Lancets Market: Global Industry Analysis and Forecast (2022-2027) by Type, Application, End User, and Region

Lancets Market size was valued at US$ 1,015.75 Mn. in 2021 and the total revenue is expected to grow at a CAGR of 12.4% through 2022 to 2027, reaching nearly US$ 2,048.26 Mn.

Lancets Market Overview:

Blood is obtained using finger-stick blood samplers (lancet devices) for blood sugar testing (glucose). A "lancet holder," which resembles a little pen, and a lancet, which is the sharp point or needle that is placed in the holder, are the two pieces of these devices. The lancets are used only once. The Lancets Market is expected to reach at US$ 2,048.26 Mn. by 2027. Glucose Testing, Haemoglobin Testing, and Coagulation Testing are some of the applications of the Lancets. Lancets Market To know about the Research Methodology:- Request Free Sample Report

Lancets Market Dynamics:

Lancets are used for diabetes or glucose testing, baby tests, heel-stick screening tests, and scarred emergency patients or individuals who have been severely burned. The rising incidence rate of contagious and non-contagious diseases, the rising prevalence of diabetes, and the growing preference for home care and home diagnostics are all factors driving market growth. During the forecast period, however, the risk of blood transfusion and the poor reimbursement scenario in developing nations are expected to restrain market growth during the forecast period. The need for lancing devices is increasing due to the growing geriatric population and the increased frequency of chronic diseases. According to the World Health Organization, the global elderly population is expected to grow from 962 million in 2017 to 2.1 billion in 2050. The market is expected to be driven by rising government spending and technological improvements in the field of diabetes management. During the forecast period, the introduction of technologically sophisticated items and faster product approvals are expected to boost market growth. Diabetes management is a significant financial strain on economies and healthcare systems. Diabetes costs roughly USD 12 billion every year, according to the International Diabetes Federation (IDF), or 10% of the total yearly budget. Furthermore, technological advancements and the introduction of new products in the field of lancing devices are boosting lancets market growth during the forecast period. One of the most popular medical procedures is diagnostic blood testing, which accounts for 70-80% of all medical choices. Many businesses are developing new methods for collecting blood samples that are safer, easier, and more efficient. Due to features such as maximal skin-piercing force and minimal wound area, the introduction of high-speed lancing devices is driving market growth. Patients' pain is relieved, and recovery time is reduced, due to these devices.

Lancets Market Segment Analysis:

Based on the Type, the market is segmented into Safety Lancets, and Personal Lancets. Safety Lancets segment is expected to grow rapidly at a CAGR of xx% during the forecast period 2022-2027. Because of its advantages, such as ease of access, low cost, and low risk of infection Furthermore, in hospitals and clinics, safety lancets are the preferred choice for in-home diabetic monitoring. Safety lancets have the added virtue of being portable due to their exposed needles. Accidental sticks are avoided with the use of safety lancets. Infectious disease dissemination is less likely with retractable needles. For health care providers or family members who are testing blood glucose for someone else, this is a top priority. They're ideal for usage in doctor's offices, health fairs, public screenings, and school function screenings, as well as diabetes education programmes, clinic screenings, and hospital screenings, nursing homes, independent living health care centres, and home health care workers. Safety lancets obtain an adequate amount of blood with a single stick, which reduces strip waste, lowers expenses, and eliminates the need to re-prick your finger. Safety lancets have a fast speed, cause less pain, prevent errors, are ergonomically constructed, and have a nice grip. (It fits comfortably in the palm of the hand.) Because there is no needle loading and no exposed needle to dispose of, they are ideal for persons who are visually impaired. Based on the Application, the market is segmented into Blood Glucose Testing, Haemoglobin Testing, Coagulation Testing, and Other Applications. Blood Glucose Testing segment is expected to grow rapidly at a CAGR of xx% during the forecast period 2022-2027. Because of the rising prevalence of diabetes and increased awareness of blood glucose self-monitoring. According to the International Diabetes Federation, roughly 463 million people worldwide suffer from diabetes, with that figure anticipated to rise to 700 million by 2050. The rising incidence of impaired blood glucose in both type 1 and type 2 patients is also contributing to the growth of the Blood Glucose Testing segment. Lancets Market 1 Based on the End User, the market is segmented into Hospitals & Clinics, Home Care Settings, and Other End Users. Hospitals & Clinics segment is expected to hold the largest market share of xx% by 2027. This is due to factors such as the rising frequency of infectious diseases and the increased number of diabetic patients who require blood testing kits. Furthermore, the cost of diagnostic testing in the hospital is higher than homecare, resulting in higher market revenue. Home Care Settings segment is expected to grow rapidly at a CAGR of xx% during the forecast period 2022-2027. The growth can be due to a variety of causes, including increased knowledge of blood glucose self-monitoring and the availability of numerous lancet devices on the market. Furthermore, because testing blood glucose levels at home is inexpensive, more patients are opting to monitor their blood glucose levels at home. Furthermore, improvements in patient self-care employing lancet devices around the world are driving segment growth during the forecast period.

Lancets Market Regional Insights:

North America region is expected to dominate the Lancets market during the forecast period 2022-2027. North America region is expected to hold the largest market share of xx% by 2027. Because of the huge patient pool and excellent reimbursement policies in the North America region. The rising frequency of new product launches in the region, combined with rising healthcare expenditure, is driving market growth. According to the International Diabetes Federation, the region accounts for 43 percent of all diabetes-related health spending. Asia Pacific is expected to grow rapidly at a CAGR of xx% during the forecast period 2022-2027. This is due to improved healthcare infrastructure and the presence of a vast patient pool that requires a diagnostic test for treatment in this region. The demand for lancing devices is increasing as the incidence of infectious diseases such as dengue, Zika, West Nile, malaria, and chikungunya rises in the region. Furthermore, the rising COVID-19 outbreak in China is driving up need for diagnostic testing in the region. Lancets Market 2 The objective of the report is to present a comprehensive analysis of the Global Lancets Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants. PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market has been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers. The reports also help in understanding the Global Lancets Market dynamic, structure by analyzing the market segments and project the Global Lancets Market size. Clear representation of competitive analysis of key players by Type, price, financial position, product portfolio, growth strategies, and regional presence in the Global Lancets Market make the report investor’s guide.

Lancets Market Scope: Inquire before buying

Global Lancets Market
Report Coverage Details
Base Year: 2021 Forecast Period: 2022-2027
Historical Data: 2017 to 2021 Market Size in 2021: US $ 1,015.75 Mn.
Forecast Period 2022 to 2027 CAGR: 12.4% Market Size in 2027: US $ 2,048.26 Mn.
Segments Covered: by Type • Safety Lancets • Personal Lancets
by Application • Blood Glucose Testing • Haemoglobin Testing • Coagulation Testing • Other Applications
by End User • Hospitals & Clinics • Home Care Settings • Other End Users

Lancets Market, by Region

• North America • Europe • Asia Pacific • South America • Middle East and Africa

Lancets Market Key Players

Becton, Dickinson and Company • Roche Diagnostics • Ypsomed Holding • B. Braun Melsungen • Terumo Corporation • Owen Mumford • HTL-Strefa S.A • Arkray • Sarstedt • Sterilance Medical (Suzhou) • Medline Industries • Intrinsyk • I-SENS • Nipro • Omron • Infopia • Bayer AG • Abbott Laboratories

Frequently Asked Questions:

1] Which region is expected to hold the highest share in the Lancets Market? Ans. North America is expected to hold the highest share in the Lancets Market. 2] Who are the top key players in the Lancets Market? Ans. Becton, Dickinson and Company, Roche Diagnostics, Ypsomed Holding, B. Braun Melsungen, and Terumo Corporation are the top key players in the Lancets Market. 3] Which segment holds the largest market share in the Lancets market by 2027? Ans. Hospitals & Clinics segment hold the largest market share in the Lancets market by 2027. 4] What is the market size of the Lancets market by 2027? Ans. The market size of the Lancets market is expected to reach US $2,048.26 Mn. by 2027. 5] What was the market size of the Lancets market in 2021? Ans. The market size of the Lancets market was worth US $1,015.75 Mn. in 2021.
1. Global Lancets Market: Research Methodology 2. Global Lancets Market: Executive Summary 2.1 Market Overview and Definitions 2.1.1. Introduction to Global Lancets Market 2.2. Summary 2.1.1. Key Findings 2.1.2. Recommendations for Investors 2.1.3. Recommendations for Market Leaders 2.1.4. Recommendations for New Market Entry 3. Global Lancets Market: Competitive Analysis 3.1 MMR Competition Matrix 3.1.1. Market Structure by region 3.1.2. Competitive Benchmarking of Key Players 3.2 Consolidation in the Market 3.2.1 M&A by region 3.3 Key Developments by Companies 3.4 Market Drivers 3.5 Market Restraints 3.6 Market Opportunities 3.7 Market Challenges 3.8 Market Dynamics 3.9 PORTERS Five Forces Analysis 3.10 PESTLE 3.11 Regulatory Landscape by region • North America • Europe • Asia Pacific • The Middle East and Africa • South America 3.12 COVID-19 Impact 4. Global Lancets Market Segmentation 4.1 Global Lancets Market, by Type (2022-2027) • Safety Lancets • Personal Lancets 4.2 Global Lancets Market, by Application (2022-2027) • Blood Glucose Testing • Haemoglobin Testing • Coagulation Testing • Other Applications 4.3 Global Lancets Market, by End User (2022-2027) • Hospitals & Clinics • Home Care Settings • Other End Users 5. North America Lancets Market (2022-2027) 5.1 Global Lancets Market, by Type (2022-2027) • Safety Lancets • Personal Lancets 5.2 Global Lancets Market, by Application (2022-2027) • Blood Glucose Testing • Haemoglobin Testing • Coagulation Testing • Other Applications 5.3 Global Lancets Market, by End User (2022-2027) • Hospitals & Clinics • Home Care Settings • Other End Users 5.4 North America Lancets Market, by Country (2022-2027) • United States • Canada • Mexico 6. Europe Lancets Market (2022-2027) 6.1. Europe Lancets Market, by Type (2022-2027) 6.2. Europe Lancets Market, by Application (2022-2027) 6.3. Europe Lancets Market, by End User (2022-2027) 6.4. Europe Lancets Market, by Country (2022-2027) • UK • France • Germany • Italy • Spain • Sweden • Austria • Rest Of Europe 7. Asia Pacific Lancets Market (2022-2027) 7.1. Asia Pacific Lancets Market, by Type (2022-2027) 7.2. Asia Pacific Lancets Market, by Application (2022-2027) 7.3. Asia Pacific Lancets Market, by End User (2022-2027) 7.4. Asia Pacific Lancets Market, by Country (2022-2027) • China • India • Japan • South Korea • Australia • ASEAN • Rest Of APAC 8. South America Lancets Market (2022-2027) 8.1. South America Lancets Market, by Type (2022-2027) 8.2. South America Lancets Market, by Application (2022-2027) 8.3. South America Lancets Market, by End User (2022-2027) 8.4. South America Lancets Market, by Country (2022-2027) • Brazil • Argentina • Rest Of South America 9. Middle East and Africa Lancets Market (2022-2027) 9.1 Middle East and Africa Lancets Market, by Type (2022-2027) 9.2. Middle East and Africa Lancets Market, by Application (2022-2027) 9.3. Middle East and Africa Lancets Market, by End User (2022-2027) 9.4. Middle East and Africa Lancets Market, by Country (2022-2027) • South Africa • GCC • Egypt • Nigeria • Rest Of ME&A 10. Company Profile: Key players 10.1. Becton, Dickinson and Company 10.1.1. Company Overview 10.1.2. Financial Overview 10.1.3. Global Presence 10.1.4. Capacity Portfolio 10.1.5. Business Strategy 10.1.6. Recent Developments 10.2. Roche Diagnostics 10.3. Ypsomed Holding 10.4. B. Braun Melsungen 10.5. Terumo Corporation 10.6. Owen Mumford 10.7. HTL-Strefa S.A 10.8. Arkray 10.9. Sarstedt 10.10. Sterilance Medical (Suzhou) 10.11. Medline Industries 10.12. Intrinsyk 10.13. I-SENS 10.14. Nipro 10.15. Omron 10.16. Infopia 10.17. Bayer AG 10.18. Abbott Laboratories

About This Report

Report ID 31935
Category Healthcare
Published Date July 2019
Updated Date March 2022
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