The Global Lancet 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 Lancet 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.
Globally, Lancet are being utilized by patients who are affected by endocrine related complications, cardiovascular issues, and many others. Lancet 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 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.
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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 Lancet and personal Lancet being the two major types of the Lancet are dominating the global lancet market.
The need to keep a regular check on sugar levels has motivated the lancet market globally. Increasing awareness about diabetes as well as its treatment is boosting the sales of lancets around the world. The ease of use in terms of lancets and blood sugar machines is also expected to fuel market development. Escalated spending on awareness campaigns to educate about the use of lancets is expected to bolster the market in the coming years further.
Key Players – Lancet Market
Amplified conformity of market companies to new customers and market trend inclinations are boosting the growth curve of the market and will persist in the forecast period. The expansion of a strong value chain is additionally motivating the development of the market. The development of the market is moving in a favorable direction due to new product introductions or intensifying gross revenue of the players in the market. The vertical enhancements and product tactics of the market are advancing the potential of the market players. The tactical goals intended for the market are buoyed due to advantageous product differentiation carried out by market contestants. Substantial cuts in administrative costs are inducing further expansion of the market. The active implementation of strategies is likely to stimulate the market in the approaching years.
Many key players involved in this market are keen in introducing new advanced safety Lancet 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 Lancet having high demand in the market.
Some of the Key Players in Lancet Market Are:
- F. Hoffmann-La Roche AG,
- 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
Lancet Industry Updates
Jan 2019 Researchers have recently created a microneedle patch that is 50 times smaller than the needles for use in CGM systems.
Segments – Lancet Market
The segmental analysis of the Lancet market has been segmented on the basis of types, end users and regions. Based on types, the lancet market globally is segmented into safety, personal and others. The segmentation of the lancet market globally on the basis of end users consists of diagnostic centers and pathology laboratories, hospitals & clinics, home diagnostics, and others. The regions considered in the lancet market globally are the Middle East, North America, Europe, Asia Pacific, and Africa.
Regional Analysis – Lancet Market
The regional analysis of the lancet market consists of regions such as the Middle East, North America, Europe, Asia Pacific, and Africa. The North American region is the major market for lancets globally. The North American market for lancets is anticipated to develop at a CAGR of 11.2% through the forecasted period. This is primarily because of the growing incidence of diabetic patients. The European region is the next major market for lancets with a market value of USD 592.8 million in 2015. While the Asia Pacific region is anticipated to grow at a rapid rate in the upcoming forecast period.
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