Lancet and Pen Needles Market Size Is Expected to Grow at a CAGR of 10.30% By 2027 | Market Research Future

Lancet and Pen Needles Market Size Is Expected to Grow at a CAGR of 10.30% By 2027 | Market Research Future

“Lancet and Pen Needles Market”
Global Lancet and Pen Needles Market Overview and Analysis By Type (Lancet {Regular Lancets and Safety Lancets} [Push Button Safety Lancet, Pressure Activated Safety Lancet and Side Button Safety Lancet] and Pen Needles {Standard Needles and Safety Needles}), Application (Insulin, Capillary Blood Sampling, Hormones, Glucose Like Peptide (GLP), Skin Testing and others), End User, Size, Share, Top Key Players

Market Highlights

The Global Lancet and Pen Needles Market size is expected to grow at a CAGR of 10.30% during the forecast period, 2017-2027 says Market Research Future (MRFR). Rising cases of blood infections coupled with increasing focus on the development of drug delivery methods are the major factor affirming growth of lancet and pen needles market. Incidence of contagious diseases is increasing rapidly on a global level, some of these diseases include Hantavirus pulmonary syndrome, HIV/AIDS, Lyme disease, hemolytic uremic syndrome, and others. The need to monitor these diseases along with the requirement of advanced techniques for drug delivery methods associated with the non-contagious diseases such as diabetes mellitus, chronic kidney diseases, lung disease, and some heart diseases are expected to impact the growth of global lancets and pen needle market.

There are over 35 million healthcare workers globally. These workers face an increased risk of infection from blood-borne pathogens simply because of their exposure to blood and other bodily fluids (World Health Organization (WHO)). Infectious disease such as plaque (Black Death) reported an estimated 50 million deaths in the 14th century (WHO).

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Major Players in the lancet and pen needles Market

Some of the key players in this lancet and pen needles market are B. Braun Melsungen AG, Terumo Corporation, Becton Dickinson, Sanofi, F. Hoffmann-La Roche AG, Bayer AG, Novo Nordisk A S, Eli Lilly and Company, Owen Mumford Ltd, Medtronic, Ypsomed Holding AG, Sarstedt AG & Co, Greiner Bio One, Abbott Laboratories, HTL-STREFA S.A, Improve Medical, UltiMed, Inc., Allison Medical, Inc., Artsana S.p.a., VOGT MEDICAL, Perrigo Diabetes Care, MedExel Co., Ltd, ARKRAY Inc., Simple Diagnostics, Stat Medical, Terumo, Trividia Health, and others.

Lancet and Pen Needles Market Regional Insights:

The global lancet and pen needles market consists of four regions: the Americas, Europe, Asia Pacific, and the Middle East & Africa.

Europe dominates the global lancet & pen needles market owing to the increasing prevalence of patients suffering with diabetes. The Europe lancet & pen needles market comprises of Eastern Europe and Western Europe. Western Europe comprises of countries such as Germany, the U.K, France, Italy, and Spain. Moreover, increasing support from the government, presence of huge geriatric population, and high healthcare spending will boost the market growth over the forecast period.

The Americas hold the second largest market share in the global lancet and pen needles market owing to the increasing prevalence of patients suffering with contagious and non-contagious diseases. Additionally, increasing prevalence of diabetes and atherosclerosis, high health care spending, well developed technology, and increasing geriatric population will further fuel the growth of the market. On the other hand, risk associated with blood transfusion, reuse of pen needles and infusion sets will slow down the growth of the market. The Americas market for lancet and pen needles is divided into North America and South America. North America holds the major share in the market, whereas, South America shows the fastest growth owing to the presence of huge growth opportunity.

Asia Pacific is the fastest growing market for the global lancet and pen needles. Presence of huge patient population, rapid development in technology, and presence of a huge opportunity for the development of the market drives the growth of Asia Pacific lancet and pen needles market. Also, the government of this region is looking forward to avail better treatment options from developed nations in order to improve the quality of life of their citizens.

On the other hand, the Middle East & Africa holds the least share but will be the fastest growing region in the forecast period. However, due to the presence of poor and slow developing countries, especially, in the African region, it may hold least market share.

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Lancet and Pen Needles Market Segmentation

The global lancet and pen needles market is segmented on the basis of type, application, and end user. On the basis the type, it is segmented into lancets and pen needles. The lancet segment is further segmented into safety lancets and regular lancets. The safety lancets is further sub-segmented into push button safety lancets, pressure activated safety lancets, and side button safety lancets. The pen needles is further sub-segmented into standard pen needles and safety pen needles. On the basis of the application, it is segmented into insulin, capillary blood sampling, hormones, GLP, skin testing, and others. On the basis of the end users, it is segmented into hospitals & clinics, diagnostic centers & medical institutions, home care & home diagnostics, research & academic laboratories, and others.

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