Global Lancets Market Report 2023: Growing Prevalence of Diabetes and Increasing Adoption of Self-monitoring Devices Fuels the Sector

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Jun 13, 2023, 18:45 ET

DUBLIN, June 13, 2023 /PRNewswire/ -- The "Lancets Market - Global Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.

The lancets market is projected to reach USD 3.6 Billion by 2028 from USD 2.3 Billion in 2023, at a CAGR of 9.7% during the forecast period.

Growth in the lancets market is mainly driven by the growing prevalence of diabetes, the high prevalence of chronic diseases, and the rising geriatric population. However, the risk of lancet-related needlestick injuries, the reuse of lancets, and Pricing pressure owing to reimbursement cuts and budget constraints are restricting the growth of this market.

The Safety lancet segment accounted for the highest market share in the lancets systems market, by type, during the forecast period

Based on the segment type, the lancets system market is categorized into standard lancets and safety lancets. Safety lancets are sub-categorized into Manually Activated and Automatically activated/Pressure activated. Push Button Lancets and Side Button Lancets Manually Activated are expected to have the highest growth in the market which is attributed to the growing geriatric population.

Glucose Testing applications accounted for the highest CAGR during the forecast period

Based on type, the application market is segmented into Glucose Testing, Hemoglobin Testing, Coagulation Testing, Cholesterol Testing, Allergy Testing, Neonatal Screening, and Other Applications. In 2022, Glucose Testing dominated the market and the lancets market observed the highest growth rate. Factors supporting the growth of the market are due to the growing prevalence of diabetes and the increasing adoption of self-monitoring devices.

The North American segment accounted for the highest market share in the lancets systems market, by region, during the forecast period

Based on the region, the global lancets market is categorized into North America, Europe, Asia Pacific, and Rest of the world. North America is expected to witness a high market share during the forecast period. The rising prevalence of various chronic diseases which is attributed to the demand of a rising number of hospitals and surgical centers is also supporting the growth of the lancets market.

Market Dynamics

Drivers

Growing Prevalence of Diabetes and Increasing Adoption of Self-Monitoring Devices
Rising Prevalence of Various Chronic Diseases
Increasing Demand for Painless Lancets
Growing Geriatric Population
Rising Number of Hospitals and Surgical Centers

Restraints

Increasing Incidence of Lancet-Related Needlestick Injuries and Infections
Pricing Pressure Owing to Reimbursement Cuts and Budget Constraints

Opportunities

High Growth Prospects in Emerging Countries
Increasing Awareness of Novel Technologies

Challenges

Reuse of Lancets

Companies Mentioned

A. Menarini Diagnostics S.R.L
Abbott Laboratories
Acon Laboratories, Inc.
Agamatrix, Inc.
Allison Medical, Inc.
Arkray, Inc.
B. Braun Se
Becton, Dickinson and Company
Cml Biotech Ltd.
Disera Tibbi Malzeme Lojistik Sanayi Ve Ticaret A.S.
F. Hoffmann-La Roche Ltd.
Fl Medical S.R.L
Glucorx Limited
Greiner Bio-One International GmbH
Htl-Strefa S.A.
Medline Industries
Mhc Medical Products, LLC
Neomedic
Owen Mumford
Sanli Medical & Health Service
Sarstedt AG & Co. Kg
Sterilance Medical (Suzhou) Inc.
Terumo Corporation
Ypsomed

For more information about this report visit https://www.researchandmarkets.com/r/ubkqcd

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