Lancets have witnessed a surge in popularity in recent years, primarily driven by their widespread use in glucose or diabetes testing, heel-stick screening tests, infant tests, severely burned patients, and emergency patients with scars. The market for lancets has experienced exponential growth due to the rising incidence of non-contagious diseases such as diabetes and contagious diseases that require blood sampling. The increasing prevalence of these conditions necessitates regular monitoring, creating a significant demand for lancets as a vital tool for blood sample collection and testing, contributing to the market's remarkable expansion.
According to Data Bridge Market Research, the Global Lancets Market is expected to reach the value of USD 1927.33 million by the year 2029, at a CAGR of 11.86% during the forecast period of 2022 to 2029
“Increase in the prevalence of chronic diseases surge market demand"
An increase in the prevalence of chronic diseases such as diabetes, hyperlipidemia, and dyslipidemia as well as a rise in the popularity of home care diagnostics are the main factors fueling the growth of the blood lancets market. The increased use of disposable blood lancets for painless blood sugar, hemoglobin, fat level, and other essential blood component diagnosis is another factor driving market expansion. The market for blood lancets is expanding as a result of disposable lancets' reduced risk of infection and blood transfusion.
What restraints the growth of the global lancets market?
"Lack of awareness can impede the market growth”
The lack of awareness among the general population about the importance of regular blood glucose monitoring and the proper use of lancets is a significant issue. Many individuals may not fully comprehend the significance of monitoring their blood glucose levels for managing conditions like diabetes. Additionally, they may lack knowledge about the appropriate techniques for using lancets, which can affect the accuracy and effectiveness of blood glucose testing. This lack of awareness poses a challenge in promoting the widespread adoption and growth of the lancets market.
Segmentation: Global Lancets Market
The lancets market is segmented on the basis of type, application and end user.
- On the basis of type, the lancets market is segmented into safety lancets, personal lancets
- On the basis of application, the lancets market is segmented into glucose testing, haemoglobin testing, coagulation testing, and other applications
- On the basis of end user, the lancets market is segmented into hospitals and clinics, home care settings, and other end users.
Regional Insights: North America dominates the Global Lancets Market
North America's significant market share in blood lancets can be attributed to several factors. The region benefits from widespread usage and easy accessibility of blood lancets for medical purposes. Moreover, the United States is experiencing a rapid increase in diabetes prevalence, driving the demand for lancets as they are commonly used for blood glucose testing. This trend is expected to continue throughout the forecast period, further solidifying North America's dominance in the market.
The Asia-Pacific region is projected to experience rapid growth in the blood lancets market due to several factors. The region is witnessing a rise in the incidence of chronic diseases like diabetes and high cholesterol, driving the demand for lancets. Additionally, emerging economies such as India and China are witnessing increased demand for advanced healthcare services, further fueling the growth of the blood lancets market in the Asia-Pacific region, contributing to its global market expansion.
To know more about the study, visit, https://www.databridgemarketresearch.com/reports/global-lancets-market
Recent Developments in Global Lancets Market
- In 2017, The Freestyle Libre Flash, a Glucose Monitoring System from Abbott Laboratories that helped adults monitor their blood sugar or glucose levels, received approval from the US Food and Drug Administration. Through the provision of cutting-edge products, this helped the company build a stronger portfolio.
- In 2017, HTL-STREFA S.A. gave safety lancets to the Polish organization GLOBAL-MED. Ambulans-z-serca, or Ambulance from the Heart, was the name of the initiative that helped provide free glucose screenings in moving vehicles at various healthcare events. Growing its customer base, the business hoped to solidify its position as the dominant brand in the world market
. The Prominent Key Players Operating in the Global Lancets Market Include:
- BD (U.S.)
- F. Hoffmann-La Roche Ltd (Switzerland)
- Ypsomed AG (Switzerland)
- B. Braun Melsungen AG (Germany)
- Terumo Medical Corporation (Japan)
- Owen Mumford Ltd (U.K.)
- HTL-STREFA S.A. (Poland)
- ARKRAY, Inc (Japan)
- Sarstedt AG & Co. KG (Germany)
- SteriLance Medical (Suzhou) Inc. (China)
- Medline Industries, Inc. (U.S.)
- Intrinsyk, LLC (U.S.)
- Nipro Corporation (Japan)
- Abbott (U.S.)
- Improve Medical (China)
- LifeScan, Inc. (U.S.)
- AgaMatrix (U.S.)
- Smiths Group PLC (U.K.)
Above are the key players covered in the report, to know about more and exhaustive list of global lancets market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Lancets Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by dbmr research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include vendor positioning grid, market time line analysis, market overview and guide, company positioning grid, company market share analysis, standards of measurement, global vs regional and vendor share analysis. Please request analyst call in case of further inquiry.
