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    Lancet Pen Needles Market Analysis

    ID: MRFR/MED/0112-CR
    145 Pages
    Kinjoll Dey
    July 2019

    Lancet And Pen Needles Market Trends And Growth Analysis By Type (Lancet {Regular Lancets And Safety Lancets} [Push Button Safety Lancet, Pressure Activated Safety Lancet And Side Button Safety Lancet] And Pen Needles {Standard Needles And Safety Needles}), By Application (Insulin, Capillary Blood Sampling, Hormones, Glucose Like Peptide (Glp), Skin Testing And Others) By End User (Hospitals &a...

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    Market Analysis

    In-depth Analysis of Lancet Pen Needles Market Industry Landscape

    The global safety lancet market is currently experiencing significant transformations, prompting a reevaluation of the effectiveness of existing regulatory frameworks for medical devices in both developed and developing regions. The ongoing discussions and initiatives underscore the need for robust regulatory measures that ensure the performance, quality, and safety of medical devices. The aim is to enhance and refine medical device regulations to uphold public and patient health, ensuring the delivery of effective technologies and high-quality products to patients. The dynamic landscape of the safety lancet market has introduced a variety of medical devices, each presenting unique regulatory challenges. These challenges are influenced by the increasing number and complexity of medical devices, leading to a more intricate regulatory environment. Medical devices are generally classified into three types—Type I, Type II, and Type III—based on their complexity of use and the associated risks.

    The regulatory framework imposes stringent standards on safety lancets, necessitating continuous monitoring and improvement in terms of quality, performance, and safety. This stringent oversight is designed to provide patients with assurance regarding the reliability and safety of approved medical devices, ultimately contributing to an increase in the credibility and demand for these devices in the market.

    The evolving regulatory landscape is a response to the mounting complexities and diversification in medical devices, particularly safety lancets. The classification into different types reflects the varying levels of intricacy and risk associated with their use. Type I devices typically pose the lowest risk, while Type III devices, characterized by higher complexity, carry a higher level of risk. This tiered classification ensures that regulatory measures are tailored to address the specific challenges and nuances associated with each type of medical device.

    As the regulatory environment becomes more stringent, manufacturers and stakeholders in the safety lancet market are compelled to adhere to rigorous standards, resulting in continuous improvements in the design, production, and overall quality of these devices. This commitment to quality assurance not only safeguards patient well-being but also elevates the credibility of approved medical devices in the competitive market landscape.

    The ongoing transformations in the global safety lancet market highlight the imperative need for enhanced regulatory frameworks that prioritize the safety, quality, and performance of medical devices. The stringent oversight, particularly in the classification of medical devices into distinct types, is instrumental in addressing the diverse challenges posed by the evolving landscape of healthcare technology. Through these regulatory measures, the safety lancet market aims to uphold the highest standards, ensuring that patients have access to reliable and safe medical devices that meet the stringent criteria set by regulatory authorities.

    Market Summary

    As per Market Research Future Analysis, the Lancet and Pen Needles Market was valued at USD 2.9 Billion in 2023 and is projected to grow from USD 3.23 Billion in 2024 to USD 5.34 Billion by 2032, with a CAGR of 11.34% during the forecast period (2024 - 2032). The market is driven by the increasing prevalence of diabetes and blood-borne diseases, alongside a growing preference for home healthcare. Technological advancements are leading to the development of innovative and safer devices, enhancing patient safety and care. The market is highly competitive, with significant investments in research and development by key players.

    Key Market Trends & Highlights

    The Lancet and Pen Needles Market is experiencing rapid growth driven by several key factors.

    • Market Size in 2023: USD 2.9 Billion.
    • Projected Market Size by 2032: USD 5.34 Billion.
    • CAGR from 2024 to 2032: 11.34%.
    • Highest Market Share Region: European Union.

    Market Size & Forecast

    2023 Market Size USD 2.9 Billion
    2024 Market Size USD 3.23 Billion
    2032 Market Size USD 5.34 Billion
    CAGR (2024-2032) 11.34%
    Expected Market Size by 2027 USD 9,789.63 Million.

    Major Players

    Abbott Laboratories, Terumo Corporation, Beacon Dickinson, Sanofi, F. Hoffmann-LaRoche, Bayer A.G., Novo Nordisk A.S., Eli Lily and company, Owen Mumford LTD, Medtronic.

    Market Trends

    The increasing prevalence of diabetes and other chronic conditions is driving the demand for advanced pen needles and lancets, suggesting a shift towards more user-friendly and efficient diabetes management solutions.

    Centers for Disease Control and Prevention (CDC)

    Lancet Pen Needles Market Market Drivers

    Market Growth Projections

    The Global Lancet and Pen Needles Market Industry is poised for substantial growth over the coming years. Projections indicate that the market will expand from a value of 3.23 USD Billion in 2024 to approximately 7.37 USD Billion by 2035. This growth trajectory suggests a compound annual growth rate of 7.79% from 2025 to 2035, driven by factors such as rising diabetes prevalence, technological advancements, and increasing awareness of self-monitoring. The market's expansion reflects the critical role that lancets and pen needles play in effective diabetes management on a global scale.

    Rising Prevalence of Diabetes

    The increasing prevalence of diabetes globally serves as a primary driver for the Global Lancet and Pen Needles Market Industry. As of 2024, the number of individuals diagnosed with diabetes is projected to reach approximately 537 million, necessitating effective management solutions. This surge in diabetes cases fuels demand for pen needles and lancets, which are essential for insulin delivery and blood glucose monitoring. The market is expected to grow significantly, with projections indicating a value of 3.23 USD Billion in 2024, reflecting the urgent need for reliable and user-friendly devices in diabetes care.

    Increasing Geriatric Population

    The increasing geriatric population worldwide is another critical factor influencing the Global Lancet and Pen Needles Market Industry. Older adults are more susceptible to chronic conditions such as diabetes, necessitating regular monitoring and management. As the global population aged 65 and above continues to grow, the demand for user-friendly and efficient diabetes management tools, including lancets and pen needles, is expected to rise. This demographic shift is likely to contribute to the market's expansion, as healthcare systems adapt to meet the needs of an aging population requiring effective diabetes care solutions.

    Regulatory Support and Initiatives

    Regulatory support and initiatives aimed at improving diabetes care are pivotal in shaping the Global Lancet and Pen Needles Market Industry. Governments and health organizations are increasingly recognizing the importance of accessible diabetes management tools, leading to favorable policies and funding for research and development. Such initiatives not only enhance the availability of innovative devices but also promote their adoption among healthcare providers and patients. This supportive regulatory environment is likely to facilitate market growth, ensuring that effective and safe lancets and pen needles are readily available to those in need.

    Growing Awareness of Self-Monitoring

    There is a growing awareness regarding self-monitoring of blood glucose levels among patients, which significantly drives the Global Lancet and Pen Needles Market Industry. Educational initiatives and campaigns by health organizations have led to increased patient engagement in managing their health. This trend encourages individuals to utilize pen needles and lancets for effective self-monitoring, thereby enhancing treatment adherence. As a result, the market is projected to experience a compound annual growth rate of 7.79% from 2025 to 2035, reflecting the rising demand for self-monitoring devices in diabetes care.

    Technological Advancements in Devices

    Technological advancements in lancets and pen needles are transforming the Global Lancet and Pen Needles Market Industry. Innovations such as safety-engineered devices and smart pen technology enhance user experience and safety. These developments not only improve the accuracy of blood sampling and insulin delivery but also reduce the risk of needlestick injuries. As healthcare providers and patients increasingly adopt these advanced devices, the market is likely to witness substantial growth. By 2035, the market could reach an estimated value of 7.37 USD Billion, driven by the continuous evolution of technology in diabetes management.

    Market Segment Insights

    Regional Insights

    Key Companies in the Lancet Pen Needles Market market include

    Industry Developments

      • Braun Melsungen set up an office in Zambia in 2017
      • Sanofi and Lonza set up a partnership to produce large-scale biologics in Switzerland
      • Eli Lily and Rimini set up a partnership to develop customized insulin medicines

    Future Outlook

    Lancet Pen Needles Market Future Outlook

    The Lancet and Pen Needles Market is projected to grow at a 7.79% CAGR from 2024 to 2035, driven by technological advancements, increasing diabetes prevalence, and rising healthcare expenditure.

    New opportunities lie in:

    • Develop smart pen needles with integrated technology for enhanced patient adherence.
    • Expand product lines to include eco-friendly, biodegradable lancets.
    • Leverage telehealth platforms to offer remote monitoring solutions with lancets and pen needles.

    By 2035, the market is expected to exhibit robust growth, reflecting advancements and increased demand.

    Market Segmentation

    Lancet and Pen Needles Market Segmentation

    Key Players in the Lancet and Pen Needles Market
    • Terumo Corporation - Japan
    • Beacon Dickinson - USA
    • Sanofi - USA
    • F. Hoffmann-LaRoche - Switzerland
    • Bayer A.G. - Germany
    • Novo Nordisk A.S. - USA
    • Eli Lily and company - USA
    • Owen Mumford LTD - USA
    • Medtronic - USA
    • Greiner Bio-one - USA
    • Abbott laboratories - USA
    • HTL - Strefa SA - USA
    • Improve medical - the USA

    Report Scope

    Attribute/Metric Details
    Market Size 2023 2.9 (USD Billion)
    Market Size 2024 3.23 (USD Billion)
    Market Size 2032 5.34 (USD Billion)
    Compound Annual Growth Rate (CAGR) 11.34 % (2024 - 2032)
    Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
    Base Year 2023
    Market Forecast Period 2024 - 2032
    Historical Data 2019 - 2023
    Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
    Key Vendors Terumo Corporation - Japan Beacon Dickinson - USA Sanofi - USA F. Hoffmann-LaRoche - Switzerland Bayer A.G. - Germany Novo Nordisk A.S. - USA Eli Lily and company - USA Owen Mumford LTD - USA Medtronic - USA Greiner Bio-one - USA Abbott laboratories - USA HTL - Strefa SA - USA Improve medical - the USA
    Key Market Opportunities Healthcare providers are also able to provide these patients with better healthcare.
    Key Market Drivers There are two things that are driving fast growth in the lancet and pen needles market. 

    Market Highlights

    Author

    Kinjoll Dey
    Research Analyst Level I

    She holds an experience of about 6+ years in market research and business consulting, working under the spectrum of information communication technology, telecommunications and semiconductor domains. aarti conceptualizes and implements a scalable business strategy and provides strategic leadership to the clients. her expertise lies in market estimation, competitive intelligence, pipeline analysis, customer assessment, etc.

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    FAQs

    At what CAGR is the global lancet and pen needles market projected to grow in the forecast period (2024-2032)?

    lancet and pen needles market projected to grow at approximately 11.34% CAGR during the assessment period (2024-2032).

    How much is the global lancet and pen needles market worth in the future?

    The valuation of the global lancet and pen needles market is estimated to increase to USD 5.34 Billion by the end of 2032.

    What are the major tailwinds pushing the growth of the global lancet and pen needles market?

    Increasing prevalence of diabetes & blood-borne diseases and improving medical device regulations worldwide are major tailwinds pushing the growth of the global lancet and pen needles market.

    Which region holds the largest share in the global lancet and pen needles market?

    Europe holds the largest share in the global lancet and pen needles market, followed by North America and the Asia Pacific, respectively.

    Who are the top players in the global lancet and pen needles market?

    Terumo Corporation, B. Braun Melsungen AG, Becton Dickinson, F. Hoffmann-La Roche AG, Sanofi, Bayer AG, Eli Lilly and Company, Novo Nordisk A S, Owen Mumford Ltd, Ypsomed Holding AG, Medtronic, Sarstedt AG & Co, Abbott Laboratories, Greiner Bio One, HTL-STREFA S.A, UltiMed, Inc., Improve Medical, Allison Medical, Inc., VOGT MEDICAL, Artsana S.p.a., Perrigo Diabetes Care, ARKRAY Inc., MedExel Co., Ltd, Simple Diagnostics, Trividia Health, and Stat Medical, Terumo, are some of the top players operating in the global lancet and pen needles market.

    1. Report Prologue
      1. Increasing Awareness Of Lancet And Pen Needles:
      2. Production Of Lancet And Pen Needles: 15
      3. FDA Regulation
    2. Market Introduction
      1. Introduction 19
      2. Scope Of Study 19
      3. Research Objective 19
        1. Assumptions 20
      4. Market Structure 21
    3. Research Methodology
      1. Research Process 22
      2. Primary Research 23
      3. Market Size Estimation 23
    4. Market
      1. Introduction 25
      2. Drivers 26
        1. Growing Incidence Number Of
        2. Increasing Inclination
        3. Improving Medical Device Regulation
      3. Restraints 30
        1. Risk Associated With Blood Transfusion
        2. Growing Adoption Of Oral Drug Delivery Systems, Reuse Of Pen
      4. Opportunities 32
      5. Mega
      6. Macroeconomic Indicators 33
    5. Market Factor
      1. Porter’s Five Forces Model 34
        1. Bargaining
        2. Bargaining Power Of Buyers 35
        3. Threat Of Substitutes 35
      2. Value Chain Analysis 36
        1. Manufacturing 36
        2. Distribution &
        3. Post-Sales Monitoring 37
      3. Demand & Supply:
      4. Pricing Analysis 37
      5. Investment Opportunity
    6. Lancet And Pen Needles Market, By Type
      1. Lancet
        1. Regular Lancet 40
        2. Safety Lancet 40
      2. Pen Needles
        1. Standard Needles 42
        2. Safety Needles 43
    7. Lancet And Pen Needles Market, By Application
      1. Insulin 45
      2. Capillary Blood Sampling 46
      3. Hormones 47
      4. Glucose
      5. Skin Testing 48
    8. Lancet And Pen
      1. Hospitals & Clinics 50
      2. Home Care &
      3. Research & Academic Laboratories 53
    9. Global Lancet And Pen Needles Market, By Region
      1. Europe 56
        1. Western Europe 59
        2. Eastern Europe
      2. Americas 80
        1. North America 83
        2. South America 90
      3. Asia Pacific 94
        1. Japan 97
        2. China 99
        3. India 102
        4. Australia 107
        5. Rest Of Asia Pacific 109
      4. The Middle East & Africa 113
        1. UAE 116
        2. Saudi Arabia
        3. Kuwait 121
        4. Qatar 123
        5. Africa 126
    10. Competitive Landscape
      1. Introduction 129
    11. Company Profile
      1. B. Braun
        1. Company Overview 131
        2. Financials
        3. Products 131
        4. Strategy 131
      2. Terumo Corporation 132
        1. Company Overview 132
        2. Financials 132
        3. Strategy 132
        4. Key Developments 132
      3. Becton Dickinson 133
        1. Company Overview 133
        2. Financials 133
        3. Products 133
        4. Strategy
        5. Key Developments 133
      4. Sanofi 134
        1. Financials 134
        2. Products
        3. Strategy 134
        4. Key Developments 134
      5. F. Hoffmann-La Roche AG 135
        1. Company Overview 135
        2. Financials 135
        3. Products 135
        4. Strategy
        5. Key Developments 135
      6. Bayer AG 136
        1. Company Overview 136
        2. Financials 136
        3. Strategy 136
        4. Key Developments 136
      7. Novo Nordisk A S 137
        1. Company Overview 137
        2. Financials 137
        3. Products 137
        4. Strategy
        5. Key Developments 137
      8. Eli Lilly And Company
        1. Company Overview 138
        2. Financials 138
        3. Products 138
        4. Strategy 138
        5. Key Developments
      9. Owen Mumford Ltd 139
        1. Company
        2. Financials 139
        3. Products 139
        4. Strategy 139
        5. Key Developments 139
        6. Company Overview 140
        7. Financials
        8. Products 140
        9. Strategy 140
      10. Ypsomed Holding AG 141
        1. Financials 141
        2. Products
        3. Strategy 141
        4. Key Developments 141
      11. Sarstedt AG & Co 142
        1. Company Overview 142
        2. Financials 142
        3. Products 142
        4. Strategy
        5. Key Developments 142
      12. Greiner Bio One 143
        1. Company Overview 143
        2. Financials 143
        3. Products 143
        4. Strategy 143
        5. Key Developments
      13. Abbott Laboratories 144
        1. Company Overview
        2. Financials 144
        3. Products 144
        4. Key Developments 144
      14. HTL-STREFA
        1. Company Overview 145
        2. Financials 145
        3. Products 145
        4. Strategy 145
      15. Improve Medical 146
        1. Company Overview 146
        2. Financials 146
        3. Strategy 146
        4. Key Developments
    12. MRFR Conclusion
      1. Key Findings 147
        1. Unmet Needs Of The Market 147
      2. Key Companies To Watch 148
      3. Prediction Of Lancet And
    13. Appendix
      1. Discussion Blue
    14. List Of Tables
    15. FRANCE LANCETS MARKET, BY TYPE, 2022-2030 (USD MILLION) 64
    16. REST OF WESTERN EUROPE PEN NEEDLES MARKET, BY TYPE, 2022-2030 (USD MILLION) 75
    17. EASTERN EUROPE END USER MARKET, BY TYPE, 2022-2030 (USD MILLION) 78
    18. SOUTH AMERICA PEN NEEDLES MARKET, BY TYPE, 2022-2030 (USD MILLION) 91
    19. JAPAN SAFETY MARKET, BY TYPE, 2022-2030 (USD MILLION) 97
    20. CHINA PEN NEEDLES MARKET, BY TYPE, 2022-2030 (USD MILLION) 100
    21. CHINA APPLICATION MARKET, BY TYPE, 2022-2030 (USD MILLION) 101
    22. CHINA END USER MARKET, BY TYPE, 2022-2030 (USD MILLION) 101
    23. INDIA LANCET AND PEN NEEDLES MARKET, BY TYPE, 2022-2030 (USD MILLION) 102
    24. UAE LANCET AND PEN NEEDLES MARKET, BY TYPE, 2022-2030 (USD MILLION) 116
    25. UAE SAFETY MARKET, BY TYPE, 2022-2030 (USD MILLION) 116
    26. List Of Figures
    27. (USD MILLION) 50

    Lancet and Pen Needles Market Segmentation

    Market Segmentation Overview

    • Detailed segmentation data will be available in the full report
    • Comprehensive analysis by multiple parameters
    • Regional and country-level breakdowns
    • Market size forecasts by segment
    Infographic

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