Dallas, Texas, June 25, 2020 (GLOBE NEWSWIRE) -- The “Global Lancets Market Size 2018, by Type (Safety Lancets, Personal Lancets), by Application (Glucose Testing, Coagulation Testing, Hemoglobin Testing, Others), by Region and Forecast 2019 to 2025” study provides an elaborative view of historic, present and forecasted market estimates.
Adroit Market Research report on global lancets market gives a holistic view of the market from 2015 to 2025, which includes factors such as market drivers, restraints, opportunities, challenges and regulatory scenario. The market has been studied for historic years from 2015 to 2017, with the base year of estimation as 2018 and forecast from 2019 to 2025. The report covers the current status and future traits of the market at global as well as country level. In addition, the study also assesses the market competition with Porter's five forces analysis and positions the key players based on their product portfolio, geographic footprint, strategic initiatives and overall revenue. Prominent players operating in the global lancets market have been studied in detail.
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The global lancets market is anticipated to cross USD 1,695.8 million by 2025, growing at a lucrative CAGR of over 12.0% from 2019-2025. Rising number of diabetic patients as well as increasing number of home-based testing procedures is anticipated to drive the market growth in coming years.
Major end users of lancets diabetic patients are wherein rising population with the medical condition regularly use lancets to monitor blood glucose. Increasing awareness regarding regular glucose monitoring coupled with emergence of low-priced glucometers for home testing is anticipated to drive the sales of lancets in near future. Improvements in treatment to decrease the annual rate of diabetes-related morbidities and early deaths during this timeframe would contribute to diabetic patients lasting longer while needing several years of intensive care of several chronic diseases, resulting in significantly higher costs. Herein lancets come in frame that are not only useful in glucose monitoring but also in diagnosis of other chronic diseases where blood testing is required. Proactive public health initiatives, including improved availability of diabetes prevention services, may help millions of adults avoid progression to type 2 diabetes and thus help turn these grim predictions around.
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In terms of type, push button safety lancet accounted for majority of market share in 2018 and is anticipated to emerge as the most dominant by 2025. Ease of use coupled with minimal painful procedure carried out with this lancet is the major factor for its market position.
In terms of application, glucose test monitoring is likely to merge as the most lucrative segment on account of increasing frequency of blood testing being done for diabetes management than other diseases such as hypertension, cancer, infectious diseases etc.
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In terms of regional markets, Asia Pacific is likely to develop as the most lucrative market by the end of the forecast period. Increasing awareness regarding product availability coupled with launch of low cost products owing to ease in regulations in developing countries is anticipated to drive the demand for lancets within the region. In India, the incidence of diabetes has risen significantly over the past 40 years. Around 3% of the population residing in urban areas was diabetic in the early 1970s. Which increased to 11.2% in 2017 according to a survey of 15 states in India. As of now, the prevalence of prediabetes in general was 10.3% such growth is anticipated to increase the demand for lancets in coming years. Improving healthcare infrastructure coupled with NGO’s working to promote disease awareness in rural parts of the country is likely to benefit the market growth in near future.
Key vendors in the market include Becton, Dickinson and Company, Terumo Corporation¸ Roche Diagnostics, Ypsomed, SteriLance Medical, ARKRAY, and many more.
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Major points from Table of Contents:
1. Introduction
2. Research Methodology
3. Market Outlook
4. Lancets Market by Type, 2015-2025 (USD Million)
5. Lancets Market by Application, 2015-2025 (USD Million)
6. Lancets Market by Region 2015-2025 (USD Million)
7. Competitive Landscape
8. Company Profiles
9. Appendix
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