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The lancet market elements are portrayed by the fundamental job these tiny clinical gadgets play in different medical services settings, especially for blood testing and illustrative methods. As a necessary instrument for gathering capillary blood samples, the lancet market is affected by innovative progressions, the pervasiveness of blood-related conditions, and the developing interest for locally situated medical care arrangements.
The market elements are fundamentally affected by the worldwide predominance of diabetes and other blood-related conditions that require successive blood glucose checking. Lancets assume an urgent part in working with self-checking for people with diabetes, adding to the developing interest for these gadgets in both clinical and home settings.
The lancet market is molded by the rising pattern towards locally situated medical care. With a developing accentuation on tolerant strengthening and self-administration, people favor the comfort of observing their wellbeing at home. Lancets act as a fundamental apparatus in this change in outlook, empowering clients to perform blood examining without the requirement for regular facility visits.
The market elements are expanded by the accessibility of different sorts of lancets. Security lancets, pressure-initiated lancets, and spring-stacked lancets are among the choices taking special care of various patient necessities and inclinations. The assortment of lancet types adds to the adaptability and versatility of the market.
The market elements are impacted by severe administrative prerequisites and wellbeing norms administering the assembling and utilization of lancets. Adherence to these guidelines guarantees the dependability and security of lancets for blood testing methodology. Producers should agree with developing administrative structures to keep up with market acknowledgment.
The openness and accessibility of lancets are affected by the worldwide medical care framework. Lancets should be promptly available in centers, clinics, drug stores, and other medical services settings. The market elements are molded by endeavors to guarantee a steady production network and conveyance organization to fulfill the need for lancets around the world.
Lancet Market Highlights:
Global Lancet Market Overview
Lancet Market Size was valued at USD 1.95 Billion in 2023. The Global Lancet industry is projected to grow from USD 2.13 Billion in 2024 to USD 3.88 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 6.91% during the forecast period (2024 - 2032). Rising frequency of diabetes in senior citizens, children being capitulated to diabetes, and the increasing occurrences of contagious and non- contagious diseases are the key market drivers enhancing the market growth.
Lancet Market Trends
- Growing Prevalence of diabetes to boost market growth
These have been a major concern that are attempted to be addressed by the medical community. The root cause of the same can be traced back to unhealthy lifestyle which can result into increasing glucose level and give birth to diabetes. For instance, according to the International Diabetes Federation, presently, around 463 million people are living with diabetes and this figure is expected to rise 700 million by 2050.
Further, increasing diabetes in senior citizens and children, advanced technology, and home care systems also supports the market growth of the lancet. Government initiatives towards spreading diabetes awareness, heel-stick screening tests, severely burned patients, tests in infants are the other factors which drives the market growth in the coming years.
Additionally, according to the International Diabetes Federation’s Diabetes Atlas Tenth Edition, in the United States, 32.3 billion individuals had diabetes in 2021, and that number is expected to rise to 36.3 billion in the coming years. Similarly, 5,719,000 individuals were predicted to have diabetes in Canada, according to the Diabetes Canada 2022 report. In Canada, this number is anticipated to reach 7,277,000 by 2032.
Moreover, increase in contagious and non-contagious diseases such as swine flu, typhoid, cholera, heredity, ageing, and environmental factors rather than by harmful organisms is another factor driving the growth of the lancet market revenue.
Lancet Market Segment Insights
Lancet Type Insights
The market segments of Lancet, based on type, includes safety lancet, push button safety lancet, pressure activated safety lancet, side button safety lancet, and personal lancet. The safety lancet segment held the majority share in 2022 in respect to the Lancet Market revenue. Safety lancet are single-use, sterile instruments used to take blood from capillaries. This is primarily owing to the affordability, easy availability, and no risk of sharp injuries, pre-setness, no requirement of needle loading or removal, and low exposure to infections across the globe. Safety Lancet are single-use,sterile instruments used to take blood from cappilaries.
The personal segment is the fastest growing sector in the coming years. The segment is expected to grow due to increase in diabetic patients, especially in aged population.
August 2017: HTL-STREFA S.A. contributed safety lancets to GLOBAL-MED, a Polish NGO. Ambulance from the Heart, was the name of the programmer that assisted in providing free glucose testing in moving cars during various healthcare events. The corporation aimed to increase its customer base in order to increase its market dominance internationally.
Lancet End User Insights
Based on End Users, the global lancet industry has been segmented into hospitals & clinics, diagnostic centers and pathology laboratories, home diagnostics, and research and academic laboratories. The hospitals & clinics segment held the largest share in 2022, owing to the rising incidents of infectious diseases and increasing number of diabetic patients that needs blood testing kits. Moreover, increasing government initiatives towards diabetes awareness and the cost of diagnostic in the hospitals and clinics more than homecare, is expected to bolster the market growth during the assessed timeline.
The homecare segment is the fastest growing segment in the lancet industry. The growth of the segment is due to availability of various lancet devices in the market and increasing awareness of self-monitoring of blood glucose level. Also, the cost of diagnostic blood glucose level at home is very low, and more diabetic patients prefer to diagnose with home care. Moreover, improvement in the patient self-care using lancet devices is driving the market growth in the near future.
December 2021:According to Diabetes Care, careful discharge to scheduled outpatient management, a specialized inpatient diabetes programme using well-established standards, and preadmission treatment of hyperglycemia in patients undergoing elective procedures all contribute to ease of hospital management of diabetes. The same source states that the required standard for the safe use of intravenous insulin for hospitalized patients is bedside blood glucose testing every 30 minutes to every 2 hours. As a result, lancet are routinely used to take blood samples from hospitalized patients in order to check their blood glucose levels.
Lancet Regional Insights
By Region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. North America Lancet Market accounted for USD 0.54 billion in 2022 and is expected to exhibit a significant CAGR growth during the study period. This is attributed to the growing incidence of infectious diseases and diabetes, technology advancement with rising healthcare expenditure, as well as an ageing population across the region. As per The International Diabetes Federation, 43% of the total diabetes-related health expenses happens in the region.
Further, the major countries studied in the market report are: The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 1: LANCET MARKET SHARE BY REGION 2022 (%)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe lancet market accounts for the second-largest market share due to the availability of improved products, government backing for the growth of the healthcare industry, an ageing population, and an increase in incidence of diabetes. Further, the Germany market of lancet held the largest market share, and the UK market of lancet was the fastest growing market in the European region.
The Asia-Pacific lancet market is expected to grow at the fastest CAGR from 2022 to 2030. This is due to increasing demand for lancet and other similar products and advancement in healthcare infrastructure. Moreover, China market of lancet held the largest market share, and the India lancet market was the fastest growing market in the Asia-Pacific region.
For instance, India market of lancet is growing due to increasing infectious diseases such as, malaria, chikungunya, zika, and dengue.
Lancet Key Market Players & Competitive Insights
Major market players are spending a lot of money on R&D to increase their product lines, which will help the market of lancet grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the lancet industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.
One of the primary business strategies adopted by manufacturers in the global lancet industry to benefit clients and expand the market sector is to manufacture locally to reduce operating costs. In recent years, lancet industry has provided medicine with some of the most significant benefits. The lancet market major player such as HTL-STREFA S.A. (Poland), Terumo Corporation (Japan), Becton Dickinson and Company (US), F. Hoffmann-La Roche Ltd. (Switzerland), Improve Medical Instruments Co. Ltd. (US), Bayer AG (Germany), Sarstedt AG & Co. (Germany), Abbott Laboratories (US), Greiner Bio-One International GmbH (US), and others are working to expand the market demand by investing in research and development activities.
The mission of Abbott Laboratories, is to realize the promise of human potential in all contexts, facets, and epochs of life. Company thinks the secret to fulfilling that promise is good health and we can do anything when we are in good health. It will always strive to help people achieve their best health at every stage of their lives. This is how it live out that conviction every single day. For Instance: The Freestyle Liber Flash, a glucose monitoring system from Abbott Laboratories that helps individuals monitor their glucose or sugar levels, was authorized by the US Food and Drug Administration. By providing cutting-edge items, the firm was able to build a superior portfolio.
Key Companies in the market of Lancet includes
- HTL-STREFA S.A. (Poland)
- Terumo Corporation (Japan)
- Becton Dickinson and Company (US)
- Hoffmann-La Roche Ltd. (Switzerland)
- Improve Medical Instruments Co. Ltd. (US)
- Bayer AG (Germany)
- Sarstedt AG & Co. (Germany)
- Abbott Laboratories (US)
- Greiner Bio-One International GmbH (US), among others
Lancet Industry Developments
September 2022: Tasso’s blood lancet was granted 510(k) approval, putting it in a position to go on sale and satisfy the need for remote testing services. Blood may be collected at home using the Tasso Product. Users place the gadget on their arm and press a button to release a lancet and start blood collection.
February 2022: In order to include Tasso products and logistics into Vault’s turnkey service offering, Tasso, Inc. and Vault Health Collaborated. Tasso, Inc. specializes in straightforward clinical-grade blood collection technology. For Vault customers, the new alliance should make sample collection better and almost effortless.
Lancet Market Segmentation
Lancet Type Outlook
- Safety Lancet
- Push Button Safety Lancet
- Pressure Activated Safety Lancet
- Side Button Safety Lancet
- Personal Lancet
Lancet End User Outlook
- Hospitals & Clinics
- Diagnostic Centers and Pathology Laboratories
- Home Diagnostics
- Research and Academic Laboratories
Lancet Regional Outlook
- North America
- US
- Canada
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
- Rest of the World
- Middle East
- Africa
- Latin America
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