Lancets Market by Type (Safety Lancets (Manually & Pressure activated), Standard Lancets, Application (Glucose Testing, Cholesterol Testing), Gauze Size (22G and Below), Age Group (Adult, Pediatrics), End Users (Hospitals), Region- Global Forecast to 2028
Updated on : May 30, 2023
The global lancets market in terms of revenue was estimated to be worth $2.3 billion in 2023 and is poised to reach $3.6 billion by 2028, growing at a CAGR of 9.7% from 2023 to 2028. The new research study consists of an industry trend analysis of the market. The new research study consists of industry trends, pricing analysis, patent analysis, conference and webinar materials, key stakeholders, and buying behaviour in the market. The increasing demand of the lancets market is mainly driven by the Growing prevalence of diabetes and increasing adoption of self-monitoring devices, the rising geriatric population, the high prevalence of chronic diseases and the increasing demand for painless lancets.
Attractive Opportunities in the Lancets Market
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Lancets Market Dynamics
DRIVER: Growing prevalence of diabetes and increasing adoption of self-monitoring devices
The prevalence of diabetes has increased significantly in the last few years. According to the IDF Diabetes Atlas, about 537 million adults (20–79 years) are living with diabetes. This number is projected to rise to 643 million by 2030 and 783 million by 2045. Over 3 in 4 adults with diabetes live in low- and middle-income countries. Diabetes was responsible for 6.7 million deaths in 2021 (1 every 5 seconds).
- According to the Centers for Disease Control and Prevention (CDC), in 2020, more than 34 million Americans had diabetes, which is nearly 11% of the US population.There are 1.5 million new cases of diabetes in the United States each year.
Incidence of Diabetes, 2021 Vs. 2045 (Million)
Source: International Diabetes Federation
The treatment for diabetes includes regular monitoring of glucose levels. Lancets are small and sharp medical devices used to draw a small drop of blood on the surface to test blood glucose with the help of a blood glucose monitor. The growing prevalence of diabetes has resulted in the increased adoption of lancets to effectively handle the growing patient pool.
OPPORTUNITY: High growth prospects in emerging countries
Emerging markets, such as India, China, and countries in Southeast Asia, showcase promising opportunities for the lancets industry due to their huge patient populations and increasing disposable incomes. The penetration of lancets is currently low in these countries. This is due to the limited product acceptance and lack of awareness in these countries. The scarcity of financial resources is another factor limiting the adoption of lancets in these countries. The introduction of cost-effective products and extensive promotional and awareness campaigns to improve the adoption of lancets can effectively overcome these challenges and help increase the penetration of lancets in developing countries.
In 2019, Sanofi India Limited launched the KiDS (Kids & Diabetes in Schools) program that provides diabetes education and promotes a healthy lifestyle in the school environment and the communities. The aim is to ensure a healthy tomorrow for future generations.
CHALLENGE: Increasing incidence of lancet-related needlestick injuries and infections
Needlestick injuries (NSIs) remain a global threat, with an estimated 44.5% of healthcare workers experiencing at least one occurrence annually. In Europe, steps have been taken to combat sharps injuries. The EU Directive 2010/32/EU has sparked greater conversation around implementing safer work environments and practices to help protect healthcare workers from needlestick injuries and infections.
Needlestick injuries are one of the major risks associated with personal lancet usage. According to the American Medical Association, in the US, around 600,000 to 800,000 needlestick injuries are reported every year. Approximately 5.6 million healthcare workers in the US alone are at risk of occupational exposure to bloodborne pathogens via needlestick or other sharps-related injuries (Source: Occupational Safety and Health Administration). The CDC estimates that an average of 385,000 needlestick injuries occur annually in US hospital settings.
The increasing number of needlestick injuries (NSIs) and infections arising from contaminated lancets is a major concern faced by both patients and doctors across the globe. Needlestick injuries are one of the most serious health and safety threats associated with the use of lancet needles.
Lancets Market Ecosystem
Prominent companies in this market include well-established, financially stable manufacturers of lancets, safety lancets and standard lancets. These companies have been operating in the market for several years and possess a diversified product portfolio, state-of-the-art technologies, and strong global sales and marketing networks. Prominent companies in this market include Becton, Dickinson and Company (US), F. Hoffmann-La Roche Ltd. (Switzerland), B. Braun SE (Germany), Abbott Laboratories (US), Greiner Bio-One International GmbH (Austria) and Terumo Corporation (Japan).
In 2022, safety lancets segment to observe highest growth rate of the lancets market, by type
Based on the type, the global market is broadly segmented into safety and standard lancets. Safety lancets segment to raising demand for painless lancets and the treatment of testing of diabetes and other chronic disease in geriatric patients. For instance, In the US, the population of individuals aged 65 years and above is estimated to increase from 44.4 million in 2013 to 72.8 million by 2030, representing an increase of 64%; this figure is further expected to reach 89 million by 2050 (Source: US Census Bureau and Population Reference Bureau, Vol. 66, No. 1). It is estimated that one in three people in Japan will be aged 65 years and above by 2035 (Source: Japan’s National Institute of Population and Social Security Research).
In 2022, Hospitals, Clinics and Ambulatory Surgery Centers segment to dominate the lancets market, by end user
Based on end user, the market is segmented into Hospitals, Clinics and Ambulatory Surgery Centers, Homecare settings and other end users. into Hospitals, Clinics and Ambulatory Surgery Centers to dominate the market due to increasing number of geriatric populations which will increase the demand of rising number of hospitals and surgical centers. The number of hospitals and surgical centers is increasing across the globe due to the rising demand for regular glucose testing, hemoglobin testing, cholesterol testing, allergy testing, coagulation testing, and neonatal screening. The number of hospitals and surgical centers is increasing in both developed and emerging countries. The demand for medical or surgical devices (including lancets) is high in these newly established surgical centers and hospitals, owing to the increasing patient population base
In 2022, North America to dominate in Lancets market
The global lancets market is segmented into North America, Europe, Asia Pacific and Rest of the World. North America is expected to dominate during the forecast period, primarily due to raising awareness of novel technologies and the increasing prevalence of chronic diseases. . Some major developments related to the advancement of the novel technologies have been listed below:
- In March 2023, Astellas Pharma announced that it has entered into an agreement with Roche Diabetes Care Japan Co., Ltd. for the development and commercialization of Roche Diabetes Care’s world-renowned Accu-Chek Guide Me blood glucose monitoring system with advanced accuracy as a combined medical product with BlueStar.
- In July 2021, BD announced it had taken a large step forward in transforming the patient experience through a vision of a “One-Stick Hospital Stay,” building on its history of innovation and leadership in blood collection and vascular access solutions.
- In June 2021, Greiner Bio-One introduced MiniCollect PIXIE Heel Incision Safety Lancet to expand its portfolio with a new safety lancet specially designed for heel incisions.
- In March 2021, Owen Mumford announced it had introduced a 16-gauge (16G) safety lancet for high-volume capillary blood sampling into its leading Unistik product range. The new Unistik Touch 16G has one-touch activation and Comfort Zone Technology that minimizes the pain of finger sampling.
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The electrophoresis market is dominated by players such Becton, Dickinson and Company (US), F. Hoffmann-La Roche Ltd. (Switzerland), B. Braun SE (Germany), Abbott Laboratories (US), Greiner Bio-One International GmbH (Austria), Ypsomed (Switzerland) and Terumo Corporation (Japan).
Lancets Market Report Scope
Market Revenue in 2023
Projected Revenue by 2028
Poised to grow at a CAGR of 9.7%
Growing prevalence of diabetes and increasing adoption of self-monitoring devices
High growth prospects in emerging countries
This research report categorizes the lancets market to forecast revenue and analyze trends in each of the following submarkets:
- North America
- Asia Pacific
- Rest of the World
- Standard Lancets
- Safety Lancets
- Push Button Lancets
- Side Button Lancets
- Automatically activated/Pressure activated
- Glucose Testing
- Hemoglobin Testing
- Coagulation Testing
- Cholesterol Testing
- Allergy Testing
- Neonatal Screening
- Other Applications
By Gauze Size
- 22G and below
- Above 33G
By Age Group
By End User
- Hospitals, Clinics and Ambulatory Surgery Centers
- Homecare settings
- Other end users (Diagnostic centers, Nursing Homes, Long Term Acute Care Centers, Emergency Medical Service Providers, and Academic Research Institutes)
- In 2023, Astellas Pharma announced that it has entered into an agreement with Roche Diabetes Care Japan Co., Ltd. for the development and commercialization of Roche Diabetes Care’s world-renowned Accu-Chek Guide Me blood glucose monitoring system with advanced accuracy as a combined medical product with BlueStar.
- In 2022, BD announced the completion of the spinoff of Embecta Corp., which holds BD’s former Diabetes Care business and is one of the largest diabetes management companies in the world.
- In 2021, Greiner Bio-One introduced MiniCollect PIXIE Heel Incision Safety Lancet to expand its portfolio. The new safety lancet is specially designed for heel incisions.
Frequently Asked Questions (FAQ):
What is the projected market revenue value of the global lancets market?
The global lancets market boasts a total revenue value of $3.6 billion by 2028.
What is the estimated growth rate (CAGR) of the global lancets market?
The global lancets market has an estimated compound annual growth rate (CAGR) of 9.7% and a revenue size in the region of $2.3 billion in 2023.
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The objective of the study is analyze the key market dynamics such as drivers, opportunities, challenges, restraints, and key player strategies. To track companies developments such as acquisitions, product launches, expansions, collaborations, agreements and partnerships of the leading players, the competitive landscape of the Lancets market to analyzes market players on various parameters within the broad categories of business and product strategy. Top-down and bottom-up approaches were use to estimate the market size. To estimate the market size of segments and subsegments the market breakdown and data triangulation were used.
The four steps involved in estimating the market size are
Collecting Secondary Data
The secondary research data collection process involves the usage of secondary sources, directories, databases (such as Bloomberg Businessweek, Factiva, and D&B), annual reports, investor presentations, and SEC filings of companies. Secondary research was used to identify and collect information useful for the extensive, technical, market-oriented, and commercial study of the lancets market. A database of the key industry leaders was also prepared using secondary research.
Collecting Primary Data
The primary research data was conducted after acquiring knowledge about the Lancets market scenario through secondary research. A significant number of primary interviews were conducted with stakeholders from both the demand side (such clinical laboratories, hospitals, and academic & research institutes) and supply-side (such as included various industry experts, such as Directors, Chief X Officers (CXOs), Vice Presidents (VPs) from business development, marketing and product development teams, product manufacturers, wholesalers, channel partners, and distributors) across major countries of North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America. Approximately 45% of the primary interviews were conducted with stakeholders from the demand side while those from the supply side accounted for the remaining 55%. Primary data for this report was collected through questionnaires, emails, and telephonic interviews.
A breakdown of the primary respondents is provided below:
Breakdown of Primary Participants:
Note 1: *Others include sales managers, marketing managers, and product managers.
Note 2: Tiers are defined based on a company’s total revenue as of 2022: Tier 1=> USD 1 billion, Tier 2 = USD 500 million to USD 1 billion, and Tier 3=< USD 500 million.
To know about the assumptions considered for the study, download the pdf brochure
Becton, Dickinson and Company (US)
General Manager of Sales
F. Hoffmann-La Roche Ltd. (Switzerland)
Senior Product Manager
B. Braun SE (Germany)
Abbott Laboratories (US)
Market Size Estimation
All major product manufacturers offering various lancets were identified at the global/regional level. Revenue mapping was done for the major players and was extrapolated to arrive at the global market value of each type of segment. The market value lancets market was also split into various segments and subsegments at the region and country level based on:
- Product mapping of various manufacturers for each type of lancets market at the regional and country-level
- Relative adoption pattern of each lancets market among key application segments at the regional and/or country-level
- Detailed primary research to gather qualitative and quantitative information related to segments and subsegments at the regional and/or country-level.
- Detailed secondary research to gauge the prevailing market trends at the regional and/or country-level
Global Lancets Market Size: Botton Up Approach
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Global lancets market Size: Top Down Approach
After arriving at the overall market size—using the market size estimation processes—the market was split into several segments and subsegments. To complete the overall market engineering process and arrive at the exact statistics of each market segment and subsegment, the data triangulation, and market breakdown procedures were employed, wherever applicable. The data was triangulated by studying various factors and trends from both the demand and supply sides in the lancets industry.
A lancet is a pointed piece of surgical steel encased in plastic used to puncture the skin to draw a blood sample. Lancets are also used for making small incisions for the draining of boils and abscesses. Lancets for blood sampling are available in different gauges depending on the width of the metal point. The higher the gauge, the smaller the perforation the lancet makes. These blood specimens can be used for various tests, such as blood glucose testing, hemoglobin testing, coagulation testing, cholesterol testing, allergy testing, and neonatal screening.
- Senior Management
- End User
- Finance/Procurement Department
- R&D Department
- To provide detailed information about the factors influencing the market growth (such as drivers, restraints, opportunities, and challenges)
- To define, describe, segment, and forecast the Lancets market by product, application, end user, and region
- To analyze market opportunities for stakeholders and provide details of the competitive landscape for key players
- To analyze micromarkets with respect to individual growth trends, prospects, and contributions to the overall Lancets market
- To forecast the size of the lancets market in five main regions along with their respective key countries, namely, North America, Europe, the Asia Pacific and Rest of the world
- To profile key players in the lancets market and comprehensively analyze their core competencies and market shares
- To track and analyze competitive developments, such as acquisitions; product launches; expansions; collaborations, agreements, & partnerships; and R&D activities of the leading players in the Lancets market
- To benchmark players within the Lancets market using the Competitive Leadership Mapping framework, which analyzes market players on various parameters within the broad categories of business and product strategy
MarketsandMarkets offers the following customizations for this market report:
- Additional country-level analysis of the Lancets market
- Profiling of additional market players (up to 5) Product Analysis
- Product matrix, which provides a detailed comparison of the product portfolio of each company in the Lancets Market
Growth opportunities and latent adjacency in Lancets Market