New York, Sept. 26, 2022 (GLOBE NEWSWIRE) -- Kenneth Research has published a detailed market report on ‘Global Lancet Market’ for the forecast period, i.e. 2022 – 2031, which includes the following factors:
- Market growth over the forecast period
- Detailed regional synopsis
- Market segmentation
- Growth drivers
- Profiling of key market players
Global Lancet Market Size:
The global lancet market is garnered an approximate revenue figure of USD 1125 million in year 2021 and is estimated to grow at a CAGR of ~12% over the forecast period, i.e., 2022 – 2031. The growth of the market can be ascribed to the growing cases of chronic diseases such as diabetes, high cholesterol, and unhealthy lifestyle of people. Furthermore, better provision for reimbursement policies in advanced economies, and high prevalence of infectious diseases are also estimated to add in the growth of the market. According to the U.S Department of Health & Human Services, the number of emergency department visits for diseases caused by infections and parasites in the year 2018 accounted to 3.4 million. Besides, growing patient population across the world and advancement in healthcare infrastructure are projected to majorly drive the market growth.
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Global Lancet Market: Key Takeaways
- The Asia Pacific region gains the largest portion of the revenue
- The glucose testing segment to dominate the revenue graph
- Hospitals & Clinics segment remains prominent in the system segment
Increasing Prevalence of Diabetes to Boost Market Growth
Lancet can be defined as a finger-pricking device that is used in order to poke punctures by securely holding needle to obtain blood specimens. The diabetic patients make the most use of lancet to monitor their blood glucose level on daily basis. Diabetes is one of the most prevalent diseases all throughout the world. According to the data by the International Diabetes Federation (IDF), in 2021, approximately 537 million adults are living with diabetes. The total number of people living with diabetes is projected to rise to 643 million by 2030 and 783 million by 2045. Three in four adults with diabetes live in low- and middle-income countries. Hence, growing number of diabetes patients around the world is expected to be a prime factor to drive the growth of the global lancet market.
In addition to this, increasing cases of chronic diseases across the globe is estimated to be another major factor to add to the market growth. As per the World Health Organization (WHO), chronic diseases (NCDs) kill 41 million people each year, equivalent to 71% of all deaths globally. Each year, more than 15 million people die from a chronic disease between the ages of 30 and 69 years; 85% of these premature deaths occur in low- and middle-income countries. Moreover, the rising investments in the R&D activities to continuously bring up more feasible solutions for medical procedures along with launch of new products are predicted to propel the global lancet market over the forecast period.
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Global Lancet Market: Regional Overview
The global lancet market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Increasing Cardiovascular Diseases to Favored Market Growth in the North America Region
The market in North America witnessed a notable growth in the year 2021 on the account of extensive advancements in the healthcare infrastructure. Moreover, the high prevalence of cardiovascular disease is expected to surge the growth of the lancet market in the region. As per the Centers for Disease Control and Prevention, in every 34 seconds, one person dies owing to cardiovascular disease in the U.S. Additionally, about 697,000 people in the United States died from heart disease in 2020, which was 1 in every 5 deaths. Further, the easy availability of better medical facilities, backed by the favorable medical policies are estimated to elevate the market growth in the region.
Governmental Initiatives to Spread Awareness Expected to Boost Market Growth in the Asia Pacific Region
On the other hand, the market in the Asia Pacific is projected to witness significant growth over the forecast period. The growth of the market in this region can be associated with the growing patient pool, along with incessant prevalence of chronic diseases such as CVDs, diabetes, cholesterol, and many others. Moreover, the role of government in spreading awareness about the use of lancets are expected to boost the growth of the market in this region. Additionally, increasing number of CVD patients, increasing funding in healthcare infrastructure, and inactive lifestyles followed by unhealthy diets are expected to influence the growth of the lancet market in the region. As per new data, total number of CVD deaths in 2019 was approximately 19 million in 2019, while in 1990 the number was merely 520 million.
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The study further incorporates Y-O-Y growth, demand & supply and forecast future opportunity in:
- North America (U.S., Canada)
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe)
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America)
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific)
- Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
Global Lancet Market, Segmentation by Application
- Glucose Testing
- Hemoglobin Testing
- Coagulation Testing
The glucose testing segment is anticipated to hold the largest market size in value and is estimated to grow at a promising CAGR over the forecast period. The growth of the segment can be associated with the increasing number of diabetic patients across the world. It was observed that, in 2019, diabetes was the ninth leading cause of death with an estimated 1.5 million deaths directly caused by diabetes. The accuracy of glucose testing results and futile effects are expected to be the major factors driving the growth of the segment.
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Global Lancet Market, Segmentation by End Users
- Homecare
- Hospitals & Clinics
- Blood Banks
- Others
The hospitals segment is estimated to hold a substantial market share in the global lancet market during the forecast period. The growth of this segment can be attributed to the existence of a huge patient pool in a hospital facility that requires treatment for diabetes and other chronic diseases. Moreover, rising healthcare expenditure per capita on healthcare is also estimated to propel the growth of the market. According to the data by The World Bank, as of 2019, current health expenditure per capita among the global population was USD 1,121.97.
Global Lancet Market, Segmentation by Type
- Push-Button Safety Lancet
- Pressure Activated Safety Lancet
- Personal Lancet
- Side Button Safety Lancet
Few of the well-known market leaders in the global lancet market that are profiled by Kenneth Research are F. Hoffmann-La Roche Ltd., Becton, Dickinson and Company, SARSTEDT AG & Co. KG, Tenko Medical Systems Corp, HTL-STREFA (MTD Medical Technology and Devices S.A), Terumo Corporation, Ypsomed AG, Owen Mumford Limited, ARKRAY, Inc., Bayer AG, and others.
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Recent Developments in the Global Lancet Market
- In November 2021, a comprehensive strategic alliance was announced by Terumo Corporation and Diabeloop, a French business. The partnership's primary goal is to promote Automated Insulin Delivery (AID) technologies in Europe.
- In March 2021, Owen Mumford Limited announced the addition of a 16-gauge (16G) safety lancet. The 16G safety lancet's primary use is to collect large amounts of capillary blood for analysis.
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