The Global Lancets Market 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.
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 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.
Lancets Market segmentation:
· based on Type.
· based on Application.
· based on regions.
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The hospitals and clinics segment to dominate the lancets market in 2019
By end user, the lancets market is segmented into hospitals and clinics, home care settings, and other end users (diagnostic centers and pathology laboratories). In 2019, the hospitals and clinics segment are 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 Major Players Operating in the Lancets Market:
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) was the leading player in the global lancets market in 2018. The company develops and manufactures equipment and reagents used for research and medical diagnostic applications. It offers lancets to various end users including physicians, hospitals, clinics, academic institutes, and for personal use through its Diabetes Care segment. Roche diagnostics invests a significant amount of its revenue in R&D activities to increase its presence in the market. For instance, in 2016, the company invested USD 1.36 billion in diagnostic research and development, which has been increased to USD 1.76 billion in 2018.
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Geographical Detailed Analysis for Lancets Market:
In 2018, North America dominated the lancets market, followed by Europe. Increasing prevalence of diabetes and favorable reimbursement scenario in the region are the factors propelling the growth of the market in the region.
The Asia Pacific region is projected to register the highest growth rate in the global lancets market during the forecast period. This is primarily attributed to the rapid economic growth, raising awareness about diabetes treatment, the rising geriatric population in China and India, and Japan’s growing healthcare industry.
- A further breakdown of the North American lancets market into the US and Canada
- A further breakdown of the European lancets market into Germany, the UK, France, and the Rest of Europe