The new report by Expert Market Research titled, ‘Global Lancets Market Analysis, Size, Share, Growth, Trends, Report and Forecast 2023-2028’, gives an in-depth analysis of the global lancets market, assessing the market based on its segments like types, end use, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2020): USD 850 Million
- Forecast CAGR (2023-2028): 12%
- Forecast Market Size (2026): USD 1702.2 Million
Increasing incidences of diabetes and high infectious diseases globally is driving the growth of lancets market, coupled with surge in use of disposable blood lancets for painless diagnosis of blood sugar level, hemoglobin, fat level, and other essential blood components.
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High incidences of infectious diseases requiring blood testing for diagnosis and therapy also contributes to the market growth. Disposable lancets prevent the risk of blood transfusion and infection transmission.
Developing economies like India and China are anticipated to provide growth possibilities during the forecast period owing to factors like increasing healthcare sector, increasing geriatric population, fast financial development, and increased awareness of diabetes treatment.
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Lancets Industry Definition and Major Segments
Lancet is a fine, pointed knife or needle that is used to prick the skin. It is generally a small medical implement used for blood sugar monitoring or capillary blood sampling.
Blood lancet is a disposable medical device that finds its applications in home healthcare and in clinics or pathology labs to confirm an individual’s blood group or disease.
By types, the market is divided into:
- Safety Lancets
- Push-Button Lancets
- Pressure-Activated Lancets
- Personal Lancets
The market can be classified on the basis of its application into:
- Glucose Testing
- Haemoglobin Testing
- Coagulation Testing
- Other Applications
On the basis of end use, the industry is divided into:
- Hospitals and Clinics
- Home Care Settings
The global markets of logistics automation can be divided into:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
Lancets Market Trends
Rising prevalence of diabetes and increasing awareness about the same in people is driving the lancets market. Diabetes is a major public health problem, the prevalence of chronic, noncommunicable diseases is increasing at an alarming rate.
The reasons for the escalation in diabetes globally are increased insulin resistance, stronger genetic factors, environmental factors particularly associated with urbanisation, physical inactivity resulting in obesity and dietary alterations.
Diabetes can be a major cause of blindness, kidney failure, heart attacks, stroke, lower limb amputation and others. In developing countries, there is a growing incidence of Type 2 Diabetes at a younger age including some children even before puberty. Most people with diabetes are above the age of retirement in developed countries.
Key Market Players
The major players in the market are Becton, Dickinson and Company, Roche Diagnostics Ltd., Ypsomed Holding AG, B. Braun Melsungen AG, Terumo Corporation, Owen Mumford Ltd, HTL-Strefa S.A, Arkray Inc., Sarstedt AG and Co. KG, Sterilance Medical (Suzhou) Inc., Medline Industries Inc, and Intrinsyk LLC.
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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