(PharmaNewsWire.Com, July 23, 2021 ) The Growth in the 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 needlestick injuries, the reuse of lancets, and the poor reimbursement scenario in developing countries are restricting the growth of lancing devices market.
According to the new market research report "Lancets Market by Type (Safety Lancets (Push button, Pressure Activated, Side Button), Personal Lancets), Application (Glucose Testing, Hemoglobin Testing), End User (Hospital, Clinic, Homecare), Region - Global Forecast to 2024" published by MarketsandMarkets™, is projected to grow at a CAGR of 12.4% during the forecast period to reach USD 1,442 million by 2024 from USD 804 million in 2019.
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.
Geographically; 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 and lancing devices 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).
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.
Safety Lancet is expected to be the most widely used type of the lancets market;
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.
Glucose testing segment is expected to account for the largest share of the lancet market application;
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.
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