Lancets - An Essential Part of Effective Diabetes Management: Infinium Global Research

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Mar 04, 2020, 11:20 ET

PUNE, India, March 4, 2020 /PRNewswire/ -- A recent report by Infinium Global Research on "Lancet Market (Type - Safety Lancets, and Personal Lancets; Application - Blood Test, Hemoglobin Test, and Skin Test; End User - Hospitals and Clinics, Diagnostic Centers, and Homecare): Global Industry Analysis, Trends, Size, Share and Forecasts to 2025" estimates that the market was worth USD 1626.63 Million in 2018 and is projected to expand with a CAGR of 12.5% over the period of 2019 to 2025. The report also provides a comprehensive outline of the factors responsible for the growth of the market.

Millions of people worldwide are affected by diabetes, one of the most perturbing chronic diseases for its major economic and social impact. Studies show that every 19 seconds, someone is diagnosed with this lifestyle disease. Additionally, factors such as aging of the population, changes in physical activity levels, and shift in the patterns of dietary intake factors are driving the rate of diabetes prevalence worldwide. In diabetes patients, lancing fingertips for self-monitoring of blood glucose is a standard procedure. Currently, due to the rising necessity for self-monitoring of blood glucose in diabetes, lancing devices used for capillary blood sampling are gaining prominence.

Lancets are used with a lancing device to make blood sampling more effective and less painful. The major growth driver for the progression of lancet market is the growing prevalence of diabetes, which has also led to the emergence of fully integrated systems and diabetic management devices in which all steps for self-monitoring of blood glucose are integrated for maximum lancing comfort.

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Rise in the Usage of Safety Lancets to Augment the Growth of the Lancets Industry

In the recent years, lancets have gained worldwide acceptance. In particular, safety lancets such as push-button safety lancet, pressure activated safety lancet and side button safety lancet are being promptly used due to their convenient features such as easy handling, painless vein puncture, and enhanced safety. This provides an edge over the use of traditional methods for vein puncture and therefore, widely being implemented in cholesterol test, HIV screening test, capillary blood micro sampling, blood group tests, allergy diagnostics, and several other blood-based tests. They are also increasingly adopted in home care settings and in hospitals and diagnostic centre as they are safe, easy-to-use, and clinically effective in reducing the risk of needle stick injuries. Additionally, as the the trend of rapid point of care (POC) devices continue to evolve, the demand for lancets are expected to augment considerably over the forecast period

Europe to Hold the Largest Share in the Global Lancets Market

Geographically, Europe held the leading position in the global lancets market owing to the high prevalence of diabetes in countries such as U.K., Germany and France. The lancet market for Europe is estimated to be over USD 700 million in 2018 growing at a CAGR of 12.10%. Additionally, about 60 million people are affected with diabetes in the European region. The high spending capability of the European public along with increasing adoption of lancing devices for self-monitoring of blood glucose contributes to the growth of the Europe lancets market. Furthermore, the use of Point of Care Testing in hospitals is on the rise across Europe.

In particular Emergency Departments (EDs) are adopting flu rapid tests to speed up time-to-diagnosis and address the burden on departments during flu season, which in turn increases the consumption of lancets across Europe. Although Europe leads the global market, Asia Pacific is expected to outgrow the Europe lancets market, registering a CAGR of 14.58% over the forecast period. Presently, more than 60% of the people with diabetes live in Asia, with almost one-half in China and India combined. The Western Pacific, the world's most populous region, is estimated to have more than 138.2 million people with diabetes, and the number is likely to rise to 201.8 million by 2035. Also, the presence of a large number of elderly population and increasing advancements in the healthcare sector in Asia Pacific countries contributes to the expansion of Asia Pacific lancets market.

Lancet Market to Witness Intense Competition and Consolidation Over the Forecast Period

The lancet market is consolidated and intensely competitive with the presence of major players such as Becton, Dickinson and Company, Own Mumford, SteriLance Medical, B. Braun Melsungen, HTL-STREFA S.A, Roche Diagnostics, Terumo Corporation, and Abbott Laboratories. The key players compete with each other in terms of product differentiation, quality, price, distribution, innovation, and brand promotion. However, B. Braun Melsungen AG holds a substantial share in the market owing to its broad range of product offerings and a widespread distribution network across the globe.

Furthermore, several companies are focusing on designing highly adaptive lancets that fits into all lancet devices. The report on "Lancets Market" published by Infinium Global Research offers a detailed competitive landscape of the market and also includes strategic profiling of key market players, their core competencies, the current situation and recent developments changing the landscape of the global lancets market

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Global Lancet Industry Coverage

Chapter - 1 Preface

Report Description
Research Methods
Research Approaches

Chapter - 2 Executive Summary

Lancet Market Highlights
Lancet Market Projection
Lancet Market Regional Highlights

Chapter - 3 Global Lancet Market Overview

Introduction
Market Dynamics
Drivers
Porter's Five Forces Analysis
IGR-Growth Matrix Analysis
Value Chain Analysis of Lancet Market

Chapter - 4 Lancet Market Macro Indicator Analysis

Chapter - 5 Global Lancet Market by Type

Safety Lancets
Push Button
Pressure Activated
Side Button
Personal Lancets

Chapter - 6 Global Lancet Market by Application

Blood Test
Hemoglobin Test
Skin Test

Chapter - 7 Global Lancet Market by End User

Hospitals and Clinics
Diagnostic Centers
Homecare

Chapter - 8 Global Lancet Market by Region 2019-2025

North America
Europe
Asia-Pacific
RoW

Chapter - 9 Company Profiles and Competitive Landscape

Becton, Dickinson and Company
Own Mumford
SteriLance Medical
Braun Melsungen
HTL-STREFA S.A
Roche Diagnostics
Terumo Corporation
Abbott Laboratories
Sarstedt AG & Co
Ypsomed

Browse in-depth TOC on "Lancet Market"

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