ID: MRFR/MED/0107-CR | May 2017 | Region: Global | 87 pages
According to the latest report, the safety lancet market is predicted to reach USD 2,305.1 Million by the end of the year 2023 from USD 1,056.2 Million in the year 2016 with registering a CAGR of 11.8% during the forecast period of 2017 to 2023. A safety lancet is a small piece of medical equipment that is used for capillary blood sampling; it looks like a scalpel attached to a double-edged needle or blade. Lancets are a single user device and can be used for punchers, as for example finger sticks in order to obtain small blood specimens. A safety blood lancet is basically disposable.
The safety lancet market is a vital and dynamic component of the healthcare industry. The rise in developments in the devices of the healthcare industry such as treatment and prevention of several diseases and diagnosis is the major factor contributing to the growth of the safety lancet market. All the components of the health care industry play an important role in the safety lancet market size. The increasing chronic diseases such as dyslipidemia, diabetes, and hyperlipidemia, and the increasing incidents of homecare diagnosis are some other major factors contributing to the growth of the safety lancet market. Moreover, the high demand for the use of disposable blood lancet for pain-free diagnosis of hemoglobin, fat level, blood sugar level, and other important blood components are lily to propel the growth of the safety lancet market. The disposable lancet decreases the risk of the transmission of infection and blood transfusion which is again contributing to the growth of the global blood lancet market.
This report contains all the information on the safety lancet market trends, research, and market strengths. The report also contains the culmination of dynamics, segmentation, key players, regional analysis, and other important factors. And a detailed analysis of the global safety lancet market forecast to 2023 is also included in the report.
Covid 19 Analysis
The outbreak of the global pandemic covid 19 has affected every industry so far and it is likely to leave a long-term effect predicted to impact the growth of the safety lancet industry during the forecast period. According to the reports, the covid 19 has drastically changed the consumer’s behaviors and demand, the patterns of purchasing, dynamics of market forces, the supply chain, and the magnificent intervention of governments.
The safety lancet market is highly driven by the rising prevalence of infectious diseases and different chronic diseases, along with improved medical device regulations, rising preference towards home healthcare, and the rising prevalence of diabetes. Moreover, the increasing support of the respective government and healthcare spreading has added fuel to the overall growth of the safety lancet market.
The regulatory scenario is likely to put positive impacts on the global blood lancet market growth and hence creating opportunities for the same in the near future.
The low awareness among individuals regarding homecare lancet in developing economies around the globe is predicted to create hurdles in the growth of the safety lancet market.
The lack of awareness among the developing countries about the homecare usage of safety lancet devices can be considered as the major challenge which ultimately can create a hurdle in the growth of the safety lancet market.
Cumulative Growth Analysis
The safety lancet market is experiencing steady growth, and it is growing with a CAGR of 11.8% during the forecast period from 2017 – 2023. Blood sampling safety lancet is the most common device which is highly used in diagnostic centers, hospitals, clinics, and home care monitoring. The safety lancet market has reached USD 1,056.2 Million in the year 2016 to USD 2,305.1 Million by the end of the year 2023. The European region is predicted to reach USD 1,032.7 Million by the end of the year 2023due to its rising demand and need for safe blood glucose tests in clinics, diagnostics centers, hospitals, etc, and the increased insulin users.
Value Chain Analysis
According to the reports, the safety lancet market has been segmented on the basis of types, end-users, and regions. On the basis of types, the safety lancet market is further segmented into push-button safety lancet, pressure-activated safety lancet, side button safety lancet. The safety lancet market is predicted to account for the maximum safety lancet market share due to its increasing usages for the treatment of patients who are suffering from diabetics. On the basis of end-users, the safety lancet market has been segmented into hospitals & clinics, diagnostic centers and pathology laboratories, home diagnostics, and other end users. The home care segment is dominating the safety lancet market in the year 2018 and it is predicted to dominate the market during the forecast period, owing to its magnificent increase in uses among the patients who are at homecare diagnosis of several chronic diseases including diabetes. Moreover, the ease and simplicity of the device make it easy to use and hence makes it an ideal device for monitoring diabetes and self-diagnosis which further aforementioned propel the growth of the safety lancet market.
The market is segmented on the basis of the types, end-users, and regions. The safety lancet market is expected to witness decent growth during the forecast period.
Based on the application, the market is segmented into push-button safety lancet, pressure-activated safety lancet, side button safety lancet.
Based on the propulsion types, the market is segmented into hospitals & clinics, diagnostic centers and pathology laboratories, home diagnostics, and other end-users
According to the reports, on the basis of region, the safety lancet market is segmented into North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa. North America is expected to dominate the safety lancet market in the year 2019 due to its favorable reimbursement policies and increasing numbers of patients in this region. The rising frequency of the launches of new products along with that the increasing expenditure of health care in this region is adding fuel to the growth of the safety lancet market in this region.
Asia Pacific region is predicted to register the fastest growth over the forecast period due to its upgraded healthcare infrastructure and the ring numbers of the patient pool who need diagnostic tests for treatment. The increasing incidents of chronic and infectious diseases like arboviral diseases including chikungunya, dengue, Zika, malaria, West Nile is rising the demand for safe lancet devices. Furthermost, the global pandemic covid 19 is also increasing demand for diagnostic testing in this region.
The reports of the safety lancet market include the primary research and the detailed analysis of quantitative and qualitative aspects of several experts of the industry and the key opinion of the key players in order to gain insight into the safety lancet market and the overall performance of the industries.
Major Key Players
The following report comprises of –
Key Market Segments:
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Types, End-users|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||F. Hoffmann-La Roche AG, Becton, Dickinson and Company, Terumo Medical Corporation, Bayer AG, HTL-STREFA S.A., Sarstedt AG & Co., Improve Medical Technology Co. Ltd, others|
|Key Market Opportunities||The regulatory scenario is likely to put positive impacts on the global blood lancet market growth|
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
Safety Lancet Market is projected to grow at a 11.8% CAGR between 2020-2027.
Safety Lancet Market is predicted to touch USD 2,305.1 million by 2023.
Europe is predicted to lead the safety lancet market.
Different end users of Safety Lancet Market include home diagnostics, pathology laboratories, diagnostic centers, and hospitals and clinics.
High product cost and lack of patient awareness may limit market growth.