The Global Safety Lancet Market share is expected to reach USD 2.30 billion with expanding at a CAGR of 11.8% over the forecast period (2017-2023). Safety lancets are nothing but retractable needles which reduce risk of prevent accidental pricks and infection. It is globally recognized and accepted due to its various convenient characteristics that give it an edge over the traditional vein puncture methods. These features include, easy handling, painless vein puncture and safety while using.
safety lancet market is expected to witness significant growth due to growing geriatric population, rise in awareness regarding advanced technology, increase in the prevalence of chronic diseases such as diabetes, hyperlipidemia, dyslipidemia and increase in reimbursement policies. However increasing inclination towards healthcare, improving medical device regulation, growing government support, increasing research and development activities in surgical equipment, and rising healthcare spending are additional factors driving the safety lancet market growth.
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On the contrary, high cost of the product and lack of patient awareness are factors that may impede the safety lancet market growth over the forecast period.
Safety lancets are single-use, sterile devices that are intended for capillary blood samplings. It has an extensive range of applications including allergy tests, coagulation tests, HIV, blood group test, and HBO screening test, cholesterol test, blood group test, capillary blood micro sampling, and different blood-based tests. no risk of cross-infection, No risk of sharp injuries, pre-set, easy to use, cost-effective, and no needle loading, and removal are some of the benefits of using safety lancets. Safety lancets are ideal for “on the go testing” as it needs no loading as well as can be done with only one hand. Using safety lancets while travelling is an ideal choice and needs fewer supplies. It can be tried on flights, trains, cruises, or driving trips.
Safety Lancet Market Key Players:
Leading players profiled in the safety lancet market report include Dickinson and Company, Sarstedt AG & Co., Improve Medical Technology Co. Ltd, F. Hoffmann-La Roche AG, Becton, HTL-STREFA S.A., Terumo Medical Corporation, Bayer AG and others. Key players have acquired some strategies such as acquisition, mergers, product development, and innovation to create a niche in the market.
Safety Lancet Market Segmentation:
The segmental analysis of the safety lancet market based on the type and end user.
By type, the safety lancet market is segmented into
- side button safety lancet
- pressure activated safety lancet
- push-button safety lancet
Of these, the push-button safety lancet segment will dominate the market over the forecast period.
By end user, the safety lancet market is segmented into
- diagnostic centers,
- home diagnostics,
- pathology laboratories
Among these, the hospitals and clinics segment will lead the market over the forecast period.
Safety Lancet Market Regional Analysis:
Based on the region, the safety lancet market report covers the latest trends and growth opportunities across the Asia Pacific (APAC), Europe, North America, and the Middle East and Africa (MEA). Of these, Europe will spearhead the market over the forecast period. This is owing to the growing need and demand for safe blood glucose tests in hospitals and clinics and diagnostic centers coupled with an increase in insulin users. It is predicted to touch USD 1,032.7 million. Germany, France, and the UK are the key contributors in this region.
The safety lancet market in North America is predicted to have a faster growth over the forecast period owing to the testing of newborn babies for diseases being mandatory under the budget-friendly healthcare act. The US is the key contributor in this region.
The safety lancet market in the Middle East and Africa is predicted to have a steady growth over the forecast period owing to low healthcare expenditure and poor economic conditions in Africa.
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