Lancet Market Research Report - Global Forecast till 2027

Lancet Market by Type (Safety Lancet, Personal Lancet), End User (Hospitals & Clinics, Diagnostic Centers and Pathology Laboratories, Home Diagnostics, Others) and Region - Forecast till 2027

ID: MRFR/MED/1546-CR | May 2019 | Region: Global | 106 Pages         

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Lancet Market Overview:


In recent times lancets have gained market due to their use in glucose or diabetes testing, heel-stick screening tests, tests in infants, severely burned patients, and scarred emergency patients. With a rise in the incidence rate of non-contagious and contagious diseases the market has seen an exponential boom.


A great number of diabetic populations have benefitted from the functionality and application of lancets. As per the study from CDC (Disease Control and Prevention), more than 9.4% of people around the US are diagnosed with diabetes which makes lancets gain market in the region. With the increasing prevalence of diabetes, awareness about healthy lifestyle, government's initiatives to spread diabetes awareness is making the market for lancets product and devices which are people-friendly and easy to use at home.


A few of the factors responsible for the growth of the market are home diagnostics, home care, and other factors rising people interest in-home care systems. Blood transfusion comes with high risk and is not permitted to be practiced at home. This might lead to people being less willing to adapt to lancets and cause a hindrance in the market growth.


The Lancet Market is expected to generate a revenue of more than 1500 million US dollars during the forecast year 2024. The Lancet Market is expected to register a CAGR of more than 10.50% by the end of the forecast year 2024.


COVID-19 Analysis:


The sudden increase of the coronavirus pandemic, the waves, and the increasing rate of fatality by each passing wave is a major matter of concern. Though the demand for healthcare products, sanitizers, immunity boosters, major vitamins for the body, and medicines is increasing, the market is facing a major issue in developing medicines and vaccines that are applicable for all the virus strains. The first wave of the pandemic in 2020 portrayed that the coronavirus was deadly for all those who have diabetes and blood pressure issues. Hence, the demand for the Lancet industry trends experienced a steep boost. 


The government along with the healthcare sectors and developers of pharmaceuticals is eyeing to develop product portfolios. These are going to help in proper detection and benefit the patients suffering from diabetes around the globe. Also, the key market players are increasing their investment in the research and development areas to benefit the target audience and emerge as a dominant force in the market by the end of the global forecast period.


Market Dynamics:


Drivers:


The factors responsible for the increase in the lancets market of devices and products are diabetes being the global scourge with an expectation of more than 600 million people affected with diabetes by 2040, rise in diabetes in senior citizens, increase in the number of obese people, children being succumbed to diabetes, need to monitor glucose level with the threat of worse scenarios, awareness about healthy lifestyle, government's initiatives to spread diabetes awareness, use of lancets in glucose or diabetes testing, heel-stick screening tests, tests in infants, severely burned patients, and scarred emergency patients, rise in the incidence rate of non-contagious and contagious diseases, rise in home diagnostics, home care, and other factors rising people interest in-home care systems, availability of reimbursement options, and Others.


Challenges:


Blood transfusion comes with high risk and is not permitted to be practiced at home. This might lead to people being less willing to adapt to lancets and cause a hindrance in the lancet industry growth. Other factors responsible for restraining the market growth are lack of awareness within patients, high cost of replacement of the lancet devices, undiagnosed cases which can be life-threatening.


Technology Analysis:


With diabetes being the global scourge, capillary blood sampling is done using blood sugar lancets which are small medical devices like a scalpel with a double-edged blade or needle to take a blood sample and test it against the sugar levels and determine the stage of diabetes. Minuscule punctures are made in the human body generally the index finger of the hand to take blood samples in the disposables.


With the increasing prevalence of diabetes, awareness about healthy lifestyle, government's initiatives to spread diabetes awareness is making the market for lancets product and devices which are people-friendly and easy to use at home. Lancets have gained market due to their use in glucose or diabetes testing, heel-stick screening tests, tests in infants, severely burned patients, and scarred emergency patients. 


With a rise in the incidence rate of non-contagious and contagious diseases the market has seen an exponential boom. A few of the factors responsible for the growth of the market are home diagnostics, home care, and other factors rising people interest in-home care systems. Blood transfusion comes with high risk and is not permitted to be practiced at home. This might lead to people being less willing to adapt to lancets and cause a hindrance in the lancets market growth.


Lancet Market Revenue, by End User (USD Million)  Lancet Market_TOC


Source: MRFR Analysis


Study Objectives:


- The Lancet market research report aims to study the market trends and dynamics, along with the opinion of the market leaders and industry experts to predict a CAGR growth for the market. 


- The report covers the recent developments to help the market and draw a competitive market landscape for the key market players exiting and entering the market.


- The industry also discusses the initiatives by the key players in the global and international market


Segment Overview:


By Product Outlook:


The lancet market is segmented based on product outlook as Specialty Lancets, Standard Lancets, Personal Lancet, and Safety Lancets (Pressure Activated Safety Lancet, Push Button Safety Lancet, and Side Button Safety Lancet).


By Application Outlook:


The lancet market is segmented based on application outlook as Hemoglobin Testing, Coagulation Testing, Blood Glucose Testing, Cholesterol Testing, and Other Application.

By End User:


The lancet market is segmented based on end-user as Hospitals, Clinics, Home Diagnostics, Pathology Laboratories, Diagnostic Centers, Research Laboratories, Academic Laboratories, and Others.


Lancet Market Share, 2018 (%)  Lancet Market_TOC


Source: MRFR Analysis


Regional Analysis:


The lancet market is segmented based on region as Europe (Spain, Italy, Germany, UK, France, and the Rest of Western Europe), the Americas (North America (The US and Canada) and Latin America (Mexico and Brazil)), Asia-Pacific (Australia, China, Japan, South Korea, India, and the Rest of Asia-Pacific), The Middle East, Africa, and South Africa.


Europe is the world-dominant in terms of market share and revenue of the lancet market. The European lancet market has seen exceptional growth in the recent year due to an increase in demand for safety tests of blood glucose at clinics, hospitals, diagnostics centers, and others, and a rise in demand of the insulin users. America accounted for the second position in the world's leading companies due to the rise in obese people, the rise in the population with diabetes, and the need to be proactive about it. Asia-Pacific has seen an immense rise in the lancet market due to low labor cost and low manufacturing cost in the area of developing countries.


With the lack of adequate expenditure in the healthcare department in the regions of The Middle East and Africa, the lancet market is least expected to grow there.


Competitive Landscape:


The Competitive Landscape of the lancet device market studies the key strategies of the major market players. The study also analyzes the product development, innovation, new product launches, Industry Trends, Technology Assessment, Technology Trends, acquisition, and mergers done by the industrial experts.


The Intended Audience of the lancet device market is Research Organizations, Pharmaceutical Companies, Academic Institutes, and Development Organizations.


The key players of the market are 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.


Recent Developments:


- In October 2017, the US Food and Drug Organization Administration approved Abbott Laboratories’ innovation by the name of The Freestyle Libre Flash which was Glucose Monitoring Systems that helped monitor glucose or sugar levels in adults. This helped company develop a better portfolio by offering advanced products by the company.


- In August 2017, safety lancets were donated by HTL-STREFA S.A. to an organization in Poland i.e. GLOBAL-MED. This initiative was called Ambulans-z-serca or Ambulance from the heart that helped in free glucose screenings in moving vehicles during various healthcare events. By expanding its customer base, the company intended to strengthen its global market prevalence.


- In April 2017, C. R. Bard Inc. was acquired by Becton Dickinson and Company to strengthen the company's portfolio by offering new and advanced products in the areas of vascular, surgical specialty products, urology, and oncology.


Report Overview:


The Lancet market research report discusses the market dynamics and opportunities that are likely to play an important role in helping the market reach the projected market valuation. Also, the report discusses the market segmentation and its functioning in various geographies of the world. The market has major growth opportunities for various regions like the APAC region, and the North American region to emerge as the dominant forces. The report also discusses the recent market developments and the key strategies taken by prominent market players to help the market grow by the end of the global forecast period.


 



Report Scope:

Report Attribute/Metric Details
  Market Size   USD 1500 million
  CAGR   10.50% (2018 - 2024)
  Base Year   2019
  Forecast Period   2020-2027
  Historical Data   2018
  Forecast Units   Value (USD Million)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   By Type, End User, Regions
  Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors   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.
  Key Market Opportunities   The recent market developments and key strategies taken by prominent market players
  Key Market Drivers

  • Rise in diabetes in senior citizens
  • Increase in the number of obese people
  • Awareness about healthy lifestyle


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    Frequently Asked Questions (FAQ) :

    Lancet Market valuation was USD 1595.5 million in 2018.

    The projected CAGR would be USD 1595.5 million during the forecast period.

    Risk regarding the blood transfusion process can prevent the market from having regular growth.

    The hospitals and clinics segment would dominate.

    Europe would enjoy the largest market share.