The global lancets market is anticipated to cross USD 1,695.8 million by 2025, growing at a lucrative CAGR of over 12.0% from 2019-2025. Rising number of diabetic patients as well as increasing number of home-based testing procedures is anticipated to drive the market growth in coming years. The Centers for Medicare and Medicaid Programs (CMS) released a Point of Care and Infection Prevention Assessment and Evaluation Memorandum in nursing homes describing the usage of lancet tools for more than one individual as failure requirements for infection control.
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The global lancets market is growing at a significant pace owing to the high adoption of disposable blood lancets for painless diagnosis of diseases such as blood sugar, fat, hemoglobin, and others. Likewise, disposable lancet reduces the blood transfusion and infection-related risks, which also responsible for the growth of the global lancets market. However, a low understanding of home care lancet in developed countries is expected to impede market development. On the opposite, the promising regulatory outlook has an optimistic effect on the demand development of blood lancets, generating profitable prospects in the near future.
Adroit Market Research report on global lancets market gives a holistic view of the market from 2015 to 2025, which includes factors such as market drivers, restraints, opportunities, challenges and regulatory scenario. The market has been studied for historic years from 2015 to 2017, with the base year of estimation as 2018 and forecast from 2019 to 2025. The report covers the current status and future traits of the market at global as well as country level. In addition, the study also assesses the market competition with Porter’s five forces analysis and positions the key players based on their product portfolio, geographic footprint, strategic initiatives and overall revenue. Prominent players operating in the global lancets market have been studied in detail.
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Therefore, single-use lancets, which reduce the likelihood of spreading bloodborne pathogens arising from repeated usage by patients, will include language in the packaging that defines the system as “one use only” and instructs for proper disposal. Blood lancet systems intended for repeated usage will also have user-validated guidelines for the cleaning and disinfection of the reusable lancet product base after and patient uses it. Manufacturers of blood lancets with a reusable tool base and single-use lancet blades will have guidelines for the proper disposal of single-use lancet blades in the packaging, including directions for usage and published, illustrated and graphic content accompanying the blood lancet unit.
Factors driving demand growth include a rise in the occurrence of infectious and non-contagious diseases, an increase in the prevalence of diabetes, and an increase in the tendency towards home treatment and home diagnosis. Diagnostic blood testing is the most known medical procedure among vast range of medical decisions. Numbers of different organizations are making it faster, cleaner, and more effective to obtain blood samples.
With the growing prevalence of diabetes, the market for lancets is projected to be high, resulting in an increasing demand for technologies as well as goods to track and regulate diabetes, potentially leading to expanded use of lancets. Increasing government spending and technical developments in diabetes care are projected to boost the market. It is expected that the launch of technologically innovative products and quicker product approvals will strengthen demand growth during the forecast era.
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The launch of high-speed lancing devices enhances market growth due to their characteristics, such as maximum skin penetrating force and minimal wound area. These machines minimize pain in patients and reduce the healing time for the wound. Factors such as increased demand for home treatment, high prevalence of infectious diseases, and increased knowledge of innovative diabetes control products are leading to market growth.
In terms of regional markets, Asia Pacific is likely to develop as the most lucrative market by the end of the forecast period. Increasing awareness regarding product availability coupled with launch of low cost products owing to ease in regulations in developing countries is anticipated to drive the demand for lancets within the region. In India, the incidence of diabetes has risen significantly over the past 40 years. Around 3% of the population residing in urban areas was diabetic in the early 1970s. Which increased to 11.2% in 2017 according to a survey of 15 states in India. As of now, the prevalence of prediabetes in general was 10.3% such growth is anticipated to increase the demand for lancets in coming years. Improving healthcare infrastructure coupled with NGO’s working to promote disease awareness in rural parts of the country is likely to benefit the market growth in near future.
Key vendors in the market include Becton, Dickinson and Company, Terumo Corporation¸ Roche Diagnostics, Ypsomed, SteriLance Medical, ARKRAY, and many more.
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Key segments of the global lancets market
Type Overview, 2015-2025 (USD Million)
- Safety Lancets
- Push-Button Lancets
- Side-Button Lancets
- Pressure-Activated Lancets
- Personal Lancets
Application Overview, 2015-2025 (USD Million)
- Glucose Testing
- Coagulation Testing
- Haemoglobin Testing
Regional Overview, 2015-2025 (USD Million)
- North America
- United Kingdom
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
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