Lancet Market Size

Lancet Market Size

Lancet Market size was valued at USD 1.1 billion in 2022 and is estimated to account for USD 1.8 billion by 2032. A lancet is a small, sharp, and pointed surgical instrument or medical device used for pricking or piercing the skin to obtain a blood sample or perform a small incision for medical purposes.

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Lancets are typically designed to be disposable and are commonly used in healthcare settings and by individuals for various diagnostic tests, such as blood glucose monitoring with the help of self-monitoring blood glucose device, continuous glucose monitoring, or other diabetes care devices. They are primarily used for obtaining capillary blood samples for analysis, which is less invasive than traditional venous blood sampling methods. The industry is driven by factors such as the growing prevalence of chronic diseases including diabetes, increasing elderly population base, technological advancements, rising remote patient monitoring trend, favorable reimbursement policies, increasing healthcare expenditure, and the growing adoption of point-of-care testing.

For instance, according to the International Diabetes Federation (IDF) Diabetes Atlas, approximately 537 million adults between the ages of 20 and 79 are currently suffering from diabetes. Additionally, by 2030, this number is projected to increase to 643 million, and by 2045, it is anticipated to reach 783 million. As the number of individuals with diabetes continues to rise, the need for lancets for regular blood glucose testing and monitoring further increases. Moreover, the growing awareness of the impact of diabetes on public health led to increased investments by both public and private organizations in diabetes care. For instance, Astellas Pharma recently announced a partnership with Roche Diabetes Care Japan Co., Ltd. in March 2023. The collaboration aims to develop and commercialize the Accu-Chek Guide M blood glucose monitoring system by Roche Diabetes Care. This renowned system is known for its advanced accuracy. The plan is to combine this medical type with BlueStar, an innovative solution.