Lancet Market Technological Advancement, Development Status and Strategic Assessment
Market Overview:
The Lancet Market Size was valued at USD 1.2 billion in 2022 and is projected to grow from USD 1.32 billion in 2023 to USD 2.55 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 10.50% during the forecast period (2023 - 2030).
Market Drivers and Restraints:
Increasing demand for blood sampling devices owing to the increasing prevalence of various contagious and non-contagious diseases is majorly driving the global lancet market. The need for discarding a lancet after a single use for hygiene purpose is one of the major factors that are generating high demand for lancets in the global market. Increasing use of lancets by individuals suffering from endocrine-related complications, cardiovascular diseases and other disorders is positively impacting the growth of the global lancets market.
Lancets are commonly used by diabetic patients for regular blood sampling. Increasing prevalence of diabetes is resulting in the rise in demand for blood lancets, leading to the expansion of global lancet market. The demand and supply of multiple types of lancets such as surgical lancets, blood lancets and vaccination lancets have increased significantly in the past few years, which in turn is fueling the expansion of the global lancet market.
However, risk associated with blood transfusion, poor health care facilities and lack of awareness among the population of underdeveloped regions are likely to act as restraints on the growth of the global lancets market.
Market Segmentation:
The global lancet market has been segmented on the basis of types and end-users. Based on types, the global lancet market is segmented into personal, safety and others. The safety lancets segment is anticipated to expand significantly during the forecast period owing to the need for immediate disposal of these lancets after a single use.
Based on end -users, the lancet market is segmented into hospitals and clinics, diagnostic centers and pathology laboratories, home diagnostics, and others.
Regional Analysis:
Geographically, the global lancet market is segmented into four major regions such as North America, Europe, Asia Pacific and the Middle East and Africa. Among these, the North America region is dominating the global lancet market owing to the high demand for different types of lancets in the well-developed healthcare sector and increasing prevalence of diabetes in this region.
The Europe region stands second in the global lancet market with respect to the market size. The improvement in regulations over medical devices and increasing inclination towards home healthcare is driving the lancet market in this region.
The Asia Pacific region is anticipated to project significant growth in the lancet market during the forecast period owing to the increasing incidences of contagious and non-contagious diseases in this region.
Lack of awareness and poor primary health care facilities in the underdeveloped areas of the Middle East and Asia are resulting in the slow growth of lancet market in this region.
Key Players:
The major players profiled by MRFR in the report on the global lancet market are F. Hoffmann-La Roche AG, Becton, 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 and Others.
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