Blood Glucose Lancets Market: Current Analysis and Forecast (2022-2030)

Report Description

The blood glucose lancets market was valued at USD 1.2 Billion and it is expected to grow at a strong CAGR of around 9% during the forecast period owing to increased awareness about the importance of regular blood glucose monitoring and self-management of diabetes is fueling the demand for lancets. Additionally, the shift towards self-care management and the rising trend of home-based glucose monitoring has played a vital role in driving market growth. Moreover, healthcare providers’ increasing emphasis on early detection and proactive diabetes management has led to the incorporation of blood glucose monitoring as a routine practice, further propelling the market forward. Technological advancements in lancet design, such as the development of more comfortable and painless lancets, have significantly improved patient experience and compliance. This has further boosted the adoption of blood glucose monitoring devices and, consequently, the demand for lancets. For instance, The POGO Automatic Blood Glucose Monitoring System was made available to diabetic patients in the U.S. by Intuity Medical in November 2021. It lances, collects, and analyzes blood in a single step with its ten-test cartridge technology.

Some of the major players operating in the market include LifeScan IP Holdings, LLC; DarioHealth Corp; Beurer GmbH; BD; MEDISANA GMBH; Dexcom, Inc.; Abbott; AgaMatrix; Medtronic; and F. Hoffmann-La Roche Ltd Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report

“Amongst type, the pressure activated lancet category held a significant growth in 2021”

Based on type, the market is segmented into push button lancet, pressure activated lancet, and side activated lancet. Amongst these, the pressure activated lancet category held significant growth in 2021. The side activated lancets can help to reduce the risk of needlestick injuries for healthcare professionals, which is a growing concern in the healthcare industry. This can lead to increased adoption of side activated lancets by healthcare facilities, further boosting the growth of the blood glucose lancets market.

“Amongst end-user, the patients/homecare category is expected to witness the fastest growth during the forecast period”

By end-user, the market is bifurcated into patients/homecare and hospitals & clinics. Among these, patients/homecare is expected to witness the fastest growth during the forecast period. increasing public awareness of the availability of various lancet devices and the self-monitoring of blood glucose. Additionally, measuring blood glucose levels at home is inexpensive and more patients prefer to monitor their blood glucose levels at home.

“APAC is expected to grow at a rapid growth during the forecast period”

APAC is expected to grow at a rapid growth during the forecast period due to several growth factors such as the region having a large and growing diabetic population and an aging population. This has led to an increased demand for lancets for blood glucose monitoring. Additionally, increasing healthcare expenditure, rising awareness about diabetes management, and the adoption of technologically advanced lancets are driving market growth in the region. Furthermore, the presence of emerging economies such as China and India with a high diabetic population and increasing healthcare infrastructure investments has created significant market opportunities.

Blood Glucose Lancets Market Report Coverage

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:

The global blood glucose lancets market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to contact us to get a report that completely suits your requirements.

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Research Methodology

Research Methodology for the Blood Glucose Lancets Market Analysis (2022-2030)

Analyzing the historical market, estimating the current market, and forecasting the future market of the global Blood Glucose Lancets Market were the three major steps undertaken to create and analyze the adoption of smart homes in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global Blood Glucose Lancets Market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the Blood Glucose Lancets Market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the Blood Glucose Lancets Market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as type and end-user. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the Blood Glucose Lancets Market. Further, we conducted factor analysis using dependent and independent variables such as type and end-user of the Blood Glucose Lancets Market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the Blood Glucose Lancets Market sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global Blood Glucose Lancets Market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2030 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the Blood Glucose Lancets Market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global Blood Glucose Lancets Market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market.

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global Blood Glucose Lancets Market. data was split into several segments & sub-segments post studying various parameters and trends in the areas of the type and end-user in the global Blood Glucose Lancets Market.

The main objective of the global blood glucose lancets market Study

The current & future market trends of the global Blood Glucose Lancets Market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the Blood Glucose Lancets Market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments.
• Segments in the study include areas of the type and end-user.
• Define and analysis of the regulatory framework for the smart home
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
• Analyze the current and forecast market size of the Blood Glucose Lancets Market for the major region.
• Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
• Company profiles of the Blood Glucose Lancets Market and the growth strategies adopted by the market players to sustain in the fast-growing market.
• Deep dive regional level analysis of the industry

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