Global Specialty Lancets Market, By Application (Blood Glucose Testing, Hemoglobin Testing, Cholesterol Testing, Coagulation Testing, Others), Type (Length Under 1mm, Length 1-1.5mm, Length 1.5-2mm, Length Above 2mm), End Use (Hospitals, Clinics, Home Care, and Others), Products (Safety Lancets, Standard Lancets, and Specialty Lancets) - Industry Trends and Forecast to 2029.
Specialty Lancets Market Analysis and Size
Lancets are typically used for emergency patients, new-born screening tests, diabetic or glucose tests, and tests on children. The market is expanding due to the rise in infectious disease patients, whilst the advancement of home healthcare diagnostic tools is fuelling this expansion. Additionally, the market is expected to grow because of the increase in the geriatric population, which is typically vulnerable to diabetes disorders.
Data Bridge Market Research analyses that the specialty lancets market which was USD 3.9 billion in 2021, would rocket up to USD 6.03 billion by 2029, and is expected to undergo a CAGR of 5.60% during the forecast period 2022 to 2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes in-depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.
Specialty Lancets Market Scope and Segmentation
|
Report Metric
|
Details
|
|
Forecast Period
|
2022 to 2029
|
|
Base Year
|
2021
|
|
Historic Years
|
2020 (Customizable to 2014 - 2019)
|
|
Quantitative Units
|
Revenue in USD Billion, Volumes in Units, Pricing in USD
|
|
Segments Covered
|
Application (Blood Glucose Testing, Hemoglobin Testing, Cholesterol Testing, Coagulation Testing, Others), Type (Length Under 1mm, Length 1-1.5mm, Length 1.5-2mm, Length Above 2mm), End Use (Hospitals, Clinics, Home Care, and Others), Products (Safety Lancets, Standard Lancets, and Specialty Lancets)
|
|
Countries Covered
|
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
|
|
Market Players Covered
|
Abbott (U.S.), B.Braun Melsungen AG (Germany), ARKRAY, Inc. (Japan), Terumo Corporation (Japan), I-SENS, Inc. (South Korea), Nipro Medical Corporation (Japan), Omron Corporation (Japan), AgaMatrix (U.S.), Smiths Group plc (U.S.), SARSTEDT AG& CO. KG (Germany), Yu Yue medical (China), Greiner Bio One International GmbH (Austria), EDAN Instruments, Inc. (China), Jiangsu huida medical instruments co. Ltd (China)
|
|
Market Opportunities
|
|
Market Definition
Lancets are pricking instruments used to collect blood samples for analysis. Patients with cardiovascular and endocrine-related problems are using lancets more frequently. These tools are used for cholesterol and glucose testing, heel stick screening tests, phenylketonuria (PKU) tests in infants and emergency patients who have been severely burned or scarred, who are excessively obese, and who have a history of thrombotic tendencies.
Global Specialty Lancets Market Dynamics
Drivers
- Rising prevalence of diabetes
According to data from 2019, there are 12 million adults over 65 who have diabetes, by 2030, that figure is expected to rise to 18 million. The prevalence and incidence of type 1 diabetes are both rising. Between 0 and 14 years old, there are 15.9 new cases of type 1 diabetes, and the prevalence is 95.6. (in thousands). These are some of the factors which propel the growth of the market.
Furthermore, the prevalence of diabetes is rising, and a variety of products are readily available, which is promoting market expansion.
- Increasing number infectious patients
The number of patients seeking medical attention at the infectious diseases clinic has increased along with the rise of new COVID-19 cases. The market is expanding as a result of elements such the growing choice for at-home care, the high prevalence of infectious diseases, and rising consumer knowledge of cutting-edge diabetes treatment solutions.
Currently, the clinic is providing medical care to the patients, and also they are receiving oxygen therapy. This will boost the market’s growth.
Opportunities
- Technological developments
The market is expected to be driven by and technological improvements and increasing government spending in the field of diabetes management. The introduction of technologically sophisticated items and faster product approvals during the forecast period are expected to boost market growth.
The cost of managing diabetes places a significant financial strain on economies and healthcare systems. The International Diabetes Federation (IDF) estimates that the yearly cost of diabetes to be about USD 12 billion, or 10.0% of the entire annual budget.
Additionally, the market is expanding as a result of technological developments and the introduction of cutting-edge lancing equipment goods.
Restraints/Challenges
The increasing restriction and regulations in procedures will obstruct the market's growth rate.
This specialty 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 specialty 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.
Global Specialty Lancets Market Scope
The specialty lancets market is segmented on the basis of type, application, products 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.
Application
- Blood Glucose Testing
- Hemoglobin Testing
- Cholesterol Testing
- Coagulation Testing
- Others
Type
- Length Under 1mm
- Length 1-1.5mm
- Length 1.5-2mm
- Length Above 2mm
End Use
- Hospitals
- Clinics
- Home Care
- Others
Products
- Safety Lancets
- Standard Lancets
- Specialty Lancets
Specialty Lancets Market Regional Analysis/Insights
The specialty lancets market is analysed and market size insights and trends are provided by country, type, application, products and end user as referenced above.
The countries covered in the specialty 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 dominates the specialty lancets market due to the rising number of patients of older aged and infectious diseases.
Asia-Pacific is expected to grow at the highest growth rate in the forecast period of 2022 to 2029 due to improving healthcare sector with rising economies in countries such as China, Japan, and India.
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 specialty 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 specialty lancets market, impact of technology using life line curves and changes in healthcare regulatory scenarios and their impact on the specialty lancets market. The data is available for historic period 2010-2020.
Competitive Landscape and Specialty Lancets Market Share Analysis
The specialty 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 specialty lancets market.
Some of the major players operating in the specialty lancets market are:
- Abbott (U.S.)
- B.Braun Melsungen AG (Germany)
- ARKRAY, Inc. (Japan)
- Terumo Corporation (Japan)
- I-SENS, Inc. (South Korea)
- Nipro Medical Corporation (Japan)
- Omron Corporation (Japan)
- AgaMatrix (U.S.)
- Smiths Group plc (U.S.)
- SARSTEDT AG& CO. KG (Germany)
- Yu Yue medical (China)
- Greiner Bio One International GmbH (Austria)
- EDAN Instruments, Inc. (China)
- Jiangsu huida medical instruments co. Ltd (China)
SKU-