Home Use Lancing Devices Market Size, Share, Growth, and Industry Analysis by Type (Adjustable Lancing Device and Non-adjustable Lancing Device) By Application (Cholesterol Tests, Glucose Tests, and Others), Regional Insights, and Forecast To 2031

Home Use Lancing Devices Market REPORT OVERVIEW

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The global home use lancing devices market size is predicted to value at USD 313 million in 2022 and is projected to touch USD 469.41 million by 2031, exhibiting a Compound annual growth rate (CAGR) of 4.1% during the forecast period.

Lancets, which are basically tiny needles enclosed in plastic, are used in conjunction with a lancing device to puncture tiny holes in the skin so that blood samples can be taken. Sales of lancing tools, equipment, and associated services make up the home use lancing devices market. These tools are used to prickle the skin in order to draw blood samples for the measurement of blood glucose. These home use lancing devices provide a number of benefits, including portability, accessibility, and price. As they immediately retract after pricking the skin, they are also utilized to reduce the likelihood of infections and injuries. The growing demand to do away with lancing devices and the increased usage of sterile blood lancets in blood banks will create a favorable environment for the development of the sector.

In hospitals and clinics, lancets are the preferred option for at-home diabetic monitoring. lancets also have the advantage of being portable because their needles are covered. High patient compliance, especially in the senior population, is primarily responsible for the segment's rise. The prevalence of diabetes is rising, and a variety of products are readily available, which is promoting market expansion. The market is expanding as a result of elements such as the growing choice for at-home care, the high prevalence of infectious diseases, and rising consumer knowledge of cutting-edge diabetes treatment solutions. This is primarily because of their greater utilization for diabetic home monitoring.

COVID-19 Impact: Halt on Manufacturing Operations to Slower Market Growth

The impact of COVID 19 on the world economy is significant. This pandemic had a significant impact on several economic sectors. The loss of enormous money will lead the world economy to weaken. The home use lancing devices market is being negatively impacted by the expanding use and application of lockdown in numerous nations. For telehealth, medical technology, home use lancing devices, and remote monitoring, COVID-19 marked the beginning of a new age. The most significant influence has been on medical and home use lancing devices, despite the fact that COVID-19's widespread effects have given rise to a situation for the world. During the pandemic, the federal government facilitated the use of and access to telehealth services, encouraging a rise in the technology's use.                         

LATEST TRENDS

"Safer Effective Techniques to Promote Industry Progress"

Diagnostic blood testing is one of the most common medical procedures, and it influences 70–80% of medical decisions. Many companies are creating safer, easier-to-use, and efficient methods for obtaining blood samples. High-speed lancing devices, which have traits like a maximum skin-piercing force and a tiny wound area, are what are causing the home use lancing devices market to rise. These devices aid patients in experiencing less pain and hastening the healing of their wounds.

Home Use Lancing Devices Market SEGMENTATION

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• By Type Analysis

As per the type, the market is classified as follows: Adjustable Lancing Device and Non-adjustable Lancing Device. The adjustable lancing device is the dominant segment in the home use lancing devices market share.

• By Application Analysis

Based on application, the market is segmented as follows: Cholesterol Tests, Glucose Tests, and Others. The home use lancing devices market dominance is in the blood glucose testing sector. It can be attributed to the rising prevalence of diabetes and increased knowledge of blood glucose self-monitoring.

DRIVING FACTORS

"Preference for Home Care to Facilitate Market Development"

The market category for home care is anticipated to develop at the quickest rate during the forecast period. The market's availability of numerous home use lancing devices and growing public knowledge of blood glucose self-monitoring are two main causes of the increase. More patients prefer to monitor their blood glucose levels at home due to the low cost of doing so and the ease of doing so. Additionally, throughout the projected period, the segment growth is being driven by improvements in patient self-care using home use lancing devices globally.

"Growing Demand for Home Use Lancing Devices to Boost Market Growth"

The demand for home-use lancing devices is being driven by the increased prevalence of chronic diseases and the aging population. The WHO predicts that there will be 2.1 billion elderly people worldwide in 2050, up from 962 million in 2017. The market is anticipated to be driven by rising government spending and developments in diabetes control technology. During the projection period, it is anticipated that the launch of technologically sophisticated items and quicker product approvals will strengthen home use lancing devices market growth. The market is expanding as a result of technological developments and the introduction of cutting-edge lancing equipment goods.

RESTRAINING FACTORS

"Faults and Safety Issues to Affect Product Demand "

The home use lancing devices market is being constrained by recalls of defective lancing devices. When faults or safety issues are found that jeopardize the consumer, the producer or regulatory authority will recall the product as a precaution. Devices used for lancing pierce the skin and come into direct touch with internal blood. Any flaw in the product poses a risk to the patient's life by infecting the blood. The lancet needle used for a finger stick could not fully retract into the lancet drum as it should. Such recalls deter product use and hinder home use lancing devices’ market expansion.

Home Use Lancing Devices Market REGIONAL INSIGHTS

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"Increase in Diabetes Diagnosis to Propel Market Progress in North America"

Due to its huge patient base and reimbursement regulations, North America led the market in 2019. Market expansion in the area is being aided by the rising number of new product launches and rising healthcare costs in the area. 43% of all diabetes-related medical costs are incurred in the area, according to The International Diabetes Federation. Furthermore, the development of the business will be aided by the expanding utility of lancets for diabetes diagnosis and the existence of advantageous reimbursement regulations.  Increase in R&D and the introduction of technologically advanced items into the market, it is projected that the home use lancing devices market in the region would expand rapidly over the next years.

KEY MARKET PLAYERS

"Market Players Focus on New Product Launches to Strengthen Market Position"

Leading players in the market are adopting various strategies to expand their presence in the market. These include R&D investments and the launch of new, technologically-advanced products in the market. Some companies are also adopting strategies such as partnerships, mergers, and acquisitions to strengthen their market position.   

LIST OF TOP Home Use Lancing Devices COMPANIES

• Roche (Switzerland)
• LifeScan (U.S.)
• Abbott (U.S.)
• Ascensia (U.S.)
• B. Braun (Germany)
• Terumo (Japan)
• ARKRAY (Japan)
• Trividia Health (U.S.)
• SANNUO (China)
• GMMC (Austria)
• BIONIME (Taiwan)

REPORT COVERAGE

The report covers overall market aspects, including the market segmentation based on its type and application. The report depicts a diverse group of participants that includes the market and the potential market leaders. Major factors that are expected to drive major growth in the market. The factors anticipated to expand the market share are also included in the report to offer market insights. The estimated growth of the market in the forecast period is also included in the report. The regional analysis is completed to explain the region's dominance in the global market. The factors hindering the growth of the market are discussed in detail. The SWOT analysis of the market is depicted in the report. It contains all-inclusive market details.