment market size has grown rapidly in recent years. It will grow from $0.59 billion in 2023 to $0.7 billion in 2024 at a compound annual growth rate (CAGR) of 18.4%. The growth in the historic period can be attributed to diabetes prevalence, patient convenience, home-based monitoring, healthcare digitization.
The lancing devices and equipment market size is expected to see exponential growth in the next few years. It will grow to $1.46 billion in 2028 at a compound annual growth rate (CAGR) of 20.2%. The growth in the forecast period can be attributed to diabetes epidemic continues, advances in testing accuracy, telehealth and remote monitoring, personalized medicine. Major trends in the forecast period include continuous glucose monitoring (cgm) integration, non-invasive glucose monitoring, user-centered design, sustainability and eco-friendly materials.
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Market Drivers and Trends:
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.
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.
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Major Key Players of the Market:
Abbott laboratories, B. Braun Melsungen AG, Terumo Corporation, F. Hoffmann-La Roche AG, LifeScan Inc., Ascensia Diabetes Care Holdings AG, Becton Dickinson and Company, Bayer AG, Medtronic plc, ARKRAY Inc., Sanofi S.A., Ypsomed Holding AG, Sarstedt AG & Co., Greiner Bio-One, HTL-STREFA S.A, Guangzhou Improve Medical Instruments Co. Ltd., UltiMed Inc., Allison Medical Inc., Artsana S.p.a., Perrigo Diabetes Care, MedExel Co. Ltd., Simple Diagnostics, Stat Medical Inc., Trividia Health, Eli Lilly and Company, Roche Diagnostics, Terumo Corporation, LifeScan, Dynarex Corporation, Dealmed Medical Supplies LLC, Advanced Diabetic Solutions, Medline Industries Inc., Owen Mumford, ARKRAY USA Inc., Nipro Diagnostics Inc., AgaMatrix Inc., Nova Biomedical, Prodigy Diabetes Care LLC, ACON Laboratories Inc.
Lancing Devices And Equipment Market 2024 Key Insights:
• The lancing devices and equipment market size is expected to see exponential growth in the next few years. It will grow to $1.46 billion in 2028 at a compound annual growth rate (CAGR) of 20.2%.
• Rising Diabetes Prevalence Fuels Demand For Lancing Devices And Equipment Market
• Revolutionizing Lancing Devices With Custom Vacuum Technology For Painless Blood Sampling
• North America was the largest region in the global lancing devices and equipment market in 2023
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