The report “Lancets Market by Type (Safety Lancets (Push button, Pressure Activated, Side Button), Personal Lancets), Application (Glucose Testing, Hemoglobin Testing), End User (Hospital, Clinic, Home care), Region – Global Forecast”, the Lancing Devices and Lancets Market is projected to grow at a CAGR of 12.4% during the forecast period to reach USD 1,442 million by 2024.
The Growth in the Blood Lancets Market is mainly driven by the growing prevalence of diabetes and the high prevalence of infectious diseases across the globe. In addition, emerging markets such as India and China are expected to offer growth opportunities for players operating in the market during the forecast period. However, the risk of needle stick injuries, the reuse of lancets, and the poor reimbursement scenario in developing countries are restricting the growth of this market.
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The hospitals and clinics segment to dominate the market in 2019
By end user, the blood lancets market is segmented into hospitals and clinics, home care settings, and other end users (diagnostic centers and pathology laboratories). In 2019, the hospitals and clinics segment is expected to dominate the market. The dominant share of this segment is primarily attributed to the availability of a large patient pool and the increasing prevalence of infectious diseases that require blood testing for diagnosis and treatment.
Geographical View in-detailed:
North America dominated the lancets market, followed by Europe. Increasing prevalence of diabetes and favorable reimbursement scenario in the region are the factors propelling the growth of the market in the region.
The Asia Pacific region is projected to register the highest growth rate in the global Lancing Devices Market during the forecast period. This is primarily attributed to the rapid economic growth, rising awareness about diabetes treatment, rising geriatric population in China and India, and Japan’s growing healthcare industry.
Global Key Leaders:
Prominent players in the Disposable Lancets Market are Becton, Dickinson and Company (US), Roche Diagnostics (Switzerland), Ypsomed (Switzerland), B. Braun Melsungen (Germany), Terumo Corporation (Japan), Own Mumford (UK), HTL-STREFA S.A (Poland), ARKRAY (Japan), Sarstedt (Germany), and SteriLance Medical (Suzhou) (China).
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Roche Diagnostics (Switzerland) was the leading player in the global lancets market in 2018. The company develops and manufactures equipment and reagents used for research and medical diagnostic applications. It offers lancets to various end users including physicians, hospitals, clinics, academic institutes, and for personal use through its Diabetes Care segment. Roche diagnostics invests a significant amount of its revenue in R&D activities to increase its presence in the market. For instance, in 2016, the company invested USD 1.36 billion in diagnostic research and development, which has been increased to USD 1.76 billion in 2018.
Becton, Dickinson and Company (US) is another leading player in the Lancing Devices Market. The company develops, manufactures, and sells of medical devices, instrument systems, and reagents used by healthcare institutions, life science researchers, clinical laboratories, and the pharmaceutical industry. It offers lancets for blood sugar monitoring tests and other blood tests. With its strong product portfolio, the company has established a strong presence in more than 50 countries across North America, South America, Europe, Africa, and Asia Pacific and is serving customers in around 190 countries. BD competes with other players on the basis of price, quality, innovation, brand image, distribution, promotion, and other factors.