(PharmaNewsWire.Com, March 02, 2021 ) Major Growth Boosting Factors: The Growth in 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 disposable lancets market during the forecast period. However, the risk of needlestick injuries, the reuse of lancets, and the poor reimbursement scenario in developing countries are restricting the growth of this market.
Revenue Growth Opportunities: 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.
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.
By end user, 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 lancets 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.
The safety lancets market accounted for the largest 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.
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 lancing devices and lancets market in the Asia Pacific region.
Global Leaders:
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.
We are pleased to offer you this exciting, new, and entirely free professional resource. Visit our Free Biotechnology & Pharmaceuticals resource center today to browse our selection of 600+ complimentary Biotechnology & Pharmaceuticals magazines, white papers, webinars, podcasts, and more. Get popular titles including:
