Major players in the lancing devices and equipment market are Abbott laboratories, B. Braun Melsungen AG, Terumo Corporation, F. Hoffmann-La Roche AG and LifeScan. The global lancing devices and equipment market is expected to grow from $0.
New York, May 04, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Lancing Devices And Equipment Global Market Report 2021: COVID 19 Impact and Recovery to 2030" - https://www.reportlinker.com/p06067931/?utm_source=GNW
31 billion in 2020 to $0.42 billion in 2021 at a compound annual growth rate (CAGR) of 35.5%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $0.51 billion in 2025 at a CAGR of 5%.
The lancing devices and equipment market consists of sales of lancing devices and equipment and related services. These devices are used to prick the skin to obtain blood samples for testing glucose levels.
Lancing devices and equipment manufacturers are governed by regulatory bodies such as the Food and Drug Administration Act (FDA) in the USA.For instance, in the USA, Section 510(k) of the Food, Drug and Cosmetic Act requires manufacturers of lancing devices to register their device with the FDA and notify their intent to market the device at least 90 days before the actual marketing of the device.
This period of 90 days allows FDA to classify the device among three prescribed classes (Class I, II or III). The FDA also laid down regulations regarding the application of section 510(K) in case of advancements, or changes made to the lancing device.
In October 2018, investment firm Platinum equity acquired Lifescan for $2.1 billion. Lifescan is headquartered in Switzerland and was incorporated in 1887. Lifescan develops and manufactures products for people with diabetes which include lancets, blood glucose meters, testing strips and others. The company serves approximately 20 million patients in more than 90 countries.
Rising prevalence of diabetes is driving the market for lancing devices and equipment as more people depend on lancing devices to test blood glucose levels.Lancing devices are used by diabetics to obtain samples of blood for testing glucose levels in it.
According to the International Diabetes Federation, in 2019, around 463 million adults had diabetes and the number is expected to reach 700 million by 2045. This growth in the number of diabetic patients is expected to increase the demand for lancing devices and equipment, thereby driving market growth.
Recalls of defective lancing devices is acting as a restraint on the lancing devices and equipment market.A product recall is done by the manufacturer or regulatory body as a precautionary measure when safety issues or defects are discovered that can endanger the consumer.
Lancing devices and equipment penetrate the skin and come in direct contact with blood inside the body.Any defect in the product can infect the blood causing risk to the patient’s life.
For instance, the ACCU-CHECK FastClix Lancing Device by Roche Diagnostics Operations Inc. was recalled by the Food and Drug Administration (FDA) as the needle of the lancet utilized in a finger stick may not completely retract back into the lancet drum as it was intended to. Such recalls discourage product use and affect growth of the market.
Lancing device manufacturers are increasingly using custom vacuum technology in lancing devices to minimize pain from poking.Lancing devices that use this technology create a shallow puncture on the skin without hitting the deeper pain nerves and blood is pulled up by vacuum.
For example, the Genteel Lancing device is a vacuum blood drawing lancing device which draws blood from the capillaries and can be used on different sites on the body apart from fingers.
Read the full report: https://www.reportlinker.com/p06067931/?utm_source=GNW
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.
CONTACT: Clare: email@example.com US: (339)-368-6001 Intl: +1 339-368-6001