Dublin, Feb. 06, 2024 (GLOBE NEWSWIRE) -- The "Global Lancets Market Analysis & Forecast to 2024-2034" report has been added to ResearchAndMarkets.com's offering.
The global lancets market size was estimated to be USD 2.41 billion in 2023 and is expected to reach at USD 6.76 billion by 2034 with a CAGR of 9.83% during the forecast period 2024-2034.
Rising preference for homecare, increasing prevalence of diabetes & infectious diseases, growing awareness regarding advanced diabetes management products, surge in geriatric population, increasing technological advancements in the field of diabetes management, growing introduction of technologically advanced products, surge in product approvals, and increasing approvals by regulatory authorities are some of the key factors boosting the market growth. 
Increasing approvals by regulatory authorities is predicted to boost the market growth during the forecast period. A blood lancet is a medical tool resembling a scalpel, featuring a dual-edged blade. This blade is employed to pierce the skin for the collection of blood samples, subsequently utilized in diagnosing various conditions like diabetes. Diabetic individuals commonly utilize these lancets to keep track of their blood glucose levels. For instance, in November 2022, The U.S. Food and Drug Administration has granted approval for the single-use sterile lancet produced by Shandong Lianfa Medical Plastic Products Co. Ltd.
By product, safety lancets was the highest revenue-grossing segment in the global Lancets market in 2023 owing to the Simple accessibility, minimal cost, & a low probability of infection, rising demand for in-home diabetic monitoring, and increasing usage in hospitals & clinics. Additionally, specialty lancets is predicted to grow at fastest CAGR during the forecast period owing to the high patient compliance, especially in the geriatric population, and growing collaborations within market players.
By application, blood glucose testing was the highest revenue-grossing segment in the global Lancets market in 2023 owing to the rising prevalence of diabetes, surge in awareness regarding self-monitoring of blood glucose, increasing prevalence of impaired blood glucose in both type 1 and type 2 patients., and growing initiatives by market players. For instance, in February 2022, BD (Becton, Dickinson and Company), a prominent global medical technology firm, has received approval from its board of directors for the scheduled separation of its diabetes care division. This new entity will be named Embecta Corp. Additionally, cholesterol testing is predicted to grow at fastest CAGR during the forecast period owing to the growing trend of cholesterol testing kits in home settings, and rising awareness of preventive healthcare.
By end-user, hospital was the highest revenue-grossing segment in the global Lancets market in 2023 owing to the rising prevalence of infectious diseases and surge in number of patient pool suffering from diabetes that requires blood testing kits. Additionally, home care is predicted to grow at fastest CAGR during the forecast period owing to the growing awareness regarding self-monitoring of blood glucose, the accessibility of different lancet devices, cost effectiveness of blood glucose monitoring at home, and increasing approvals by regulatory bodies. For instance, in September 2022, The FDA has granted approval for Tasso's at-home blood collection lancet. With the 510(k) clearance for its blood lancet, Tasso is now poised to introduce a device designed to address the growing need for remote testing kits. Tasso+ is a product that enables blood collection in the comfort of one's home and includes built-in safety training for proper handling, ensuring it can only be used once to eliminate the risk of contamination.
North America region is anticipated for the highest revenue share during the forecast period owing to the increasing launch of new product, growing healthcare expenditure, rising technological advancements, and surge in inoitiative by market players. For instance, in April 2022, BD has successfully finalized the separation of Embecta Corp., which now possesses BD's former Diabetes Care division and stands as one of the world's leading companies in diabetes management.
Additionally, Asia Pacific region is predicted to grow at fastest CAGR during the forecast period owing to the rising healthcare infrastructure, increasing demand for diagnostic tests for treatment, growing prevalence of infectious diseases such as arboviral diseases, including dengue, malaria, chikungunya, Zika, & West Nile, and surge in partnerships & collaborations within market players. For instance, in March 2023, Astellas Pharma has disclosed a partnership agreement with Roche Diabetes Care Japan Co. Ltd. This collaboration involves jointly developing and marketing the highly acclaimed Accu-Chek Guide Me blood glucose monitoring system by Roche Diabetes Care, which boasts advanced accuracy, as a combined medical product in conjunction with BlueStar.
Market Segmentation
By Product
- Standard Lancets
- Safety Lancets
- Specialty Lancets
By Application
- Cholesterol Testing
- Blood Glucose Testing
- Coagulation Testing
- Hemoglobin Testing
- Other
By End-user
- Homecare Settings
- Hospitals & Clinics
- Others
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 200 |
| Forecast Period | 2023 - 2034 |
| Estimated Market Value (USD) in 2023 | $2.41 Billion |
| Forecasted Market Value (USD) by 2034 | $6.76 Billion |
| Compound Annual Growth Rate | 9.8% |
| Regions Covered | Global |
Companies Profiled
- Terumo Corporation
- Roche Diagnostics
- Abbott
- Medline Industries
- B. Braun Melsungen
- HTL-Strefa S.A
- Becton
- Dickinson and Company
- Owen Mumford
- Ypsomed
- Arkray
- Nipro Medical Corporation
- Ypsomed
- AgaMatrix.
For more information about this report visit https://www.researchandmarkets.com/r/r05ba2
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