(PharmaNewsWire.Com, November 06, 2020 ) The 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.
According MarketsandMarkets Research - 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.
The Key Factors Who will Drives the Market Growth?
- Growing Prevalence of Diabetes - High Prevalence of Infectious Diseases - High Growth Prospects in Emerging Countries
Recent Developments in Industry:
- 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.
The safety lancets accounted for the largest market share in 2018. This is primarily be attributed to the advantages associated with safety lancets such as their ease of use, the capability to prevent needlestick injuries and cross-contamination, and painlessness of vein puncture. In line with this, According to PharmaJet, in the US, around 600,000 to 800,000 needlestick injuries are reported every year. This is expected to increase the demand of safety lancets.
The glucose testing segment accounted for the largest share of the lancets market, by application, in 2018. This is primarily due to the increasing prevalence of diabetes, and the need for its prevention and management. For instance, according to the International Diabetes Federation (IDF), in 2017, there were almost 425 million people suffering from diabetes worldwide, and this figure is expected to increase to 629 million by 2045. The growing prevalence of diabetes has resulted in the increased adoption of lancets to effectively handle the growing patient pool.
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).
Roche Diagnostics (Switzerland) is the diagnostics division of F. Hoffmann-La Roche AG. The company develops and manufactures equipment and reagents used for research and medical diagnostic applications. Roche operates through four business segments, namely, Centralized and Point of Care Solutions, Diabetes Care, Molecular Diagnostics, and Tissue Diagnostics. The company offers lancets to various end users including physicians, hospitals, clinics, academic institutes, and for personal use through its Diabetes Care segment.
Geographical Regions Mapped in Report:
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 lancets 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.
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