Global Lancets Market, By Type (Safety Lancets, Personal Lancets), Application (Glucose Testing, Haemoglobin Testing, Coagulation Testing, Other Applications), End User (Hospitals and Clinics, Home Care Settings, Other End Users) – Industry Trends and Forecast to 2029
Market Analysis and Size
In recent years, lancets have recently gained popularity due to their use in glucose or diabetes testing, heel-stick screening tests, infant tests, severely burned patients, and scarred emergency patients. The market has grown exponentially as the incidence of non-contagious and contagious diseases has increased.
- Data Bridge Market Research analyses that the 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. The growing awareness among physicians and patients about the benefits of using lancets will have a direct impact on the growth of the lancets market.
Market Definition
A blood lancet is a medical instrument with a double-edged blade that is similar to a scalpel. The blade is used to puncture the skin in order to collect blood samples, which are then used to diagnose diseases such as diabetes, hyperlipidemia, and dyslipidemia. Diabetic patients frequently use these lancets to monitor their blood glucose levels. A blood lancet is a disposable medical device used to collect capillary blood samples. Furthermore, blood lancets are used in home healthcare as well as clinics and pathology labs to confirm an individual's blood group.
Lancets Market Dynamics
Drivers
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The increase in chronic diseases is driving the market growth
The major factors driving the blood lancets market growth are an increase in the prevalence of chronic diseases such as diabetes, hyperlipidemia, and dyslipidemia, as well as an increase in the preference for home care diagnostics. Furthermore, the increased use of disposable blood lancets for painless diagnosis of blood sugar, haemoglobin, fat level, and other vital blood components drives market growth. Disposable lancets reduce the risk of blood transfusion and infection transmission, contributing to the growth of the blood lancets market.
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Government investments for healthcare awareness
Rising government spending and technological advances in diabetes management are expected to drive the market. During the forecast period, the introduction of technologically advanced products and faster product approvals are expected to boost market growth.
Opportunities
On the contrary, a promising regulatory scenario has a positive impact on the growth of the blood lancets market, resulting in lucrative opportunities in the near future.
Restraints/Challenges
Unfavorable reimbursement policies and the risks associated with blood transfusion are restraining the growth of the lancets market during the forecast period.
This Lancets market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the Lancets market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Recent Development
- The US Food and Drug Administration approved Abbott Laboratories' innovation, The Freestyle Libre Flash, which was Glucose Monitoring Systems that helped monitor glucose or sugar levels in adults, in October 2017. This aided the company in developing a better portfolio by offering advanced products.
- HTL-STREFA S.A. donated safety lancets to GLOBAL-MED, a Polish organisation, in August 2017. This initiative was known as Ambulans-z-serca, or Ambulance from the Heart, and it assisted in providing free glucose screenings in moving vehicles at various healthcare events. The company intended to strengthen its global market dominance by expanding its customer base.
Global Lancets Market Scope
The Lancets market is segmented on the basis of type, application and end user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Type
- Safety Lancets
- Personal lancets
Based on type, lancets market is segmented into safety lancets and personal lancets. Safety lancets have been further segmented into push-button lancets, pressure-activated lancets and side-button lancets.
Application
- Glucose Testing
- Haemoglobin Testing
- Coagulation Testing
- Other Applications
Based on application, lancets market has also been segmented into glucose testing, haemoglobin testing, coagulation testing and other applications.
End User
- Hospitals
- Clinics
- Home care setting
- others
Lancets market has also been segmented based on the end user into hospitals & clinics, home care settings, other end users.
Lancets Market Regional Analysis/Insights
The lancets market is analysed and market size insights and trends are provided by country, type, application and end user as referenced above.
The countries covered in the lancets market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America accounted for a significant market share and is expected to maintain this trend throughout the forecast period. This is due to the widespread use and accessibility of blood lancets in this region. Furthermore, the prevalence of diabetes is rising rapidly in the United States. The Asia-Pacific region is expected to grow rapidly during the forecast period, owing to an increase in the incidence of diabetes, high cholesterol, and other chronic diseases. Furthermore, rising demand for advanced healthcare services in emerging economies such as India and China is propelling the Asia-Pacific blood lancets market forward. As a result, the aforementioned factors contribute to the region's global blood lancets market growth.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Healthcare Infrastructure growth Installed base and New Technology Penetration
The lancets market also provides you with detailed market analysis for every country growth in healthcare expenditure for capital equipment, installed base of different kind of products for Lancets market, impact of technology using life line curves and changes in healthcare regulatory scenarios and their impact on the Lancets market. The data is available for historic period 2010-2020.
Competitive Landscape and Lancets Market Share Analysis
The lancets market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to lancets market.
Some of the major players operating in the lancets market are BD, F. Hoffmann-La Roche Ltd, Ypsomed AG, B. Braun Melsungen AG, Terumo Medical Corporation, Owen Mumford Ltd, HTL-STREFA S.A., ARKRAY, Inc, Sarstedt AG & Co. KG, SteriLance Medical (Suzhou) Inc., Medline Industries, Inc., Intrinsyk, LLC., Nipro., Abbott., Improve Medical, LifeScan, Inc., AgaMatrix, Smiths Group PLC, among others.
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