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” published by MarketsandMarkets™.
Revenue Growth Opportunities and Growth Drivers?
The Lancets Market is projected to reach USD 1,442 million, at a CAGR of 12.4%
Growth Boosting Factors:
- Growing Prevalence of Diabetes
- High Prevalence of Infectious Diseases
- High Growth Prospects in Emerging Countries
Objectives of the Study:
- To define, describe, segment, and forecast the global lancets market by type, application, end user, and region
- To provide detailed information about the factors influencing market growth (such as drivers, restraints, opportunities, and challenges)
- To analyze micromarkets with respect to individual growth trends, prospects, and contributions to the overall market
- To analyze market opportunities for stakeholders and provide details of the competitive landscape for key players
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Market Segmentation in Detailed:
By end user, segmented into hospitals and clinics, home care settings, and other end users (diagnostic centers and pathology laboratories). In 2019, the hospitals and clinics segment is expected to dominate the blood lancets market. The dominant share of this segment is primarily attributed to the availability of a large patient pool and the increasing prevalence of infectious diseases that require blood testing for diagnosis and treatment.
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), 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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North America dominated the 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 Blood Sugar Lancets Market during the forecast period. This is primarily attributed to the rapid economic growth, rising awareness about diabetes treatment, rising geriatric population in China and India, and Japan’s growing healthcare industry.
Prominent players in the disposable 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).
