Diabetes mellitus is a metabolic disorder caused due to high blood glucose level. This condition occurs due to absence of insulin, a hormone responsible for regulating blood sugar.
Global Diabetic Lancing Devices Market: Introduction
Diabetes mellitus is a metabolic disorder caused due to high blood glucose level. This condition occurs due to absence of insulin, a hormone responsible for regulating blood sugar. The WHO projects that diabetes will be the seventh leading cause of death by 2030.
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An estimated 4 million people die annually from complications associated with diabetes. Therefore, if the current trend associated with the prevalence of diabetes continues in the next few years, the number of diabetic patients across the globe would be quite significant after a decade. Rise in prevalence of diabetes is expected to result in increase in demand for devices and products to monitor and control the disease, eventually leading to increased consumption of lancets.
Lancets are the most commonly used alternative devices to obtain blood samples. These devices are easily accepted globally due to convenient characteristics that provide an advantage over traditional methods used for vein puncture. The important features of lancets are easy handling, painless vein puncture, and safety while using. Major applications of lancets are HIV screening tests, capillary blood micro sampling and cholesterol test, coagulation tests, blood group tests, hemoglobin, allergy tests, and other blood-based tests.
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Key Drivers of Global Diabetic Lancing Devices Market
Rise in Prevalence of Diabetes
According to the World Health Organization (WHO), the number of people with diabetes has risen from 108 million in 1980 to 422 million in 2014. The global prevalence of diabetes among adults over 18 years of age has risen from 4.7% in 1980 to 8.5% in 2014. Diabetes prevalence has been rising rapidly in middle- and low-income countries. Diabetes is a major cause of blindness, kidney failure, heart attack, stroke, and lower limb amputation.
In 2016, an estimated 1.6 million deaths were directly caused by diabetes. Another 2.2 million deaths were attributable to high blood glucose in 2012. Nearly half of all deaths attributable to high blood glucose occur before the age of 70 years. The WHO estimated that diabetes was the seventh leading cause of death in 2016.
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Rise in Prevalence of Obesity
According to the WHO, global prevalence of obesity has nearly tripled since 1975. In 2016, over 1.9 billion adults, 18 years and older, were overweight. Of these, over 650 million were obese. Around 39% adults aged 18 years and above were overweight in 2016, and 13% were obese. Most of the world’s population lives in countries where overweight and obesity kills more people than underweight. About 40 million children under the age of five were overweight or obese in 2018. Over 340 million children and adolescents aged five to 19 were overweight or obese in 2016.
North America to Account for Major Share of Global Diabetic Lancing Devices Market
- North America is projected to account for major share of the global Diabetic Lancing Devices market during the forecast period. The market in the region is anticipated to grow at a rapid pace in the next few years due to increase in research & development and technologically advanced products being introduced in the market. Europe is expected to be the second largest market during the forecast period owing to advanced facilities provided by the hospital infrastructure in the region.
- The Diabetic Lancing Devices market in Asia Pacific is likely to expand at a high CAGR during the forecast period owing to the dense population and high birthrate
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Key Players Operating in Global Diabetic Lancing Devices Market
The global Diabetic Lancing Devices market is highly consolidated owing to the presence of small number of key players. Leading players operating in the global Diabetic Lancing Devices market include:
- Abbott Laboratories
- B. Braun Melsungen AG
- Bayer AG
- Becton Dickinson
- Eli Lilly and Company
- F. Hoffmann-La Roche AG
- HTL-STREFA S.A
- Medtronic
- Novo Nordisk A/S Owen Mumford Ltd.
- Sanofi
- Sarstedt AG & Co
- Terumo Corporation
- Ypsomed Holding AG
- Greiner Bio One
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