The Rising Need for Safety Devices is Anticipated to Boost the Global Lancet and Pen Needles Market
Published On: February 2018
The medical device industry is a dynamic and vital component of the healthcare industry. Developments in the medical device industry are made to simplify the diagnosis, prevention, and treatment of various diseases. Every component of this industry plays an important role in the market sizing. Lancet is one of the widely used alternative devices to obtain blood samples by performing vein puncture. This device is receiving global recognition and acceptance due to its several convenient characteristics which give lancets an edge over the traditional methods for vein puncture. Some of the very important features of lancets are painless vein puncture, easy handling, and safety while using. The major applications of lancets are capillary blood microsampling (mainly for diabetes management to check glucose levels), cholesterol test, HBO and HIV screening test, blood group test, coagulation tests, allergy tests, and many other blood-based tests
Rising prevalence of diabetic population increased awareness for blood glucose monitoring device (homecare) and increased awareness of safety measures to avoid the infectious diseases are some of the significant factors of the increased awareness and use of lancets. One of the major application or the major functioning areas of lancets is to monitor diabetes in the diabetic population. According to the latest 2016 data from the World Health Organization (WHO), an estimated 422 million adults are living with diabetes mellitus and is anticipated to double in number by the year 2025. Most of these cases will occur in developing countries owing to the population growth, aging, unhealthy diets, obesity, and sedentary lifestyles.
Therefore, if the current trends in diabetes prevalence continue over the coming years, the number of diabetic patients would be tremendous after a decade. With increasing diabetic prevalence, the demand of lancets is expected to be enormous, thus resulting in the increasing demand for devices and products to monitor and control diabetes, eventually leading to increased consumption of lancets.
Which type of product will witness the most demand in the coming years?
Blood sampling safety lancet is the most common devices used in hospitals, clinics, diagnostic centers, and home monitoring. As of now, the medical device industry is majorly established in the U.S. and Europe. But trends are showing enormous growth opportunity in Asia, wherein China will play a prominent role in both usage and development of medical devices.
A large number of safety lancet manufacturers are from developing Asian countries such as China, India, Japan, and Republic of Korea mainly because of the low labor cost and low R&D cost. China being one of the highly populated and technologically advanced developing countries, has a major number of lancets manufacturers. Some of the renowned Chinese Safety Lancet manufacturers are Guangzhou Improve Medical Instruments Co, and Huang and KDL China. HTL Strefa and Sarstedt are two European companies which have marked their presence on the global level as a major manufacturer of safety lancets in the world.
However, various complications have been observed with lancet and pen needles market such as risk associated with blood transfusion, and others. Thus, development of new safety lancets can emerge as the new revenue pockets for the growth of this market.
Keen Players Bank on Novel Treatment Offerings for the Growth in Global Lancet and pen needles market
A number of players are operating in the global lancet and pen needles market. HTL-STREFA S.A. is the leading medical device company that develops, manufactures, and sells lancets and pen needles. The company acquires approximately 50% global market share in safety lancets and is the 2nd largest provider of personal lancets globally.
Hoffmann-La Roche Ltd. holds the second largest share of the global lancet and pen needle market. The company develops and manufactures pharmaceutical, medical and diagnostic products. The company is known for their technological innovations in lancet and pen needle market. In the recent years, Roche and Qualcomm entered into a strategic collaboration to improve remote monitoring and management of chronic disease patients.
Emerging Government Policies Stoking Growth of the Lancet and pen needles market
The global lancet and pen needle market are undergoing a rapid change. Current discussions and proceedings have brought into interrogations the efficiency of existing regulatory frameworks for medical devices in developed and developing regions to guarantee the devices performance, quality, and safety. Medical device regulation must be enhanced and improved to safeguard public/patient health and ensure that effective technologies and high-quality products reach the patients.
The mounting number and complexity of medical devices have introduced regulatory challenges. These challenges differ from the types of medical devices, commonly there are three types of medical devices which require medical approvals and these are classified into type I medical devices, type II medical devices, and type III medical devices. These devices are differentiated on the basis of complexity of use and risks involved while using.
As a result of these strict regulations, quality, performance, and safety of lancets is being monitored and improved, thus providing patients with quality products and increasing the credibility and demand of approved medical devices in the market.
Conclusion
The growing preference for safety lancets over regular ones and other growth opportunities for manufacturers to develop new pen needles is booming the market for lancets and pen needles.
