UAE Automotive Lead Acid Battery Market Assessment, By Vehicle Type [Passenger Car, Three-Wheeler, Two-Wheeler, Light Commercial Vehicle, Medium and Heavy Commercial Vehicle], By Battery Capacity [Up to 20Ah, 20-50Ah, Above 50Ah], By Sales Channel [Origin

UAE Automotive Lead Acid Battery Market Assessment, By Vehicle Type [Passenger Car, Three-Wheeler, Two-Wheeler, Light Commercial Vehicle, Medium and Heavy Commercial Vehicle], By Battery Capacity [Up to 20Ah, 20-50Ah, Above 50Ah], By Sales Channel [Original Equipment Manufacturer, Aftermarket], By Region, Opportunities and Forecast, 2017-2031F

Global lancets market is projected to witness a CAGR of 9.24% during the forecast period 2024-2031F, growing from USD 2.10 billion in 2023 to USD 4.26 billion in 2031F. The lancets market is steadily growing due to the increasing prevalence of diabetes and hematologic disorders such as diabetes, anemia, and leukemia, as well as increasing awareness related to regular health checkups, technological advancements, and government initiatives. Lancets are tiny, portable medical devices that are used to take capillary blood samples from parts of the skin, such as the heels, earlobes, and fingers. With their origins in bloodletting, the history of lancets spans thousands of years, and they have since evolved to serve various healthcare needs. Lancets are now essential for evaluating hemoglobin for diagnosing anemia, glucose for diabetics, and coagulation for blood clotting problems. Lancets are used in glucose testing to draw blood samples to track blood glucose levels, particularly in diabetic patients.

Lancets are used in hemoglobin testing, which determines hemoglobin levels, and are frequently used to assess blood donors' eligibility. Lancets are used in coagulation testing to help draw blood samples and measure the blood's clotting capacity. With expected growth spurred by rising demand for self-monitoring devices and developments in low-pain technologies, the lancet industry has a bright future. On the other hand, the market for lancets may be impacted by the introduction of non-invasive equipment like continuous glucose monitoring (CGM). CGM systems are becoming increasingly used in clinical practice because they offer a convenient, easy-to-use, and painless substitute for traditional fingerstick techniques of monitoring blood sugar levels. In 2023, four GlucoRx meters were listed on new commissioning recommendations, including blood glucose monitors, ketone meters, testing strips, and lancets. The devices by GlucoRx that have been included are GlucoRx HCT, GlucoRx Q, GlucoRx Nexus Blue, and GlucoRx KEYA. A stringent review procedure ensured that only the highest-quality and cost-effective devices were certified, and the suggested meters, strips, and lancets passed it.

Increasing Prevalence of Chronic Diseases Drives Market Growth

The increasing prevalence of chronic diseases such as diabetes and blood disorders like anemia is significantly driving the market growth for lancets. Chronic diseases are ongoing, generally incurable illnesses or conditions, such as heart disease, asthma, diabetes, and blood disorders. These diseases can be prevented and managed through early detection, improved diet, exercise, and treatment therapy. Diabetes is at the center of several diseases for multiple long-term conditions and is directly or indirectly related to several other chronic conditions. As per the IDF Diabetes Atlas, in 2021, 1 out of 10 people (or 537 million people) had diabetes. By 2030, the number of people with diabetes is expected to reach 643 million and 738 million by 2045. Anemia has a significant impact on patient outcomes and is prevalent in people with diabetes and chronic kidney disease (CKD). The necessity of frequent blood sampling drives the demand and market expansion for lancets due to the requirement for ongoing monitoring and management of these illnesses.

Government Initiatives Positively Impact Market Demand

Government initiatives are significantly driving the demand for lancets. In many countries, governments are initiating efforts to improve healthcare service delivery and encourage the use of self-monitoring gadgets, hence increasing the need for lancets. Such an example can be found in the case of India, where the Union Health Ministry embarked on a process aimed at screening seventy-five million individuals suffering from hypertension or type II diabetes for necessary treatment by 2025. At the same time, the European Commission is currently working on the promotion of harmonized systems for diabetes care span across 25 provinces, including rural areas. This campaign has increased knowledge concerning routine monitoring of blood sugars; hence, there is a noticeable rise in the use of lancets alongside other tools for managing diabetes. The government of Canada is planning to initiate a fund to manage and support access to medical devices and supplies such as glucometers, test strips, and lancets to assist diabetic patients in managing and monitoring their blood sugar levels.

Safety Lancets are Expected to Dominate the Global Lancets Market

There are multiple reasons behind the growth of safety lancets; it is anticipated to gain considerable traction in the coming years due to increasing cases of chronic illnesses (for example, diabetes, hematoma, anemia), increasing need for home-based medical services and general awareness concerning the advantages associated with the use of safety lancets. All these act as drivers for its rapid expansion, while traditional lancets have a minimal edge over it in terms of clinical benefits over safety lancets. Safety lancets are designed with features that help to prevent accidental needle stick injuries, reducing the risk of infection and injury for healthcare professionals and patients. Safety lancets obtain an adequate quantity of blood with a single stick, which helps prevent wastage of strips, keeps costs down, and prevents the need to re-prick your finger. Safety lancets use high speed, offer minimum pain, prevent error, have a comfortable grip, and are ergonomically designed.

In 2021, Owen Mumford Limited introduced Unistik Touch, a high-flow safety lancet. Unistik Touch makes capillary blood sampling easy with its one-touch activation feature. Unistik Touch uses comfort zone technology (CZT) and comes in various sizes to meet blood volume requirements. In order to improve comfort when placed against the sample site during blood drawing, CZT is made up of several elevated pressure points on the patient end of the safety lancet.

Asia-Pacific is Expected to Grow at the Fastest Rate

During the forecast period, there is anticipated to be a significant need for lancets in Asia-Pacific. The rising incidence of chronic illnesses like diabetes mostly drives the demand for lancets in the region. An increase in diabetes incidence has been observed in countries such as China and India, which has increased the need for lancets and blood glucose monitoring devices. The increasing need for lancing devices is also being fueled by the region's expanding diagnostic test pool, as well as advancements in healthcare infrastructure. Furthermore, the demand for lancets to draw blood samples for testing and diagnosis is being driven by the rising prevalence of infectious illnesses in Asia-Pacific, including malaria, dengue, diabetes, and chikungunya. This region's lancet market is also driven by government programs aimed at promoting integrated healthcare systems across urban and rural areas and improving diabetes treatment.

The results of a countrywide survey published by The Lancet Diabetes & Endocrinology journal, 2023, show that 11.4% of Indians have diabetes, while 35.5% and 15.3% of persons have hypertension and prediabetes, respectively.

Future Market Scenario (2024-2031F)

The demand for lancets is expected to witness substantial growth in the future. An important factor behind the significant growth is the rising prevalence of blood disorders and diabetes, coupled with improved lancet technology to improve patient comfort and convenience. Regarding advancements, medical device manufacturers are prioritizing painless lancing devices that have adjustability on penetration depth by making patients feel better. Continuous Glucose Monitoring (CGM) systems are gaining popularity among diabetic patients. However, lancing devices and lancets remain essential for periodic calibration and confirmatory blood glucose measurements. While CGM systems provide real-time glucose readings and trend information, they still require fingerstick calibrations for accuracy, thereby sustaining the demand for lancets.

Key Players Landscape and Outlook

Several medical device companies like HTL-Strefa S.A., Terumo Medical Corporation, Becton Dickinson and Company, F.Hoffman-La Roche AG, B.Braun SE, Abbott Laboratories, Owen Mumford Ltd., Arkray Inc, Bayer AG and Medline Industries, LP are flourishing in the global lancets market by planning and adopting new strategies. They comply with new strategic initiatives for lancets to increase their market presence. New agreements, contracts, acquisitions, mergers, investments, and partnerships are major ways through which they are trying to achieve higher market share.

Leading multinational medical device company BD (Becton, Dickinson, and Company) announced in 2022 that it successfully spun out Embecta Corp. (beta), which currently owns BD's former diabetes care division and is among the biggest diabetes care companies globally. Grow, Simplify, and Empower — BD's three strategic pillars—are the foundation of the company's BD 2025 plan, which the spinoff can see of embecta. The goal of the spinoff was to split into two distinct businesses that would provide BD stockholders with significant long-term value and improved strategic, operational, and financial attributes.