The global Lancets Market size is expected to reach USD 5.1 Billion by 2027, registering a CAGR of 5.6% over the forecast period, according to a new report by Grand View Research, Inc. The market is primarily driven by increasing incidence of infectious diseases, coupled with advancement in the field of diagnostic testing. Furthermore, increasing awareness about self-monitoring of blood glucose, coupled with improved accuracy in self diagnostic among patients, is adding to the market growth.
Rapidly changing lifestyle such as unhealthy food,
consumption of alcohol, and lack of physical activities is increasing the
incidence of lifestyle associated chronic diseases. Rising government
expenditure and technological advancement in the field of diabetes management
are expected to drive the market. Furthermore, increasing preference for home
care settings and growing trend of using advanced lancet devices, including
automatic versions, are some of the factors expected to drive the market during
forecast period.
Availability of lancets in different sizes and
specifications is expected to increase the usage of these devices by geriatric
patients. Growth of the geriatric population across the globe is also opening
new avenues for the market. Aged people are more prone to infectious diseases,
thereby significantly contributing to the market growth. According to the WHO,
the proportion of people over 60 years is expected to reach 22% by 2050 from
12% in 2015.
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Further key findings from the
study suggest:
- North
America accounted for the largest share in 2019 owing to high adoption
rate, frequent new product launch, presence of key market players, and
advanced healthcare service industry
- Asia
Pacific is expected to witness robust growth during the forecast period
owing to rising awareness about self-monitoring of blood glucose
- By
product, the safety lancets segment dominated the market in 2019 owing to
the low cost and advanced features of the products
- By
application, blood glucose testing accounted for the largest share in 2019
due to presence of a large diabetes population
- By
end use, the homecare settings segment is expected to witness the fastest
growth over the forecast period due to low cost and increasing need for
diagnostic testing
- The
lancets market is highly fragmented due to presence of a number of players
- The
leading players in the industry include B. Braun Melsungen, Medline
Industries, Roche Diagnostics, Becton, Dickinson and Company, Ypsomed,
HTL-Strefa S.A, Terumo Corporation, Owen Mumford, Arkray, AgaMatrix,
Abbott, Nipro Medical Corporation, and Ypsomed.
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