The global lancets market size was valued at USD 3.4 billion in 2019 and is expected to expand at a CAGR of 5.6% during the forecast period. Increasing incidence of diabetes, coupled with the availability of a wide range of products, is fueling the market growth. Factors such as rising preference for homecare, high incidence of infectious diseases, and increasing awareness about advanced diabetes management products are contributing to the market growth.
Growing geriatric population, coupled with rising incidence of chronic diseases, is creating demand for the lancing devices. According to the WHO, the global geriatric population is expected to reach 2.1 billion in 2050 from 962 million in 2017.
Rising government expenditure and technological advancements in the field of diabetes management are expected to drive the market. Introduction of technologically advanced products and faster product approvals are expected to strengthen the market growth during the forecast period.
Diabetes management contributes to major economic burden to economies and healthcare systems. According to the International Diabetes Federation (IDF), diabetes costs approximately USD 12 billion, which is 10.0% of the total annual budget. Moreover, technological advancements and launch of innovative products in the field of lancing devices are adding to the market growth.
Diagnostic blood testing is one of the most common medical procedures and accounts for 70-80% of medical decisions. Many companies are making inroads for safer, easier, and efficient ways to collect blood samples. Introduction of high-speed lancing devices is propelling the market growth owing to their features, such as maximum skin-piercing force and minimum wound area. These devices are alleviating pain for patients and shortening the recovery time for the wound.
Based on the application, the lancets market is segmented into blood glucose testing, hemoglobin testing, cholesterol testing, coagulation testing, and others. The blood glucose testing segment dominated the market in 2019 owing to increasing incidence of diabetes and rising awareness about self-monitoring of blood glucose.
According to the International Diabetes Federation, currently, approximately 463 million people are living with diabetes and this number is expected to reach 700 million by 2050. Rising incidence of impaired blood glucose in both type 1 and type 2 patient is also adding to the segment growth.
The cholesterol testing segment is expected to witness lucrative growth during the forecast period. Growing trend of cholesterol testing kits in home settings is expected to boost the segment growth. Increasing awareness of preventive healthcare is one of the key factors fueling the segment growth.
By end use, the market is segmented into hospitals and clinics, diagnostic centers, home care, and others. The hospital segment dominated the market in 2019 and is expected to maintain its lead throughout the forecast period. This can be attributed to factors such as increasing incidence of infectious diseases and large patient pool suffering from diabetes that requires blood testing kits. In addition, the cost of diagnostic testing in the hospital is more than homecare, thereby generating greater revenue for the market.
The home care segment is expected to witness the fastest growth during the forecast period. The growth is primarily attributed to factors such as increasing awareness about self-monitoring of blood glucose and availability of various lancet devices in the market. Moreover, cost of measuring blood glucose level at home is very low and more patients prefer to monitor their blood glucose level at home. Moreover, improvement in the patient self-care using lancet devices globally is propelling the segment growth during the forecast period.
Based on product, the lancets market is segmented into safety lancets, standard lancets, and specialty lancets. Safety lancets dominated the market in 2019 owing to its features, such as easy availability, affordability, and low exposure to infections. Moreover, safety lancets are the most preferred choice for in-home diabetic monitoring and are used in hospitals and clinics. An additional benefit of safety lancets is their portability due to their unexposed needles. The specialty lancets segment expected to witness the fastest growth during the forecast period. The growth of the segment is primarily attributed to high patient compliance, especially in geriatric population.
Safety lancets are further segregated into manual lancets and passive lancets. The manual lancets segment captured the largest share in 2019 owing to availability of products and low cost. The passive or fully automatic lancets are witnessing the fastest growth due to advanced features, such as easy usage and minimum pain.
Based on region, the market is segmented into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. North America dominated the market in 2019 owing to the presence of a large patient pool and favorable reimbursement policies. Increasing frequency of new product launches, coupled with rising healthcare expenditure in the region, is adding to market growth in the region. According to The International Diabetes Federation, 43% of the total diabetes related health expenditure occurs in the region.
Asia Pacific is expected to expand at the fastest growth over the forecast period due to improving healthcare infrastructure and presence of a large patient pool that requires a diagnostic test for treatment. Rising incidence of infectious diseases such as arboviral diseases, including dengue, Zika, West Nile, malaria, and chikungunya, is increasing the demand for lancing devices. Moreover, increasing epidemic of COVID-19 in China is creating high demand for diagnostic testing in the region.
The market is highly fragmented due to the presence of many players. The leading players in the industry include Becton, Dickinson and Company, Roche Diagnostics, Medline Industries, Ypsomed, B. Braun Melsungen, HTL-Strefa S.A, Terumo Corporation, Owen Mumford, Arkray, AgaMatrix, Abbott, Nipro Medical Corporation, and Ypsomed. Major players in the industry are focusing on innovative product launches to provide patients a safe and secure diagnosis. Moreover, the presence of a number of players is creating scope for continuous development of lancet devices to stay in the market.
Base year for estimation
Actual estimates/Historical data
2016 - 2018
2020 - 2027
Revenue in USD Million, Volume in Units, and CAGR from 2020 to 2027
North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
U.S., Canada, U.K., Germany, France, Italy, Spain, Czech Republic, Russia, Poland, Turkey, Switzerland, China, Japan, India, Australia, South Korea, Vietnam, Philippines, Malaysia, Indonesia, Thailand, Mexico, Brazil, Colombia, Argentina, Chile South Africa, Saudi Arabia, Oman, Egypt, and UAE
Revenue forecast, company share, competitive landscape, growth factors, and trends
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This report forecasts revenue growth at the global, regional, and country levels as well as provides an analysis on the latest industry trends and opportunities in each of the sub-segments from 2016 to 2027. For the purpose of this study, Grand View Research has segmented the global lancets market report on the basis of product, application, end use, and region:
Product Outlook (Volume, Units; Revenue, USD Million, 2016 - 2027)
Application Outlook (Volume, Units; Revenue, USD Million, 2016 - 2027)
Blood Glucose Testing
End-use Outlook (Volume, Units; Revenue, USD Million, 2016 - 2027)
Hospitals and Clinics
Regional Outlook (Volume, Units; Revenue, USD Million, 2016 - 2027)
Middle East & Africa
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With Covid-19 infections rising globally, the apprehension regarding a shortage of essential life-saving devices and other essential medical supplies in order to prevent the spread of this pandemic and provide optimum care to the infected also widens. In addition, till a pharmacological treatment is developed, ventilators act as a vital treatment preference for the COVID-19 patients, who may require critical care. Moreover, there is an urgent need for a rapid acceleration in the manufacturing process for a wide range of test-kits (antibody tests, self-administered, and others). The report will account for Covid19 as a key market contributor.