Lancet Market to Record Sturdy Growth at 11.3% CAGR till 2024 by Growth Insights, Trends, Share, Size and Demand Analysis with Forecast by MRFR

Lancet Market to Record Sturdy Growth at 11.3% CAGR till 2024 by Growth Insights, Trends, Share, Size and Demand Analysis with Forecast by MRFR

“Lancet Market”
The Global Lancet Market registered a CAGR of 10.50% during the forecast period, with a market value of USD 1,595.5 Million in 2018. Global Lancet Market by Type (Safety Lancet, Personal Lancet), End User (Hospitals & Clinics, Diagnostic Centers and Pathology Laboratories, Home Diagnostics, Others) and Region – Forecast till 2024

The Global Lancets Market is growing rapidly because of the rising prevalence of diabetes and growing number of blood borne diseases across the globe. The global market of lancets is expected to reach USD 2,882.6 million in 2022 and is expected to grow with a CAGR of approximately 11.3% during the forecast period.

Key Players for Global Lancets Market

  • F. Hoffmann-La Roche AG,
  • Becton,
  • Dickinson and Company,
  • Greiner Bio One International GmbH,
  • Improve Medical Technology Co. Ltd,
  • Terumo Medical Corporation,
  • Bayer Cropscience Limited,
  • HTL-STREFA S.A,
  • Sarstedt AG & Co and Others

 

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Lancets Market – Sketch

Globally, lancets are being utilized by patients who are affected by endocrine related complications, cardiovascular issues, and many others. Lancets are being used for diabetes/glucose test, tests in infants, heel-stick screening tests, as well as for scarred emergency patients or severely burned patients. The global lancet market is growing at an exponential rate and it is expected to grow at a CAGR of 11.3% during 2016 to 2022.

The increasing prevalence of diabetes and growing incidence number of contagious and non-contagious diseases has been the major factor for influencing the growth of the market. Incidence of contagious diseases is increasing rapidly on a global level. According to the WHO, it has been calculated that, infectious diseases like plaque which is also known as black death has an estimated 50 million deaths in the 14th century, this infectious disease can be a serious disease if not treated, this disease has a case fatality ratio of around 30%-60%, as of 2013 there were 783 cases worldwide which includes 126 deaths.

The global lancet market appears to be oligopolistic owing to the presence of large players active in the regional market. The market is also characterized by a reasonable degree of brand loyalty where establishing a brand name is difficult for newcomers. However, the cost involved in manufacturing setup is low to medium which discreetly comfort the new entrants to enter in the market easily.  Developments in the medical device industry are made to simplify the diagnosis, prevention, and treatment of various diseases. One of such device is lancet, which is capturing a huge market share due to its application. Safety lancets and personal lancets being the two major types of the lancets are dominating the global lancet market.

Key Findings:

  • The Global Lancets Market and is expected to reach USD 2,882.6 million by 2022
  • Regionally, North America holds the largest market share of global Lancets Market and is expected to grow at a CAGR of 11.2% during the forecast period from 2016-2022
  • On the basis of type, safety lancets accounts the largest market share in 2015 and is expected to reach USD 2,061.8 million by 2022.

 

Global Lancets Market – Competitive Analysis

Many key players involved in this market are keen in introducing new advanced safety lancets for the treatment of various contagious diseases. HTL-STREFA S.A. accounted for major market share of global lancet market, with more than 35% of market share. The large share of the company is attributed to the high demand for safety lancet globally. Moreover, this company has a strong sales and distribution network and this company also provides after sales services and help which play a major role in the satisfaction of the customers. F. Hoffmann-La Roche AG accounts for approximately 22% which can be attributed to their product the ACCU-CHEK which is one of the safety lancets having high demand in the market.

Industry Updates

June, 2017: F. Hoffmann-La Roche AG received European approval of Avastin Drug in combination with Tarceva for cancer patients with a specific type advance lung cancer.

January, 2017: Catalent Inc., a company involved in biologics announced its research collaboration with Roche on Smartag(TM) technology. Catalent claims Roche will pay Catalent an up-front fee of $1 million. Roche to provide additional research funding during the initial phase of the collaboration between these two companies. 

Segments for Global Lancets Market

Global Lancet market has been segmented on the basis of types which comprises of personal, safety and others. On the basis of end users which consists of hospitals & clinics, diagnostic centers and pathology laboratories, home diagnostics and others.

Regional Analysis for Global Lancets Market

Globally North America is the largest market for Lancet. The North American market for Lancet is expected to grow at a CAGR of 11.2% during the forecasted period. This is due to increasing prevalence of diabetic patients. Europe is the second-largest market for Lancet with the market value of USD 592.8 million in 2015. Whereas Asia pacific is expected to be a growing market for Lancet market and expected to grow at a rapid rate.

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