Global Lancets Market Insights Forecasts to 2032
- The Global Lancets Market Size was valued at USD 2.08 Billion in 2022.
- The Market Size is Growing at a CAGR of 11.6% from 2022 to 2032.
- The Worldwide Lancets Market size is expected to reach USD 6.28 Billion by 2032.
- Asia Pacific is expected To Grow the fastest during the forecast period.
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The Global Lancets Market Size is expected to reach USD 6.28 Billion by 2032, at a CAGR of 11.6% during the forecast period 2022 to 2032.
Lancets are small, disposable medical instruments used to draw blood samples in a variety of healthcare situations. They are frequently used in home blood glucose monitoring for diabetics, as well as in other medical procedures that need a tiny blood sample. Lancets are made out of a tiny, sharp needle or blade that is securely encased in a plastic or metal casing. The lancets market has grown significantly over the years, driven by factors such as rising diabetes incidence, increased demand for self-monitoring devices, and developments in lancet technology. Lancets provide a more comfortable and less painful means to collect blood samples, making them a vital tool for diabetics who require frequent blood glucose monitoring. In addition, the growing incidence of diabetes and the rising popularity of self-monitoring devices, the expanding elderly population, the high prevalence of chronic illnesses, and the increasing desire for painless lancets are driving the increasing demand for lancets.
This research report categorizes the global lancets market based on various segments and regions and forecasts revenue growth and analyses trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the global lancets market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the global lancets market. Technological innovation and advancement will further optimize the performance of the product, enabling it to acquire a wider range of applications in the downstream market.
Global Lancets Market Report Coverage
|Market Size in 2022:||USD 2.08 Billion|
|Forecast Period 2022-2032 CAGR:||11.6%|
|2032 Value Projection:||USD 6.28 Billion|
|Historical Data for:||2018-2021|
|No. of Pages:||200|
|Tables, Charts & Figures:||110|
|Segments covered:||By Product, By Application, By Region.|
|Companies Covered:||Becton, Dickinson and Company, F. Hoffmann-La Roche Ltd., B. Braun SE, Abbott Laboratories, Greiner Bio-One International GmbH, Ypsomed, Terumo Corporation, Medline Industries, Inc., Intrinsyk, LLC., and Nipro.|
|Pitfalls & Challenges:||COVID-19 Empact, Challenge, Future, Growth, & Analysis|
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The primary drivers driving the growth of the blood lancets market include an increase in the incidence of chronic illnesses such as diabetes, hyperlipidemia, and dyslipidemia, as well as a desire for home care diagnostics. Furthermore, the increased use of disposable blood lancets for painless blood sugar, hemoglobin, fat content, and other essential blood components drives market growth. Disposable lancets lower the danger of blood transfusion and infection transmission, helping to drive the blood lancets market forward. Also. the market is likely to be driven by rising government spending and technological breakthroughs in diabetes control. During the projected period, the launch of technologically sophisticated items and speedier product approvals are likely to drive market growth.
The lancets market would be restrained by unfavorable reimbursement policies and the dangers associated with blood transfusion during the projected period.
- In 2022, the safety lancets segment is influencing the market with the largest market share over the forecast period.
Based on the product, the global lancets market is segmented into safety lancets, standard lancets, & specialty lancets. Among these segments, the safety lancets segment is dominating the market with the largest revenue share during the forecast period due to due to its characteristics such as simple availability, cost, and little infection risk. Furthermore, safety lancets are the most often used option for at-home diabetes monitoring and are used in hospitals and clinics. Because of their exposed needles, safety lancets are also portable. The specialty lancets category is predicted to expand the quickest throughout the projection period. The segment's expansion is mostly due to strong patient compliance, particularly in the older group.
- In 2022, the 28 segment is dominating the largest market share during the forecast period.
Based on the gauge, the global lancets market is bifurcated into different categories such as 28, 30, & 33. Among these segments, the 28 segment is dominating the market during the forecast period. This is because, due to their reduced diameter, these needles do not cause much discomfort while yet drawing an acceptable volume of blood. These needles are widely utilized for diabetes management, which accelerates the advancement of this category.
- In 2022, the blood glucose testing segment is dominating the largest market share during the forecast period.
Based on the application, the global lancets market is segmented into blood glucose testing, hemoglobin testing, cholesterol testing, coagulation testing, and others. Throughout these segments, blood glucose testing is dominating the market during the projection period due to the rising prevalence of diabetes and increased awareness of blood glucose self-monitoring. According to the International Diabetes Federation, roughly 463 million people today have diabetes, with this figure anticipated to rise to 700 million by 2050. The increasing prevalence of impaired blood glucose in both type 1 and type 2 patients is also contributing to sector growth.
The cholesterol testing sector is predicted to increase at a rapid pace during the projected period. The increased popularity of cholesterol testing kits in the home is projected to drive category expansion. One of the primary aspects driving category development is increased awareness of preventative healthcare.
Regional Segment Analysis of the lancets market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and the Rest of South America)
- The Middle East and Africa (UAE, South Africa, Rest of MEA)
North America led the market with the largest market revenue during the forecast period
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North America is influencing the significant market growth during the forecast period owing to the big patient pool and good reimbursement policies. The increased frequency of new product releases, together with rising healthcare expenditure in the area, is contributing to regional market growth.
Asia Pacific is expected to experience high revenue market growth during the forecast period because of improved healthcare infrastructure and the availability of a big patient pool that requires a diagnostic test for treatment. Moreover, the rising prevalence of infectious illnesses such as arboviral infections such as dengue, Zika, West Nile, malaria, and chikungunya is driving up demand for lancing devices.
The report offers the appropriate analysis of the key organizations/companies involved within the global lancets market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.
List of Key Companies
- Dickinson and Company
- F. Hoffmann-La Roche Ltd.
- B. Braun SE
- Abbott Laboratories
- Greiner Bio-One International GmbH
- Terumo Corporation
- Medline Industries, Inc.
- Intrinsyk, LLC.
Key Target Audience
- Market Players
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
- In March 2023, Astellas Pharma announced cooperation with Roche Diabetes Care Japan Co., Ltd. to develop and sell the world-renowned Accu-Chek Guide Me blood glucose monitoring system with increased accuracy as a combined medical product with BlueStar.
- In 2022, BD completed the separation of Embecta Corp., which owns BD's former Diabetes Care division and is one of the world's leading diabetes management firms.
This study forecasts revenue at global, regional, and country levels from 2022 to 2032. Spherical Insights has segmented the Global Lancets Market based on the below-mentioned segments:
Global Lancets Market, By Product
- Safety Lancets
- Standard Lancets
- Specialty Lancets
Global Lancets Market, By Gauge Size
Global Lancets Market, By Application
- Blood Glucose Testing
- Hemoglobin Testing
- Cholesterol Testing
- Coagulation Testing
Lancets Market, By Regional Analysis
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
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