Lancets Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2028

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Lancets Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2028

Status : September, 2022 | Medical Devices

Report Digest

Global Lancets Market: Snapshot

The rising incidence of diabetes and the increasing occurrence of infectious illnesses throughout the world are likely to drive growth in the global lancets market. Moreover, emerging markets such as China and India are likely to provide development potential for market participants in the years to come. However, low reimbursement in underdeveloped nations, lancet reuse, and the danger of needlestick injuries are likely to limit the market's growth.

The need for lancing devices is increasing due to the expanding elderly population and the increased frequency of chronic illnesses. As per the World Health Organization, the global elderly population is anticipated to grow from 962 million in 2017 to 2.1 billion in 2050. The market is likely to be driven by rising government spending and technological improvements in the realm of diabetes care. In the near future , the development of technologically sophisticated solutions and speedier product approvals are likely to boost growth of the global lancets market.

Cholesterol Testing Gains Momentum With Technological Breakthroughs

Diabetes management is a significant financial strain on economies as well as healthcare systems. Diabetes costs over USD 12 Bn every year, according to the International Diabetes Federation (IDF), or 10% of the overall yearly budget. Furthermore, technical advances and the introduction of new products in the realm of lancing devices are likely to drive growth of the growth of the global lancets market.

Amongst the most popular medical practices is diagnostic blood testing, which accounts for around 70 to 80% of all medical choices. Many businesses are developing new methods for collecting blood samples that are safer, simpler, and more efficient. Due to attributes such as high skin-piercing power and reduced wound area, the advent of high-speed lancing devices is likely to fuel expansion of the global lancets market. These gadgets help patients feel better by reducing pain and speeding up wound healing.

The cholesterol testing sector is predicted to develop at a healthy rate in the forthcoming years. The increased popularity of cholesterol testing kits in homes is further projected to propel the market forward. One of the primary aspects driving the rise of the cholesterol testing is a growing awareness of preventative healthcare.

Global Lancets Market: Overview

Lancets are a thin needle used to pierce the skin, primarily for diabetes. The lancet market is gaining popularity over the years and expected to grow at a staggering rate in the following years. It falls under medical device category and is a boon to the medical sector.

Hospitals are projected to create a huge demand for lancets to cater to large number of in and out patients, owing to the substantial growth in the global lancets market during the forecast period.

TMR Research report sheds some lights about the market trends, share, size during the forecast period. The report also shares detailed insights on geographical outlook, growth and restraints of the global lancets market.

Global Lancets Market: Key Developments

Some of the key developments that have taken place in the global lancet market are as given below:

  • In February 2019, Roche entered a merger to acquire Spark Therapeutics, the pioneer in gene therapies. The aim of both the companies is to broaden the avenues for gene therapy, cover more diseases under gene therapies and eradicate the gene based diseases.
  • In 2018, Investindustrial acquired one of the prominent companies HTL-STREFA to expand the services of catering to diabetes patients across the globe.

Some of the most prominent competitors operating in the competitive landscape of lancets market include –

  • Roche Diagnostics (Switzerland)
  • B. Braun Melsungen (Germany)
  • Own Mumford (UK)
  • Terumo Corporation (Japan)
  • SteriLance Medical (Suzhou) (China)
  • Sarstedt (German)
  • ARKRAY (Japan)

All these companies offer lancets to end users such as pharmacies, hospitals, clinics, and home users.

Global Lancets Market: Key Trends

Prevalence of Diabetes to Surge Lancets Market

Rising occurrence of diabetes is expected to drive the global lancets market during the forecast period. Gestational diabetes among pregnant women, rising geriatric population are expected to expand the market.

Additionally, rising number of infectious diseases are projected to drive the global lancets market during the forecast periods. Rapid changes in lifestyle results in disease such as diabetes, thus owing in the growth of the lancets market. Further, rising awareness, easy to use, easy accessibility are some of the few other factors that are projected to aid in the growth of the global lancets market during the forecast period.

On the basis of product, the global lancet market is segmented into safety lancet and personal lancet. Safety lancet is further divided into pressure activated safety lancets, side button safety lancets, and push button safety lancets.

The injuries resulting from the use of lancets due to lack of knowledge about the use is anticipated to hamper the growth of the global lancets market.

Nevertheless, the huge demand from various end users such as clinics, hospitals, and homes are projected to expand the global lancets market in the future. Also growing advances in healthcare sector is projected to drive the lancets market towards a robust growth in the next few years.

Global Lancets Market: Geographical Analysis

 Lancets market is divided into five key regions namely, South America, North America, Europe, Asia Pacific, and Middle East and Africa. However, Asia Pacific is projected to dominate the global lancets market over the forecast period. The major growth can be expected from India and China, this is mainly due to rising populations, fast paced economic growth, and rising awareness about diabetes are some of the factors that are expected to drive the global lancets market. Currently, North America holds the highest growth in the global lancets market. The growth in this region can be attributed technologically advanced devices and rising old population. 

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5-Point Growth Formula

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The 5-point growth formula includes the following points:

  • Current and Future Threats
  • Accurate Trend Analysis
  • Regional Assessment
  • Industrial Analogy
  • COVID-19 Impact

Current and Future Threats

Along with studying the opportunities necessary for growth, threats are also an important aspect to look upon for the companies and stakeholders in a specific sector. TMR Research studies every negative aspect that will hinder the growth of a specific area of business and includes it in the report. The stakeholders and CXOs will have the benefit of assessing the threat and take the necessary steps to prevent the hindrance caused due to the threats.

Accurate Trend Analysis

Keeping up with the latest trends is crucial in any business or sector. While stakeholders are aware of the trends that are on the surface, TMR Researchers find trends that are deeply entrenched in the particular market or sector. The reports are constantly updated with the latest trends so that the stakeholders and CXOs can derive benefits from the trends and generate good revenues.

Regional Assessment

Demography forms an important part of the growth pattern of all the markets. Diving deep into the demographics enables maximum output from specific areas. The TMR Research team assesses every region and picks out the vital points that have a large impact on the growth of a market.

Industrial Analogy

The analysts at TMR Research conduct an all-round analysis on the competitive landscape of the market. The observations recorded by the analysts are added to the reports so that every stakeholder gets a glimpse of the competitive scenario and frame their business plans according to the situation.

COVID-19 Impact

The COVID-19 outbreak has changed the growth projections of numerous sectors and businesses. The analysts at TMR Research have conducted a conscientious survey on the markets after the pandemic struck. The analysts have put forth their brilliant and well-researched opinions in the report. The opinions will help the stakeholders to plan their strategy accordingly.

The reports offer answers to the top 7 questions that revolve around the growth of the market

  • What are the diverse growth parameters influencing the market?
  • Which regions will contribute largely to the growth of the market
  • What are the recent innovations and technological advancements in the market?
  • What are the emerging trends across the market?
  • How has COVID-19 affected the market?
  • What will be the post-pandemic scenario of the market?
  • What are the major threats that will dent the growth prospects of the market?