Blood Glucose Lancets Market: Current Analysis and Forecast (2022-2030)

Blood Glucose Lancets Market: Current Analysis and Forecast (2022-2030)

Blood glucose lancets are small, disposable medical devices used to prick the skin and obtain a small drop of blood for glucose testing. The market for blood glucose lancets is experiencing robust growth and is expected to continue expanding in the coming years due to the rising prevalence of diabetes and obesity. For instance, the World Obesity Federation predicts that by 2030, one in five women and one in seven men will have obesity. Also, with sedentary lifestyles, unhealthy eating habits, and an aging population, the number of individuals diagnosed with diabetes has been steadily increasing. This has resulted in a higher demand for lancets used for blood glucose monitoring. Moreover, the growing awareness among patients about the significance of regular blood glucose testing for effective diabetes management has further fueled market growth.

The blood glucose lancets market is expected to grow at a steady rate of around 5% owing to the advancements in lancet technology, including the development of painless and ultra-thin lancets, which have significantly improved patient comfort and compliance, thereby driving market demand. Furthermore, the increasing adoption of self-care management approaches and home-based glucose monitoring devices has contributed to the market's growth.

• Based on type, the market is segmented into push button lancet, pressure activated lancet, and side activated lancet. Among them, the push button lancet category is to witness higher CAGR during the forecast period owing to these lancets making the process of obtaining a blood sample less painful and more convenient, which has increased patient compliance with glucose testing. Also, push button lancets have made glucose testing more accessible to a wider range of individuals, including those who may have difficulty using traditional lancing devices. This has expanded the market for blood glucose lancets.
• Based on end-user, the blood glucose lancets market has been bifurcated into patients/homecare and hospitals & clinics. The hospitals & clinics category is to witness higher adoption of blood glucose lancets during the forecast period. This is mainly due to the large number of diabetic patients who require blood testing kits and the rising prevalence of infectious diseases. For example, as per the International Diabetes Federation (IDF), around 1.2 million youngsters and youths have type 1 diabetes in 2021. Additionally, homecare diagnostic testing generates more revenue for the market because it is more expensive in the hospital.
• For a better understanding of the market adoption of the blood glucose lancets industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. North America dominated the market in 2021. This is mainly due to the region having a considerable number of individuals diagnosed with diabetes, primarily due to sedentary lifestyles, unhealthy eating habits, and genetic predisposition. This has resulted in a substantial demand for blood glucose lancets for regular monitoring and management of diabetes. Additionally, the region has a well-developed healthcare infrastructure, a high level of awareness regarding diabetes management, and a growing prevalence of diabetes which will drive the growth of the market consistently. For instance, according to the International Diabetes Federation Diabetes Atlas Tenth edition, in 2021, around 32.2 million people in the United States had diabetes, projected to grow to 36.3 million by 2045.
• Some of the major players operating in the market include LifeScan IP Holdings, LLC; DarioHealth Corp; Beurer GmbH; BD; MEDISANA GMBH; Dexcom, Inc.; Abbott; AgaMatrix; Medtronic; and F. Hoffmann-La Roche Ltd.

The blood glucose lancets market was valued at USD 1.2 Billion and it is expected to grow at a strong CAGR of around 9% during the forecast period owing to increased awareness about the importance of regular blood glucose monitoring and self-management of diabetes is fueling the demand for lancets. Additionally, the shift towards self-care management and the rising trend of home-based glucose monitoring has played a vital role in driving market growth. Moreover, healthcare providers' increasing emphasis on early detection and proactive diabetes management has led to the incorporation of blood glucose monitoring as a routine practice, further propelling the market forward. Technological advancements in lancet design, such as the development of more comfortable and painless lancets, have significantly improved patient experience and compliance. This has further boosted the adoption of blood glucose monitoring devices and, consequently, the demand for lancets. For instance, The POGO Automatic Blood Glucose Monitoring System was made available to diabetic patients in the U.S. by Intuity Medical in November 2021. It lances, collects, and analyzes blood in a single step with its ten-test cartridge technology.

Some of the major players operating in the market include LifeScan IP Holdings, LLC; DarioHealth Corp; Beurer GmbH; BD; MEDISANA GMBH; Dexcom, Inc.; Abbott; AgaMatrix; Medtronic; and F. Hoffmann-La Roche Ltd Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report

“Amongst type, the pressure activated lancet category held a significant growth in 2021”

Based on type, the market is segmented into push button lancet, pressure activated lancet, and side activated lancet. Amongst these, the pressure activated lancet category held significant growth in 2021. The side activated lancets can help to reduce the risk of needlestick injuries for healthcare professionals, which is a growing concern in the healthcare industry. This can lead to increased adoption of side activated lancets by healthcare facilities, further boosting the growth of the blood glucose lancets market.

“Amongst end-user, the patients/homecare category is expected to witness the fastest growth during the forecast period”

By end-user, the market is bifurcated into patients/homecare and hospitals & clinics. Among these, patients/homecare is expected to witness the fastest growth during the forecast period. increasing public awareness of the availability of various lancet devices and the self-monitoring of blood glucose. Additionally, measuring blood glucose levels at home is inexpensive and more patients prefer to monitor their blood glucose levels at home.

“APAC is expected to grow at a rapid growth during the forecast period”

APAC is expected to grow at a rapid growth during the forecast period due to several growth factors such as the region having a large and growing diabetic population and an aging population. This has led to an increased demand for lancets for blood glucose monitoring. Additionally, increasing healthcare expenditure, rising awareness about diabetes management, and the adoption of technologically advanced lancets are driving market growth in the region. Furthermore, the presence of emerging economies such as China and India with a high diabetic population and increasing healthcare infrastructure investments has created significant market opportunities.

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