The report “Lancets Market by Type (Safety Lancets (Push button, Pressure Activated, Side Button), Personal Lancets), Application (Glucose Testing, Hemoglobin Testing), End User (Hospital, Clinic, Homecare), Region – Global Forecast to 2024″, the lancing devices market is projected to grow at a CAGR of 12.4% during the forecast period to reach USD 1,442 million by 2024 from USD 804 million in 2019.
The Growth in the lancets market is mainly driven by the growing prevalence of diabetes and the high prevalence of infectious diseases across the globe. In addition, emerging markets such as India and China are expected to offer growth opportunities for players operating in the market during the forecast period. However, the risk of needlestick injuries, the reuse of lancets, and the poor reimbursement scenario in developing countries are restricting the growth of this market.
Recent Developments
- In 2018, HTL-STREFA expanded its storage capacity in Leczyca by almost 50%, with an equivalent of 3,550 m2 additional storage space.
- In 2018, HTL-STREFA was acquired by Investindustrial. This acquisition helped the companies partner for diabetes management, thus serving an extensive customer base.
- In 2017, Owen Mumford opened its new facility in Malaysia to strengthen and accelerate the growth of the company in the Asia Pacific region.
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The Safety Lancet is expected to be the most widely used type of the lancets market
The safety lancets accounted for the largest market share in 2018. This is primarily be attributed to the advantages associated with safety lancets such as their ease of use, the capability to prevent needlestick injuries and cross-contamination, and painlessness of vein puncture. In line with this, According to PharmaJet, in the US, around 600,000 to 800,000 needlestick injuries are reported every year. This is expected to increase the demand of safety lancets.
The Glucose testing segment is expected to account for the largest share of the lancets market application
The glucose testing segment accounted for the largest share of the lancing devices market, by application, in 2018. This is primarily due to the increasing prevalence of diabetes, and the need for its prevention and management. For instance, according to the International Diabetes Federation (IDF), in 2017, there were almost 425 million people suffering from diabetes worldwide, and this figure is expected to increase to 629 million by 2045. The growing prevalence of diabetes has resulted in the increased adoption of lancets to effectively handle the growing patient pool.
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Asia Pacific to dominate the lancets market during the forecast period
In 2018, North America dominated the market, followed by Europe. Increasing prevalence of diabetes and favorable reimbursement scenario in the region are the factors propelling the growth of the market in the region.
The Asia Pacific region is projected to register the highest growth rate in the global lancing devices and lancets market during the forecast period. This is primarily attributed to the rapid economic growth, rising awareness about diabetes treatment, rising geriatric population in China and India, and Japan’s growing healthcare industry.
Global Key Leaders:
Prominent players in the lancets market are Becton, Dickinson and Company (US), Roche Diagnostics (Switzerland), Ypsomed (Switzerland), B. Braun Melsungen (Germany), Terumo Corporation (Japan), Own Mumford (UK), HTL-STREFA S.A (Poland), ARKRAY (Japan), Sarstedt (Germany), and SteriLance Medical (Suzhou) (China).
The Research Study involved the extensive use of both primary and secondary sources.
The research process involved the study of various factors affecting the industry to identify the segmentation types, industry trends, key players, competitive landscape, key market dynamics, and key player strategies.According MarketsandMarkets™ Research – The report “Lancets Market by Type (Safety Lancets (Push button, Pressure Activated, Side Button), Personal Lancets), Application (Glucose Testing, Hemoglobin Testing), End User (Hospital, Clinic, Homecare), Region – Global Forecast to 2024″, the Lancing Devices & Lancets Market is projected to grow at a CAGR of 12.4% during the forecast period to reach USD 1,442 million by 2024 from USD 804 million in 2019.The Growth in the market is mainly driven by the growing prevalence of diabetes and the high prevalence of infectious diseases across the globe.
In addition, emerging markets such as India and China are expected to offer growth opportunities for players operating in the lancets market during the forecast period.
However, the risk of needlestick injuries, the reuse of lancets, and the poor reimbursement scenario in developing countries are restricting the growth of this market.Request Research Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=86063487Safety Lancet is expected to be the most widely used type of the lancets.The safety lancets accounted for the largest market share in 2018.
This is primarily be attributed to the advantages associated with safety lancets such as their ease of use, the capability to prevent needlestick injuries and cross-contamination, and painlessness of vein puncture.
The growing prevalence of diabetes has resulted in the increased adoption of lancets to effectively handle the growing patient pool.Geographical View in-detailed:North America dominated the lancets market, followed by Europe.
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The new report by Expert Market Research titled, ‘Global Lancets Market Report and Forecast 2021-2026’, gives an in-depth analysis of the global lancets market, assessing the market based on its segments like types, end use, and major regions.
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.Explore the full report with the table of contents@ https://www.expertmarketresearch.com/reports/lancets-marketIndustry Definition and Major SegmentsLancet is a fine, pointed knife or needle that is used to prick the skin.
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 LancetsPush-Button LancetsPressure-Activated LancetsPersonal LancetsThe market can be classified on the basis of its application into:Glucose TestingHaemoglobin TestingCoagulation TestingOther ApplicationsOn the basis of end use, the industry is divided into:Hospitals and ClinicsHome Care SettingsOthersThe global markets of logistics automation can be divided into:North AmericaEuropeAsia PacificLatin AmericaThe Middle East and AfricaMarket TrendsRising prevalence of diabetes and increasing awareness about the same in people is driving the lancets market.
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.
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 PlayersThe 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.
