According to the new market research report “Lancets Market by Type (Safety Lancets (Push button, Pressure Activated, Side Button), Personal Lancets), Application (Glucose Testing, Hemoglobin Testing), End User (Hospital, Clinic, Homecare), Region — Global Forecast to 2024”, published by MarketsandMarkets™, is projected to grow at a CAGR of 12.4% during the forecast period to reach USD 1,442 million by 2024 from USD 804 million in 2019.
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Factors such as the growing prevalence of diabetes and the high prevalence of infectious diseases are driving the growth of the Lancets Market during the forecast period.
Safety Lancet is expected to be the most widely used type of the Lancets Market
The safety lancets accounted for the largest market share in 2018. This is primarily be attributed to the advantages associated with safety lancets such as their ease of use, the capability to prevent needlestick injuries and cross-contamination, and painlessness of vein puncture. In line with this, According to PharmaJet, in the US, around 600,000 to 800,000 needlestick injuries are reported every year. This is expected to increase the demand for safety lancets.
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Glucose testing segment is expected to account for the largest share of the Lancets Market application
The glucose testing segment accounted for the largest share of the Lancets Market, by application, in 2018. This is primarily due to the increasing prevalence of diabetes, and the need for its prevention and management. For instance, according to the International Diabetes Federation (IDF), in 2017, there were almost 425 million people suffering from diabetes worldwide, and this figure is expected to increase to 629 million by 2045. The growing prevalence of diabetes has resulted in the increased adoption of lancets to effectively handle the growing patient pool.
Asia Pacific to dominate the Lancets Market during the forecast period
In 2018, North America dominated the Lancets Market, followed by Europe. Increasing prevalence of diabetes and favorable reimbursement scenario in the region are the factors propelling the growth of the market in the region.
The Asia Pacific region is projected to register the highest growth rate in the global Lancets Market during the forecast period. This is primarily attributed to the rapid economic growth, raising awareness about diabetes treatment, the rising geriatric population in China and India, and Japan’s growing healthcare industry.
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Prominent players in the Lancets Market are Becton, Dickinson and Company (US), Roche Diagnostics (Switzerland), Ypsomed (Switzerland), B. Braun Melsungen (Germany), Terumo Corporation (Japan), Own Mumford (UK), HTL-STREFA S.A (Poland), ARKRAY (Japan), Sarstedt (Germany), and SteriLance Medical (Suzhou) (China).