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Safety Bifurcation Holds Larger Share in Lancet Market
Valuing $830.3 million in 2019, the global lancet market is projected to experience a CAGR of 9.5% during the forecast period (2020–2030). The growing prevalence of chronic diseases, rising adoption of such instruments for the testing of allergies, initiatives aimed at promoting single-use lancets, and surging incidence of needlestick infections and injuries are the major factors driving the market.
Segmentation Analysis of Lancet Market
The safety bifurcation, under segmentation by type, held larger share in the lancet market in 2019, on account of the fact that these variants are meant for a single use. Because they minimize the risk of contracting an infection, the demand for them is rapidly rising around the world. Moreover, safety lancets are designed to automatically retract after the prick, which further prevents injuries. Another advantage of such products is that they entail no requirement for a lancing device and can be used directly to draw blood from the capillaries.
During the forecast period, the glucose testing category, on the basis of application, is predicted to grow the fastest in the lancet market. This is attributed to the rising prevalence of diabetes across the world; the hormonal disorder requires regular tracking of the blood sugar, so that the amount of the external insulin being administered can be regulated, for effective management.
The 28 classification, based on gauge size, would continue dominating the lancet market till 2030. This would be because, being a needle of small diameter, it does not cause much pain, but still draws adequate blood. Additionally, the surging adoption of 28 gauge size needles for diabetes management would propel the advance of this classification in the coming years.
During 2020–2030, the lancet market would display the highest CAGR in the hospitals and clinics division, under the end user segment, as a result of the high footfall of patients suffering from chronic diseases at these places, for whom lancets are required in high numbers. Further, the number of these medical centers is swiftly increasing around the world, which is another reason for this division’s fast advance in the industry.
North America generated the highest revenue in the market during the historical period (2014–2019), due to the surging geriatric population, technological advancements, and increasing prevalence of chronic diseases in the region. As per the Centers for Disease Control and Prevention (CDC), more than 34 million people in the U.S. suffer from diabetes.
Usage of Lancets in Homecare Settings Is Trending in Market
The key trend currently being witnessed in the lancet market is the rising adoption of such instruments in homecare settings. This is leading to the rapid adoption of lancets which are easier to use for individuals, than those utilized in clinics and hospitals. With market players catering to the demands of customers, these instruments are gaining widespread popularity among the elderly, especially diabetics. Market players are offering simple, home-use, point-of-care-testing (POCT) lancets for blood glucose monitoring and other purposes. One of the numerous such devices being used for testing the level of blood glucose in homecare settings is OneTouch UltraSoft by LifeScan Inc.
|Market Size by Segments||Type, Application, Gauge Size, End User|
|Market Size of Geographies||U.S., Canada, Germany, France, U.K., Italy, Spain, Russia, Poland, Netherlands, Belgium, Switzerland, Sweden, Finland, Norway, China, India, Japan, Australia, Thailand, South Korea, Indonesia, Singapore, Brazil, Mexico, Argentina, Chile, Peru, Saudi Arabia, South Africa, U.A.E., Israel|
|Market Players||F. Hoffmann-La Roche Ltd., Abbott Laboratories, Terumo Corporation, B. Braun Melsungen AG, Becton, Dickinson and Company, Medline Industries Inc., LifeScan IP Holdings LLC, AgaMatrix Inc., HTL-STREFA S.A., Owen Mumford Limited, Trividia Health Inc., Ascensia Diabetes Care Holdings AG, ACON Laboratories Inc., SARSTEDT AG & Co. KG, Ypsomed Holding AG|
Growing Incidence of Chronic Diseases Is Most Important Market Driver
The most significant factor driving the growth of the lancet market around the world is the rising prevalence of chronic diseases. In particular, the increasing incidence of chronic obstructive pulmonary disease (COPD), cardiovascular diseases (CVDs), cancer, and diabetes has pushed the demand for minimally invasive blood-drawing devices, including lancets. As per the World Health Organization (WHO), 3 million die of COPD each year, and over 235 million are living with asthma. Similarly, CVDs kill 17.9 million people and cancer 9.6 million people each year. Lancets are being widely adopted for diagnosing such diseases in the early stages, so the mortality rate can be brought down, thereby resulting in the advance of the market.
Exclusive Distribution Agreements Characterize Market Competition
Numerous companies in the lancet market have signed distribution agreements with smaller firms, to augment their sales in regions beyond the reach of their direct sales channels.
For instance, in July 2019, Owen Mumford Ltd. signed an agreement with NIPRO Corporation, a company based in Osaka, to distribute its UniSafe springless devices in Japan.
In the same vein, in July 2018, Owen Mumford Ltd. acquired exclusive rights to sell the Simplitude Pro HIV rapid diagnostic HIV test across Europe.
The key players in the global lancet market are F. Hoffmann-La Roche Ltd., Abbott Laboratories, Terumo Corporation, B. Braun Melsungen AG, Becton, Dickinson and Company, Medline Industries Inc., LifeScan IP Holdings LLC, AgaMatrix Inc., HTL-STREFA S.A., Owen Mumford Limited, Trividia Health Inc., Ascensia Diabetes Care Holdings AG, ACON Laboratories Inc., SARSTEDT AG & Co. KG, and Ypsomed Holding AG.
Lancet Market Size Breakdown by Segment
The lancet market report offers comprehensive market segmentation analysis along with market estimates for the period 2014–2030.
Based on Type
Based on Application
Based on Gauge Size
Based on End User