Blood Sugar Lancets Market Overview
Diabetes is a global scourge that is largely due to our modern day, fast-paced lifestyle. According to the International Diabetes Federation, 415 million adults were living with this disease in the year 2015, which is a sharp rise from 108 million in 1980. This corresponds to roughly 8.5% of the global population or one in eight adults. While it was largely seen in developed countries initially, the prevalence has unfortunately risen much faster in low and middle-income countries in recent times. While diabetics would fret over researching the correct insulin pumps or glucose meters, how many would consider devices in the blood sugar lancet market with the attention required? Most people use the device that comes along with their glucose meter, but these are also sold as a separate device.
A blood sugar lancet is a small medical device used in capillary blood sampling. It looks similar to a scalpel but has a double-edged needle or blade. Blood sugar lancets are used to make minuscule punctures to obtain blood samples and are mostly disposable. The blood sugar lancet market is a part of the global diabetes market as they are commonly used to measure blood glucose levels. The depth of the skin to be penetrated can be adjusted for various levels of skin thickness. Some devices can even be used to measure the acid base status of an unborn foetus.
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Blood Sugar Lancets Market Drivers & Restraints
As per the International Diabetes Federation, it is estimated that nearly 642 million people will suffer from diabetes by the year 2040. This amounts to nearly 1 in 10 adults. They are anticipated to be the biggest driver of the blood sugar lancet market in the coming decade. Diabetes is far more likely to occur in obese or senior citizens in any country. Western countries are already troubled by both these health predicaments. There is also an increasing number of both type 1 and type 2 cases of diabetes being reported in children and thus, governments will be under increasing pressure to tackle the issue head one. The blood sugar lancet market will allow people to monitor their glucose level, keep it under control and take the medication as and when required.
The second driver of the blood sugar lancet market is the reimbursement options available, especially in developed countries. These devices are typically replaced every six to eight months which makes them expensive in the long run. Thus, patients prefer health insurance plans that cover most of the device expenditure. These plans also provide coverage for glucose test strips, glucose meters and diabetes testing supplies. In the U.S. alone, Medicare covers almost 80% of the cost of blood glucose monitoring devices like blood sugar lancets. The American Association of Diabetes Educators has also published a reimbursement procedure for primary caregivers, which categorically states that Medicare will reimburse medical service costs of diabetic patients.
A key challenge in the blood sugar lancet market is a lack of patient awareness. The International Diabetes Federation estimates that almost one in two cases will remain undiagnosed. A person dies approximately every six seconds and 12% of global healthcare expenditure i.e. $673 billion is spent on treating diabetes. Diabetes can be a life-threatening disease if not properly treated. However, if it is, a patient can almost lead a completely normal life, with very few restrictions. Governments must educate their citizens about the disease and the self-monitoring of blood glucose with the help of devices like blood sugar lancets.Â
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Blood Sugar Lancets Market Key Market PlayersÂ
Some of the blood sugar lancets market key players are Abbott, Baye, LifeScan, and Roche. Between themselves, they account for a lionâs share of the entire blood glucose device market. (SMBG). Other companies include AgaMatrix, Dexcom, Nova Biomedical and Integrity Applications, DarioHealth International Biomedical, and Medisana.
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