Published: January 2020 | Report Code: LS12012 | Available Format: PDF | Pages: 240
The lancet market value was $830.3 million in 2019, and the market is predicted to progress at a CAGR of 9.5% between 2020 and 2030. The rising incidence of chronic diseases, increasing usage of lancets for testing for allergies, implementation of government policies aimed at promoting the adoption of single-use lancets, and increasing prevalence of needlestick injuries and infections are the main factors fueling the expansion of the market.
In 2019, the safety category contributed the higher revenue to the market for lancets, under the type segment. This was because of their ability to massively reduce the chances of infection in patients. Moreover, these lancets are designed for automatically retracting after pricking the skin, in order to prevent the occurrence of infections and injuries. Besides this, these lancets eliminate the need for a lancing device, as they can be directly used for drawing capillary blood.
In the forthcoming years, the glucose testing category, under the application segment, is expected to register the fastest growth. This is credited to the growing incidence of diabetes around the world. As regular blood sugar tracking is required to regulate the administration of external insulin, for keeping this disease under control, its growing prevalence is pushing driving the lancet market.
The 28 category is predicted to dominate the market for lancets, under the gauge size segment, till 2030. This is attributed to the fact that these needles, because of their smaller diameter, do not cause much pain and still draw an adequate amount of blood. These needles are being extensively used for managing diabetes, which is further boosting the advance of this category.
From 2020 to 2030, the market is expected to exhibit the fastest growth in the hospitals and clinics category, under the end user segment, due to the surging requirement for lancets on account of the increasing pool of chronic disease patients at these places. Furthermore, the number of hospitals and clinics is growing rapidly, thereby propelling the category’s advance.
North America was the largest lancet industry across the globe from 2014 to 2019, primarily because of the presence of a large geriatric population, rapid technological advancements, and high incidence of chronic diseases in the region. According to the Centers for Disease Control and Prevention (CDC), in the U.S., over 34 million suffer from diabetes.
The adoption of lancets in the homes of patients is one of the key trends currently being witnessed in the lancet market. This is subsequently fueling the demand for lancets that are easier to use and handle than the ones used in hospitals and clinics. Many industry players are developing easy-to-use lancets on account of the growing requirement for them, especially among geriatric people suffering from diabetes. Moreover, players are launching home-use, simple, and point-of-care-testing (POCT) lancets for monitoring blood glucose levels.
The OneTouch UltraSoft developed by LifeScan Inc. is one of the easy-to-use lancets that are widely being utilized for testing the blood glucose levels in homecare settings.
The growing incidence of chronic diseases is one of the major factors fueling the usage of lancets across the world. The growing prevalence of cardiovascular diseases (CVDs), diabetes, cancer, and chronic obstructive pulmonary disease (COPD) is pushing up the usage of minimally invasive blood-drawing devices, such as lancets. The World Health Organization (WHO) says that COPD is responsible for the death of 3 million people every year, and more than 235 million people on this planet are currently suffering from asthma.
Similarly, CVDs claim the lives of 17.9 million people, while 9.6 million die of cancer every year. Lancets are being heavily used for diagnosing these diseases right at the initial stages, so that the mortality rate can be reduced.
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.
|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|
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
In 2019, the lancet market valued $830.3 million.
The safety lancet category is expected to continue dominating the market in the coming years. This can be attributed to the high demand for safety lancets across the world, because these are intended for single use, which minimizes the risk of infections.
The market is expected to witness the fastest growth in APAC during 2020–2030.
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