Lancets Market to Grow with a CAGR of 9.83% through 2029
Growing demand Self-Monitoring and Stringent
Regulatory Standard are the drivers for the Global Lancets Market.
According to
TechSci Research report, “Lancets Market – Global Industry Size, Share,
Trends, Competition Forecast & Opportunities, 2029F”, the Global Lancets Market was valued at USD 2.39 billion in 2023 and will see an impressive growth in the
forecast period at a CAGR of 9.83% through 2029. Lancets are crucial for blood glucose monitoring,
which is essential for individuals at risk of or diagnosed with diabetes.
Preventive healthcare programs often emphasize regular blood glucose monitoring
to detect prediabetes or early-stage diabetes, enabling timely intervention and
lifestyle modifications to prevent or delay the onset of diabetes-related
complications.
Lancets are used
for blood sample collection during cholesterol screenings, which are part of
preventive healthcare measures aimed at reducing the risk of heart disease and
stroke. Regular cholesterol testing allows individuals to monitor their lipid
levels and make dietary and lifestyle adjustments to maintain heart health and
prevent cardiovascular complications. Lancets facilitate blood sample
collection for anemia screenings, which are important for early detection of
iron deficiency anemia and other types of anemia. Preventive healthcare
programs often include routine anemia screenings to identify individuals at
risk of nutritional deficiencies and provide appropriate dietary recommendations
and supplementation to prevent anemia-related complications.
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Lancet manufacturing relies
on a steady supply of raw materials such as stainless steel, plastic
components, and packaging materials. Disruptions in the supply of these
materials, whether due to natural disasters, geopolitical tensions, or trade
restrictions, can impede production and lead to shortages of lancet products. Lancet
manufacturers often source raw materials, components, and finished products
from various suppliers and regions worldwide. Global sourcing increases supply
chain complexity and exposes manufacturers to risks such as transportation
delays, customs issues, and geopolitical instability, which can disrupt the
flow of materials and impact production schedules. Lancet manufacturers rely on
efficient transportation and logistics networks to transport raw materials,
components, and finished products between suppliers, manufacturing facilities,
distribution centers, and customers. Disruptions in transportation networks,
including port congestion, freight delays, and transportation restrictions, can
disrupt supply chains and lead to delivery delays and increased costs.
The Global Lancets
Market is segmented into Type, Application, End User, regional distribution,
and company.
Based on its Application,
Glucose testing in the lancets market
refers to the process of monitoring blood glucose levels using lancets and
blood glucose monitoring systems. This type of testing is primarily used by
individuals with diabetes to manage their condition effectively. Blood glucose
monitoring systems consist of a lancet device, test strips, and a glucose
meter. The lancet device is used to puncture the skin and obtain a small blood
sample, while the test strips are used to collect and analyze the blood sample
for glucose levels using the glucose meter. Lancet devices are small handheld
devices that hold a sterile lancet, which is a fine needle used to puncture the
skin and obtain a blood sample. Lancet devices may feature safety mechanisms
such as retractable needles or protective caps to minimize the risk of
needlestick injuries and cross-contamination.
Based on region,
North America is dominating the market. There is a high level of awareness about
the importance of regular health monitoring and disease management in North
America. Moreover, the region has substantial healthcare expenditure, enabling
patients to access essential medical devices such as lancets for
self-monitoring and management of chronic conditions. North America has
stringent regulatory standards governing the manufacturing, distribution, and
sale of medical devices, including lancets. Compliance with regulatory
requirements ensures product safety and quality, which enhances consumer
confidence and drives market growth. Several major manufacturers of lancets and
related products are headquartered or have a significant presence in North
America. These companies invest in research and development, marketing, and
distribution networks, contributing to the dominance of the region in the
global lancets market.
Major companies
operating in Global Lancets Market are:
- F. Hoffmann-La Roche Ltd
- Ypsomed AG
- B. Braun SE
- Terumo Medical Corporation
- Owen Mumford Ltd
- HTL-STREFA S.A. (MTD Medical Technology and Devices S.p.A.)
- ARKRAY, Inc
- Sarstedt AG & Co. KG
- Medline Industries, Inc.
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“The lancets
market serves a vital function in healthcare by supplying indispensable tools
for blood sample collection and diagnostic testing. Lancets find extensive
usage across diverse healthcare environments, including clinics, laboratories,
and for individual self-monitoring of health metrics like blood glucose levels.
This market segment is subject to numerous factors, including the growing
incidence of chronic conditions, advancements in technology, the burgeoning
popularity of home healthcare solutions, and the prioritization of preventive
healthcare initiatives”, said Mr. Karan Chechi, Research Director of TechSci
Research, a research-based management consulting firm.
“Lancets Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Type (Safety Lancets, Standard Lancets, Specialty Lancets), By Application (Glucose Testing, Haemoglobin Testing, Coagulation Testing, Other Applications), By End User (Hospitals and Clinics, Home Care Settings, Others), By Region, and By Competition, 2019-2029F”, has evaluated
the future growth potential of Global Lancets Market and provides statistics
& information on market size, structure and future market growth. The
report intends to provide cutting-edge market intelligence and help decision
makers take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in Global Lancets Market.
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