Global Lancets Market - 2022-2029

Global Lancets Market - 2022-2029

Market Overview

The global lancets market size was valued around US$ YY million in 2021 and is expected to reach US$ YY million by 2029, growing at a CAGR of 11.66% during the forecast period (2022-2029).

A lancet is a sharp pointy piece of surgical steel sheathed in plastic, employed to pierce the skin on one’s finger (or other body parts) to get a blood sample. Other lancets are used for making small incisions, as in the draining of boils and abscesses.

Market Dynamics

The growing number of diabetes cases and infectious diseases are fueling the global lancets market in the forecast period.

Growing diabetes and infectious disease cases are boosting the global lancet market growth during the forecast period.

The growing number of diabetes cases and infectious diseases worldwide are accelerating the global lancets market growth during the forecast period. For instance, according to the World Health Organization(WHO) report, Tuberculosis is the world's 13th leading reason of death and the second leading infectious disease, following only COVID-19 (but ahead of HIV/AIDS). Around 10 million people suffered from Tuberculosis globally in 2020, according to the WHO report, including around 5.6 million men, 3.3 million women, and 1.1 million children. From the TB Statistics by TBFACT. ORG, the 30 most-affected countries by Tuberculosis, accounted for 86% of new cases in 2020. India had two-thirds of the total, followed by China, Indonesia, the Philippines, Pakistan, Nigeria, Bangladesh, and South Africa

Moreover, according to the World Health Organization Global Tuberculosis Report, the lesser of tuberculosis cases were in the World Health Organization (WHO) regions of Europe (2.3%), the Americas (3.0%), Eastern Mediterranean (8.3%) and the majority numbers of tuberculosis cases were found in Western Pacific (18%), Africa (25%) and South-East Asia (43%) for 2021. Likewise, according to World Health Organization (WHO) data, Sub-Saharan Africa continued to bear the burden of malaria, accounting for around 95% of cases and 96% of deaths. Therefore, the climbing cases of infectious diseases are anticipated to boost the high market growth.

Introducing advanced products that can measure blood parameters without pricking skin is a major threat to the global lancets market growth.

However, developing new products that can provide the blood parameters without pricking is a major threat to the global lancet market. For instance, Abbott's FreeStyle Libre is a revolutionary product that helps to track glucose levels without fingerpicks. It is a sensor-based glucose monitoring system with a reader and a sensor.

COVID-19 Impact.

The COVID-19 pandemic has impacted the global lancets market significantly. There was an increased demand for the lancets to perform COVID-19 Antibody or serology tests which look for antibodies in the blood. For conducting an antibody test for COVID-19, a healthcare professional normally withdraws a blood sample, commonly by a finger prick with a lancet or drawing blood from a vein. Then the sample is tested to determine whether it contains antibodies against the COVID-19 virus since a large population was infected with COVID-19, creating a great demand for serological testing and thereby lancets, positively impacting the global lancets market.

Segment Analysis

The blood glucose testing segment is estimated to dominate the market throughout the forecast period (2022-2029).

The blood glucose testing segment is predicted to grow at the highest CAGR during the forecast period (2022-2029). Owing to the rising cases of diabetes globally, for instance, according to the International Diabetic Federation statistics from 2021, approximately 537 million adults (20-79 years) are living with diabetes, and the number is presumed to attain around 643 million by 2030. It will be about 783 million by 2045. Currently, 3 out of 4 adults from low- and middle-income countries have diabetes. Still, around 1 in 2, accounting for about 240 million adults living with diabetes, are undiagnosed. Diabetes claimed about 6.7 million deaths and USD 966 billion in health expenditure, 9% of total spending on adults. Also, 541 million adults are at increased risk of developing type 2 diabetes.

Furthermore, growing awareness about diabetes contributes to the growth of the glucose testing segment at a high CAGR, as many government and non-government organizations are working to spread awareness about diabetes and the benefits of regular blood glucose level monitoring. Therefore, from the above mention data and supporting statistics, it is anticipated that the blood glucose testing segment will dominate the global lancet market throughout the forecast period (2022-2029).

Geographical Analysis

The North American region holds the largest global lancets market share.

North America holds most of the lancet market. It is presumed to show a similar trend in the forecasted years (2022-2029), Owing to the steps taken by the government addressing diabetes and the growing cases of diabetes in this region. For instance, according to the Proclamation on National Diabetes by THE WHITE HOUSE in OCTOBER 2022, In August, after decades of big pharmaceutical companies blocking meaningful change, the president of the United States signed the Inflation Reduction Act into law, which caps the cost of a month’s supply of insulin at $35 per prescription for over 3 million seniors on Medicare. Moreover, congress has significantly expanded its backing of diabetes-related biomedical research, specifically at the National Institutes of Health. For example, a controlled trial of glucose control in type 1 diabetes demonstrated the effectiveness of blood sugar control in preventing eye, kidney, and nerve complications. Diabetic Retinopathy Study and the Early Treatment Diabetic Retinopathy Study demonstrated the value of laser photocoagulation to prevent the progression of diabetic eye disease and establish diabetes research and training centers across the country.

Furthermore, according to the International Diabetes Federation, North America and Caribbean Region had 51 million adults (20-79) with diabetes in 2021, and it is predicted to be 57 million by 2030 and 63 million by 2045. Around 12 million people with diabetes are undiagnosed. Thus, the above data indicate that North America will hold most of the lancet market throughout the forecast period.

Competitive Landscape

The lancets market is moderately competitive due to opportunities for new market players to enter. Some of the key players hold the majority of the market share. Some key players are Abbott Laboratories, B. Braun Melsungen, BD, Roche Diagnostics, HTL-Strefa S.A, Intuity Medical, Terumo Corporation, Medline Industries, Arkray and Owen Mumford. These key players hold the major share of the market through various market tactics such as innovations, product launches, collaborations, acquisitions, and alliances. For instance, in October 2021, Roche Diabetic Care collaborated with Zur Rose, a European digital healthcare ecosystem provider, to improve day-to-day therapy management and address the requirements of 60 million European diabetic patients.

Abbott Diabetic Care

Overview:

Abbott Diabetic Care, a global leader in diabetes care, was founded in 1995 and had since been constantly working to deliver the highest quality products and unwavering support to our customers.

Product Portfolio:

Abbott Diabetic Care’s product portfolio contains FREESTYLE LANCETS: FreeStyle Lancets are constructed from thin, 28 gauge, sterilized stainless steel that provides a secure lancing experience. For use with FreeStyle Lancing Device I or II and conforms to almost all other lancing devices.

The global lancets market report would provide access to approximately 40+ market data tables, 45+ figures, and in the range of 200 (approximate) pages.