Lancet Market Size, Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI3450
Lancet Market size is expected to grow significantly from 2019 to 2025.
The lancet market is estimated to witness lucrative growth over the coming years owing to the rising prevalence of non-contagious diseases such as diabetes, dyslipidemia, and hyperlipidemia across the globe. As per the CDC, 1.5 million new cases of diabetes were diagnosed among the U.S. elderly population (18 or above) in 2015. Aforementioned factors coupled with the increasing inclination toward home healthcare devices will stimulate the industry growth.
Improving medical device regulations will promote lancet market growth. Regulatory authorities in developed, as well as developing countries, frame certain regulations for medical devices to ensure that superior-quality medical devices are manufactured and marketed. Thus, a favorable regulatory scenario positively impacts the lancet market growth. However, low awareness regarding lancets in developing and underdeveloped economies may affect the industry growth to some extent.
The push button safety lancet segment accounted for a significant revenue share in 2018 and is estimated to follow a similar trend during the forecast period. The rising adoption of push-button safety lancets due to efficient retraction of the sample with the push of a single button will foster their demand. They are also quick, comfortable, pain-free, and enable adequate blood sample collection. Moreover, push button lancet devices are mostly preferred by diabetic patients as they are incredibly easy to handle and withdraw adequate blood sample. Therefore, the diabetic population relies on push-button safety lancet devices for blood glucose measurement, spurring the business growth.
The glucose test monitoring segment will witness lucrative growth during the forecast period. Increasing prevalence of diabetes worldwide and the growing availability of painless, easy to handle, and accurate lancet devices for the collection of blood samples will enable patients to determine adjustments in diabetes management, propelling the segment growth during the forecast period.
The homecare settings segment should witness robust growth during the forthcoming years owing to the increasing patient preferences toward lancet devices owing to their convenience. Elderly population susceptible to several diseases prefers lancet devices at homecare settings as they are portable, comfortable, and easy-to-use.
The Europe lancet market is projected to witness considerable growth during the forecast years. The rising prevalence of diabetes will fuel the lancet market growth. For instance, according to the WHO, around 60 million people suffer from diabetes in the European region. Moreover, favorable regulatory scenario and rising usage of self-handling medical devices for diabetes will boost the demand for lancet devices, fostering the regional market growth.
Some of the major players operating in the lancet industry include Becton and Dickinson, Improve Medical, Terumo Corporation, Sarstedt AG, Nipro Medical Corporation, F.L. Medical SRL, and Roche. Market players are adopting strategies such as novel product launches, partnerships, and acquisitions to garner a higher market share and sustain market competition. For instance, Sarstedt AG & Co. launched disposable penetration aid Safety-Heel Newborn lancet for blood collection from newborn babies. Thus, the introduction of such new products will foster the company’s growth.
Lancet Market By Type, 2014-2025 (USD Million)
- Push button safety lancet
- Pressure activated safety lancet
- Personal lancet
- Side button safety lancet
Lancet Market By Application, 2014-2025 (USD Million)
- Glucose Test
- Cholesterol Test
Lancet Market By End-users, 2014-2025 (USD Million)
- Hospitals & clinics
- Homecare settings
- Diagnostic centers
The above information is provided for the following regions and countries:
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East and Africa
- Saudi Arabia
- South Africa
- Becton Dickinson
- F.L. Medical SRL
- Improve Medical
- Nipro Medical Corporation
- Sarstedt AG & Co.
- Smiths Medical
- Terumo Corporation
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