GLOBAL DIABETIC LANCING DEVICE MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Global Diabetic Lancing Device Market Size and Trends

Global diabetic lancing device market is estimated to be valued at USD 928.2 Mn in 2024 and is expected to reach USD 1,786.6 Mn by 2031, exhibiting a compound annual growth rate (CAGR) of 9.8% from 2024 to 2031.

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The diabetic lancing device market is expected to witness considerable growth over the forecast period. The growing prevalence of diabetes worldwide is the key factor driving the market growth. As per the International Diabetes Federation, approximately 537 million adults were living with diabetes in 2021 worldwide, and the number is projected to rise to 783 million by 2045. Moreover, increasing awareness about diabetes management and regular glucose monitoring is also expected to boost demand for lancing devices in the coming years. With technological advancements, various players are focusing on developing innovative products with improved features like adjustable depth settings and painless actuation mechanisms, which is further augmenting the market expansion. However, the availability of alternative painless methods for glucose testing and high costs associated with advanced devices may hamper the market growth to some extent over the forecast years.

Rising prevalence of diabetes

The global prevalence of diabetes has been steadily increasing over the past few decades. According to the World Health Organization, the global prevalence of diabetes among adults over 18 years of age has nearly doubled. The International Diabetes Federation estimated that by 2045, approximately 629 million people, which is around 1 in 10 adults, will be living with diabetes globally. This rising burden of diabetes can primarily be attributed to the increasing trends of obesity, physical inactivity, and unhealthy diet across both developed and developing nations. As diabetes leads to significant health complications if not managed properly, with regular monitoring of blood glucose levels an absolute necessity. The increasing patient base is likely to directly contribute to the growing demand for diabetic testing and lancing devices.

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Continuous efforts towards innovation and advancement by leading manufacturers have transformed these devices to become more convenient, effective and painless. Some of the key developments that have enhanced user experience include adjustable depth settings to control puncture depth, softer needle tips for reduced pain, improved ergonomics for one-handed operation, automatic release of needles for safe disposal and data connectivity features. In recent years, manufacturers have also started focusing on miniaturization and greater portability to encourage compliance. These ongoing enhancements are lowering the barriers for regular self-monitoring and helping generate higher acceptance amongst patients. With manufacturers expected to further refine existing technologies and develop smart solutions integrated with digital health platforms, demand is likely to stay robust as users continuously upgrade to new devices offering enhanced features and experience.