Home Use Lancing Devices Market By Type (Standard Lancet, Safety Lancet, Others) , By Application (Glucose Testing, Cholesterol Testing, Others) By Distribution Channel (Online Channel, Offline Channel) : Global Opportunity Analysis and Industry Forecast, 2024-2033
Home Use Lancing Devices Market
The home use lancing devices market was valued at $359.5 million in 2023 and is projected to reach $537.8 million by 2033, growing at a CAGR of 4.1% from 2024 to 2033.
A home use lancing device is a hand-held blood sampling instrument that measures blood glucose levels. It is a minimally invasive device that makes a small incision on the skin to draw out blood. The design of the device is similar to a pen that houses a small, sterile needle or lancet to puncture the skin, along with a trigger mechanism to release it. The key benefits of a home use lancing device include its convenience, cost-effectiveness, adjustable depth, and ease of use.
Increase in the prevalence of diabetes has fueled the need for regular diagnosis, driving the growth of the home use lancing devices market. In addition, advancements in the design of the device have enhanced the user-friendliness and precision of blood extraction, thereby augmenting the market development. The transition of lancing devices into smart equipment is a prominent trend anticipated to dominate the market in coming years. The integration of the device with mobile applications and digital health platforms is projected to enhance decision-making and facilitate the provision of instant cure in case of emergencies.
However, the recurrent cost of purchasing disposable lancets deters several individuals from investing in the equipment, hampering the development of the home use lancing devices market. Furthermore, high saturation of the market reduces profit margin and restrains the market growth significantly. On the contrary, exponential growth in the number of individuals suffering from diabetes is anticipated to present lucrative opportunities for market expansion. According to the International Diabetes Federation, the cases of diabetes are projected to increase by 46% by 2045. Approximately 783 million individuals are expected to be living with diabetes in the future. This is poised to fuel the adoption of home use lancing devices, opening new avenues for market growth.
Segment ReviewThe home use lancing devices market is segmented into type, application, distribution channel, and region. On the basis of type, the market is divided into standard lancet, safety lancet, and others. Depending on application, it is classified into glucose testing, cholesterol testing, and others. As per distribution channel, it is bifurcated into online channel and offline channel. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key FindingsOn the basis of type, the safety lancet segment dominated the market in 2023.
Depending on application, the glucose testing segment held a high share of the market in 2023.
As per distribution channel, the online channel segment acquired a high stake in the market in 2023.
Region wise, North America was the highest revenue generator in 2023.
Competition AnalysisThe leading players operating in the global home use lancing devices market include Medtronic Plc, Integra Lifesciences Corporation, Unilife Corporation, LifeScan, Novo Nordisk A/S, Owen Mumford Ltd., Ypsomed AG, F. Hoffmann-La Roche Ltd., Terumo Corporation, and ARKRAY Inc. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships to strengthen their foothold in the competitive market.
Key Market SegmentsBy TypeStandard Lancet
Safety Lancet
Others
By ApplicationGlucose Testing
Cholesterol Testing
Others
By Distribution ChannelOnline Channel
Offline Channel
By RegionNorth America
U.S.
Canada
Mexico
Europe
France
Germany
Italy
Spain
UK
Rest of Europe
Asia-Pacific
China
Japan
India
South Korea
Australia
Rest of Asia-Pacific
LAMEA
Brazil
South Africa
Saudi Arabia
Rest of LAMEA
Key Market PlayersMedtronic Plc
Integra Lifesciences Corporation.
Unilife Corporation
LifeScan
Novo Nordisk A/S
Owen Mumford Ltd
Ypsomed AG
F. Hoffmann-La Roche Ltd
Terumo Corporation
ARKRAY Inc