Safety Lancet Market: Global Industry Analysis and Forecast (2023 -2029) Trends, Statistics, Dynamics, Segmentation by Type, Application, End User and Region

Safety Lancet Market size was valued at USD 1.59 Bn in 2022 and the total Safety Lancet revenue is expected to grow by 9.5 % from 2023 to 2029, reaching nearly USD 2.53 Bn.
Safety Lancet Market Overview:
The safety lancet market is a segment of the healthcare industry that focuses on the production and distribution of a single-use, sterile device designed for capillary blood sampling. These devices are similar to small scalpels, but they come equipped with a double-edged needle or blade that is used to make punctures, such as a fingerstick, to obtain blood specimens. Safety lancets are generally disposable, making them an ideal option for medical facilities and patients who prioritize safety and hygiene. In addition to being used for blood sampling, safety lancets are also utilized in skin testing procedures for detecting allergies. Diabetic patients also frequently use safety lancets to poke a small hole in their fingers to obtain a blood sample for glucose level testing. The needle on the lancet is very thin and tiny, which makes it prone to bending after a single use. This design feature makes safety lancets extremely safe as they need to be replaced after each use, reducing the risk of contamination and infection.

The safety lancet market is experiencing significant growth due to the rising prevalence of diabetes and infectious diseases globally. The use of lancets has become increasingly important in the healthcare industry for blood glucose monitoring, as well as for various diagnostic tests. The lancet market is driven by the growing demand for easy-to-use, single-use lancets that offer improved safety and convenience. The emerging markets such as India and China are expected to offer growth opportunities for companies operating in the lancet market during the forecast period. The increasing number of healthcare facilities in these countries and the growing awareness of healthcare among the population are expected to contribute to the growth of the lancet market. However, there are some factors that are hindering the growth of the market. The risk of needlestick injuries, which can lead to the transmission of infectious diseases, is a significant concern for healthcare workers who use lancets. In addition, the reuse of lancets is also a potential risk that can lead to infection. Therefore, the use of single-use lancets is becoming increasingly common.


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Safety Lancet Market Dynamics:
Competitive Landscape:

The Safety Lancet market is highly competitive. The major players are constantly focusing on innovative product launches to provide patients with safe and secure diagnosis. The presence of several players in the market is also creating opportunities for continuous development of lancet devices to maintain market presence. For Instance, Tasso received 510(k) clearance for its blood lancet in September 2022. The clearance positions Tasso to market a device that is intended to help meet the demand for remote testing services. Tasso+ is a product that collects blood at home, allowing users to click a button to release a lancet and begin blood collection after putting the device on their arm.

Other safety lancet market major players include Becton, Dickinson and Company (BD), F. Hoffmann-La Roche Ltd, Terumo Corporation, Abbott Laboratories, Sarstedt AG & Co. KG, and Greiner Bio-One International GmbH, among others. These players are engaged in research and development activities to provide innovative lancet devices that cater to the specific needs of patients. In addition, partnerships and collaborations are also common strategies among these players to expand their product portfolio and increase their market share. For instance, in February 2022, PTS Diagnostics partnered with Novo Nordisk to distribute its safety lancets in the United States, further expanding the reach of its product offerings. Overall, the safety lancet market is expected to remain competitive with the presence of established players and the entry of new players with innovative product offerings.
Safety Lancet Market Drivers
Rising Prevalence of Diabetes Driving Safety Lancet Market Growth

The safety lancet market is experiencing significant growth due to the rising global burden of diabetes, which is projected to double in the next 25 years. This trend is driven by the growing incidence of both type 1 and type 2 diabetes, which will significantly increase healthcare costs worldwide. The factors contributing to the increase in the diabetic population include obesity, smoking, a sedentary lifestyle, and growing urbanization. The diabetes incidence is higher in older populations, and as the global population ages, the number of people with diabetes is expected to increase further. As a result, the adoption of safety lancets is expected to rise during the forecast period as a safe and reliable method for capillary blood sampling for diabetic patients.

To meet this growing demand, major players in the safety lancet industry are focusing on innovative product launches that provide patients with a safe and secure diagnosis. Additionally, the presence of multiple players in the market is creating opportunities for continuous development of lancet devices to stay competitive. The rising prevalence of diabetes across the world is expected to continue to drive safety lancet market growth for safety lancets. However, factors such as the risk of needlestick injuries, the reuse of lancets, and poor reimbursement scenarios in developing countries may limit the market's potential growth. Overall, the safety lancet market is poised for significant expansion in the coming years as the global burden of diabetes continues to increase.

Technological advancements expected to drive the safety lancet market growth during the forecast period.

The safety lancet market has seen significant growth due to technological advancements in the design and manufacturing of lancets. Traditional lancets were simple, single-use devices with a sharp blade that would puncture the skin to collect a blood sample. However, with advancements in technology, safety lancets have become more sophisticated and safer to use. One of the technological advancements driving the safety lancet market growth is the development of retractable lancets. Retractable lancets have a mechanism that retracts the needle back into the lancet body after use, eliminating the risk of accidental needlestick injuries. These lancets are particularly popular in healthcare settings where healthcare professionals are at risk of needlestick injuries. Another technological advancement in the safety lancet market is the development of pre-loaded lancets. Pre-loaded lancets have a single-use needle that is pre-loaded into the device, eliminating the need for manual loading of the needle. These lancets are popular with patients who are uncomfortable with handling needles or are unable to load the needle due to physical limitations

In addition, lancets with alternate site testing (AST) capabilities have been developed, allowing patients to collect blood samples from areas other than the fingertip. AST lancets are particularly useful for patients who need to test their blood glucose levels frequently but have sensitive or calloused fingertips. Lancets with adjustable depth settings are also available, allowing users to adjust the depth of the puncture based on their skin thickness and pain tolerance. This feature has been especially useful for patients who have thin or sensitive skin. Overall, technological advancements have greatly improved the safety and efficacy of lancets, driving the growth of the safety lancet market. The industry is expected to continue to evolve with advancements in materials and manufacturing processes, making lancets even safer and more convenient for patients and healthcare professionals alike.
Safety Lancet Market Segment Analysis:
Based on Type

The safety lancet market can be segmented by type into two categories: safety lancets and personal lancets. Safety lancets are further classified into push-button safety lancets, pressure activated safety lancets, and side button safety lancets. In 2022, the safety lancet segment dominated the safety lancet market due to the increasing focus on patient safety and reducing the risk of needlestick injuries. Safety lancets are designed to prevent accidental pricks and eliminate the need for additional devices to dispose of the sharp waste. Push-button safety lancets are the most widely used type of safety lancet due to their ease of use and simple mechanism. These lancets have a spring-loaded mechanism that creates a puncture with a single click of a button.

Pressure-activated safety lancets are activated by the pressure of the puncture and are commonly used in hospitals and clinics. Side button safety lancets are similar to push-button safety lancets but have a different mechanism for puncture. Personal lancets are commonly used by patients who perform regular self-monitoring of blood glucose levels. They are available in various shapes and sizes and are generally disposable. The personal lancet segment is expected to grow in the coming years due to the increasing prevalence of diabetes and the need for regular blood glucose monitoring. In conclusion, the safety lancet market segmentation by type provides a clear understanding of the market trends and consumer behavior. The safety lancet segment dominates the market due to the increasing focus on patient safety, while the personal lancet segment is expected to grow due to the rising prevalence of diabetes.

Based on the Application

The safety lancet market is segmented by application into Blood Glucose Testing, Haemoglobin Testing, Cholesterol Testing, Coagulation Testing, and Other Applications. The Blood Glucose Testing segment dominates the market as the incidence of diabetes is increasing globally, and there is growing awareness about self-monitoring of blood glucose levels. The International Diabetes Federation reports that approximately 463 million people are currently living with diabetes, and this number is expected to reach 700 million by 2050, which is expected to drive the demand for lancets for blood glucose testing.

The Haemoglobin Testing segment is expected to witness steady growth rate during the forecast period owing to the rising prevalence of anemia and haemoglobin-related disorders. Anemia is a major public health problem globally, affecting over 2 billion people. Lancets are used to collect capillary blood for haemoglobin testing, and the growing demand for point-of-care testing is expected to drive the segment growth. The Cholesterol Testing segment is expected to witness lucrative growth during the forecast period. The growing trend of cholesterol testing kits in home settings is expected to boost the segment growth. Increasing awareness of preventive healthcare is one of the key factors fueling the segment growth

Based on End User

The safety lancet market is segmented by end-use into hospitals and clinics, diagnostic centers, home care, and others. Among these, the hospital segment dominated the market in 2022 and is expected to maintain its lead throughout the forecast period. The increasing incidence of infectious diseases and a large patient pool suffering from diabetes that requires blood testing kits are some of the factors contributing to the dominance of the hospital segment. Additionally, the cost of diagnostic testing in hospitals is higher than homecare, which generates greater revenue for the market. The home care segment is expected to witness the fastest growth during the forecast period. This growth can be attributed to the increasing awareness about self-monitoring of blood glucose and the availability of various lancet devices in the market. Moreover, measuring blood glucose levels at home is cost-effective, and more patients prefer to monitor their blood glucose levels at home.

The improvement in patient self-care using lancet devices globally is also propelling the growth of the home care segment during the forecast period. The diagnostic centers segment is expected to show significant growth due to the increasing number of diagnostic centers worldwide. These centers offer various diagnostic tests and procedures, including blood glucose testing, haemoglobin testing, and coagulation testing, among others. The growing prevalence of chronic diseases and the increasing demand for preventive healthcare are some of the factors contributing to the growth of the diagnostic centers segment, thereby driving the Safety Lancet Market growth. Lastly, the others segment includes academic and research institutes, blood banks, and nursing homes, among others. This segment is expected to witness moderate growth during the forecast period due to the increasing use of lancet devices in blood banks and nursing homes for blood collection and testing purposes. The use of lancet devices in academic and research institutes for laboratory purposes is also contributing to the growth of this segment. In conclusion, the safety lancet market's end-use segmentation analysis shows that the hospital segment dominates the market, but the home care segment is expected to witness the fastest growth during the forecast period. The diagnostic centers and others segments are also expected to show significant and moderate growth, respectively.
Safety Lancet Market Regional Insights:
The safety lancet market can be segmented by region into North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa. North America dominated the market in 2022 due to several factors such as the presence of a large patient pool and favorable reimbursement policies. The region is witnessing increasing frequency of new product launches, coupled with rising healthcare expenditure, which is adding to market growth. As per The International Diabetes Federation, 43% of the total diabetes-related health expenditure occurs in North America.

The Asia Pacific region is expected to expand at the fastest growth over the forecast period due to improving healthcare infrastructure and the presence of a large patient pool that requires diagnostic tests for treatment. The rising incidence of infectious diseases, including arboviral diseases such as dengue, Zika, West Nile, malaria, and chikungunya, is increasing the demand for lancing devices. Additionally, the increasing epidemic of COVID-19 in China is creating a high demand for diagnostic testing in the region. Europe is also expected to witness significant growth during the forecast period due to increasing healthcare expenditure, rising incidence of diabetes, and favorable reimbursement policies. The region is witnessing a shift towards home-based diagnosis and treatment, which is expected to further drive Safety Lancet Market growth.
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Safety Lancet Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2017 to 2022
Market Size in 2022:
USD 1.59 Bn


Forecast Period 2023 to 2029 CAGR:
9.5%
Market Size in 2029:
USD 2.53 Bn


 Segments Covered:
by Type
1. Safety Lancet
1.2 Push Button Lancet
1.3 Pressure activated lancet
1.4 Side Button Lancet
Personal Lancet


by Application
1. Blood Glucose Testing
Hemoglobin Testing
Cholesterol Testing
Coagulation Testing
Other Application


by End User
2.Hospitals & Clinics
Homecare Settings
Others



Safety Lancet Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Safety Lancet Market Key Players
1. Roche Diagnostics (Basel, Switzerland)
2. Abbott Laboratories (Illinois, United States)
3. Becton, Dickinson and Company (New Jersey, United States)
4. Terumo Medical Corporation (Tokyo, Japan)
5. Cardinal Health, Inc. (Ohio, United States)
6. Greiner Bio-One International GmbH (Frickenhausen, Germany)
7. HTL-STREFA S.A. (Ozorków, Poland)
8. Sarstedt AG & Co. KG (Nümbrecht, Germany)
9. Nipro Corporation (Osaka, Japan)
10.Improve Medical Technology Co. Ltd. (Guangzhou, China)
11.Simple Diagnostics (Florida, United States)
12.Ypsomed AG (Burgdorf, Switzerland)
13.Owen Mumford Ltd. (Oxfordshire, United Kingdom)
14.Arkray Inc. (Kyoto, Japan)
15.Perrigo Company plc (Dublin, Ireland)
16.Smiths Medical (Minnesota, United States)
17.Medline Industries, Inc. (Illinois, United States)
18.Omron Healthcare, Inc. (Kyoto, Japan)
19.F. Hoffmann-La Roche AG (Basel, Switzerland)
20.Trinity Biotech (Bray, Ireland)
21.Accu-Chek (Basel, Switzerland)
22.LifeScan, Inc. (Pennsylvania, United States)
23.Microdot Healthcare (Gyeonggi-do, South Korea)
24.MED TRUST Holding Co. (Riyadh, Saudi Arabia)
25.Nemaura Medical Inc. (Loughborough, United Kingdom)

Frequently Asked Questions:

1] What segments are covered in the Global Safety Lancet Market report?
Ans. The segments covered in the Safety Lancet Market report are based on Type, Application, End Users and Region.

2] Which region is expected to hold the highest share in the Global Safety Lancet Market?
Ans. The North America region is expected to hold the highest share of the Safety Lancet Market.

3] What is the market size of the Safety Lancet Market by 2029?
Ans. The market size of the Safety Lancet Market by 2029 is expected to reach US$ 2.5 Bn.

4] What is the forecast period for the Global Safety Lancet Market?
Ans. The forecast period for the Safety Lancet Market is 2023-2029.

5] What was the market size of the Safety Lancet Market in 2021?
Ans. The market size of the Safety Lancet Market in 2021 was valued at US$1.59 Bn.