Lancet Market Size, COVID-19 Impact Analysis, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI3450
Lancet Market Size is set to gain appreciable proceeds from 2021 to 2027 driven by the upgrading medical device regulations and the rising instances of chronic diseases worldwide. The presence of regulatory scenarios mainly across the developed and developing countries has made way for certain regulations to offer superior-quality medical devices. The rising prevalence of needlestick injuries and infections along with the growing preference for home healthcare devices and diagnostics will add to the market growth.
Lancets are primarily small needles that are encapsulated in plastic and are used in combination with a lancing device for pricking small holes in the skin for drawing blood samples.
The industry share from safety lancets is expected to witness significant growth through 2027. This is mainly ascribing to their higher usage for in-home diabetic monitoring. These lancets offer several advantages like ease of portability, availability, and affordability. They are also used for limiting the instances of infections and injuries as they automatically retract after pricking the skin. The soaring need for eliminating the need for lancing devices along with the higher adoption of sterile blood lancets in blood banks will infuse a positive scenario for the industry progression.
The glucose test segment will expand with the rising number of diabetic patients globally. According to the WHO (World Health Organization), around 422 million people across the world suffer from diabetes. The surging awareness pertaining to the self-monitoring of blood glucose is another promising trend influencing the industry growth.
The lancet market is segmented into hospitals & clinics, home care settings, diagnostic centers, and others. Market demand from hospitals & clinics will grow owing to the expanding patient pool along with the higher occurrence of infectious diseases and diabetes. The mount in the number of hospitals and the higher cost of diagnostic testing in these settings will add strong impetus to the market outlook.
The homecare settings segment is anticipated to rise at a robust pace with the growing preference of patients for self-monitoring of blood glucose. The increasing geriatric patient pool, surging awareness, and rising dependency on easy-to-use, portable, and comfortable solutions are other factors fostering the industry expansion.
North America is likely to account for a significant share in the lancet market due to the rising advancements in the health care infrastructure. The rising prevalence of diseases has resulted in an expanding patient pool and higher healthcare spending. As per reports, the U.S. spent around USD 3,795.4 billion on health care in 2019. The presence of some of the leading industry participants in the region has given way for novel products, and investments. Moreover, the growing utility of lancets for diabetes diagnosis and the presence of favorable reimbursement policies will favor the industry progression.
In terms of competitive landscape, the lancet market comprises players such as Terumo Corporation, Becton and Dickinson, Nipro Medical Corporation (Nipro), Roche, Sarstedt AG, F.L. Medical SRL, and Improve Medical.
These firms are working towards numerous marketing ventures, like partnerships, acquisitions, and investments to increase their geographical and competitive footprint.
For instance, in July 2019, Owen Mumford, a medical device frontrunner entered an exclusive agreement with Nipro Corporation. This collaboration resulted in the distribution of UniSafe® to support the optimum focus of safety in the innovative as well as the established Japanese healthcare sector.
Effect of COVID-19 crisis on lancet market trends
The COVID-19 pandemic terrifically hampered the global economy on account of the disrupted business activities. The stringency of the lockdowns and containment drives enforced by several governments led to the abrupt shutting down of numerous public entities. However, it acted as a booster for the adoption of various lancets. The escalating infection count triggered the rising need for diagnostic testing and in-home diabetic monitoring.
The lancet market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2017 to 2027 for the following segments:
Market, By Type
- Push button safety lancet
- Pressure activated safety lancet
- Personal lancet
- Side button safety lancet
Market, By Application
- Glucose Test
- Cholesterol Test
Market, By End-users
- 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
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