The Lancets Market is projected to reach USD 1,442 million by 2024 from USD 804 million in 2019, at a CAGR of 12.4% between 2019 and 2024.
Growth in the lancets market is mainly driven by the growing prevalence of diabetes and the high prevalence of infectious diseases across the globe. In addition, emerging markets such as India and China are expected to offer growth opportunities for players operating in the lancets market during the forecast period. However, the risk of needlestick injuries, the reuse of lancets, and the poor reimbursement scenario in developing countries are restricting the growth of this market.
Market Size Estimation;
The market size estimates and forecasts provided in this study are derived through a mix of the bottom-up approach (segmental analysis of major segments) and top-down approach (assessment of utilization/adoption/penetration trends, by type, application, end user, and region).
After arriving at the market size, the lancets market was divided into several segments and subsegments. Data triangulation and market breakdown procedures were employed, wherever applicable, to complete the overall market engineering process and arrive at the exact statistics for all segments & subsegments.
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Market Segmentation in detailed:
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 of safety lancets.
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.
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Which are the Key players operating in lancets Market?
Which is the dominating region in lancets market?