(PharmaNewsWire.Com, May 21, 2020 ) [107 Pages Report] The Lancets Market is projected to reach USD 1,442 million by 2024 from USD 804 million in 2019, at a CAGR of 12.4% between 2019 and 2024, Growth in the lancets market is mainly driven by the growing prevalence of diabetes and the high prevalence of infectious diseases across the globe.
This study involved the extensive use of both primary and secondary sources. The research process involved the study of various factors affecting the industry to identify the segmentation types, industry trends, key players, competitive landscape, key market dynamics, and key player strategies.
Secondary Research:
The secondary research process involves the widespread use of secondary sources, directories, databases (such as Bloomberg Businessweek, Factiva, and D&B Hoovers), white papers, annual reports, companies house documents, investor presentations, and SEC filings of companies.
Primary Research:
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include industry experts such as CEOs, vice presidents, marketing and sales directors, technology & innovation directors, and related key executives from various key companies and organizations operating in the lancets market.
On the basis of type, the lancets market is segmented into safety lancets, and personal lancets. The safety lancets segment is expected to hold the largest share the lancets market in 2019 and is also projected to record the highest CAGR during the forecast period. The large share of this segment can primarily be attributed to the advantages associated with safety lancets such as easy to use; prevents needle stick injuries and cross contamination; and painless vein puncture.
Which is the leading application of lancets?
On the basis of application, the lancets market has been segmented into glucose testing, hemoglobin testing, coagulation testing, and other applications. The glucose testing segment is expected to hold the largest share of the lancets market in 2019 and is projected to record the highest CAGR during the forecast period. The increasing prevalence of diabetes propelling the growth of this market segment.
Recent Developments:
- In 2018, HTL-STREFA expanded its storage capacity in Leczyca by almost 50%, with an equivalent of 3,550 m2 additional storage space.
- In 2018, HTL-STREFA was acquired by Investindustrial. This acquisition helped the companies partner for diabetes management, thus serving an extensive customer base.
- In 2017, Owen Mumford opened its new facility in Malaysia to strengthen and accelerate the growth of the company in the Asia Pacific region.
- A further breakdown of the North American lancets market into the US and Canada
- A further breakdown of the European lancets market into Germany, the UK, France, and the Rest of Europe
North America is projected to dominate the lancets market in 2019. On the other hand, the APAC region is expected to witness the highest CAGR during the forecast period. The growing healthcare industry, rising geriatric population in China and India, rapid economic growth, and rising awareness about diabetes treatment are some of the key factors driving the growth of the lancets market in the Asia Pacific region.
Key Market Players:
Prominent players in the 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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