Pune, India, July 30, 2019 (GLOBE NEWSWIRE) -- Market Overview
As per a report made available by Market Research Future, the Lancet Market is expected to expand at a CAGR of 10.50% in the upcoming forecast period. Diabetes is identified as one of the most prevalent ailments plaguing society over the past few decades. The need to constantly monitor blood glucose levels is motivating the market for lancets. As most of the lancets are single-use items and are disposed off after use, they are witnessing a stable demand curve which is expected to rise considerably.
The increasing preference for home testing kits is expected to play a significant role in the development of the market. The ease of use of blood glucose testing strips is anticipated to improve the share of the market in the coming years. The increased adaptability of advanced technology related to the use of test strips is motivating the development of the lancet market globally. The presence of a well-educated user base is an instrumental aspect that is likely to motivate the market for lancets greatly in the coming period.
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Competitive Analysis
The prime contenders in the global lancet market are Bayer AG (Germany), HTL-STREFA S.A. (Poland), Sarstedt AG & Co. (Germany), Terumo Corporation (Japan), Becton, Dickinson and Company (US), Greiner Bio-One International GmbH (US), Abbott Laboratories (US), F. Hoffmann-La Roche Ltd (Switzerland), Improve Medical Instruments Co. Ltd (US) and others.
Segmentation
The segmental assessment of the Lancet Market is carried out on the basis of type, end-user, and region.
On the basis of type, the market has been segmented into personal lancet and safety lancet. The safety lancets segment can be further segmented into pressure activated safety lancets, push-button safety lancets, and side button safety lancets. On the basis of end user, the market is segmented into diagnostic centers & pathology laboratories, the hospitals & clinics, research and academic laboratories, home diagnostics, and others. The hospitals & clinics segment holds a key share of the market globally.
Browse the market data and information spread across 106 pages with 93 data tables and 26 figures of the report “Lancet Market Research Report - Global Forecast till 2024” in-depth alongside table of content (TOC) at: https://www.marketresearchfuture.com/reports/lancet-market-2078
Regional Analysis
The Global Lancet Market, based on region, is divided into Europe, the Americas, Asia-Pacific, and the Middle East and Africa.
Europe held the largest share of the global lancet market. The Europe market demonstrated substantial growth in the market due to the growing demand and need for safe blood glucose tests in hospitals, clinics, diagnostics centers, etc. and the growth in insulin users. The Americas held a substantial share in the global lancet market owing to the rise in the prevalence of diabetes and the increasing need for a diabetes diagnosis.
Asia-Pacific was the fastest growing region in the global market and accounted for 19.1% market share in the global market in 2018. The growth in this region is attributed to the low manufacturing cost and low labor cost in the region. Moreover, the Middle East and Africa showed the least growth owing to low per capita income and lack of adequate healthcare spending.
Key Updates
Ascensia Diabetes Care, known for its CONTOUR™ variety of blood-glucose monitoring system, is expanding its offerings. One of the newest Contour products is the Bluetooth-enabled CONTOUR NEXT ONE, which links the CONTOUR Diabetes app through a smartphone. The app permits the person to monitor their blood glucose values and log what they’ve eaten or how they’ve exercised.
LifeScan, recognized for its blood glucose monitoring meters and test strips, recently announced an arrangement with Sanvita Medical to shift into continuous glucose monitoring (CGM), which is expected to become the standard of care for the huge majority of people with diabetes who don’t use insulin. LifeScan’s OneTouch brand of blood glucose testing strips, meters, lancets, and point-of-care systems are well popular among distinct consumer bases and hospitals.
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