Dublin, Oct. 12, 2023 (GLOBE NEWSWIRE) -- The "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" report has been added to ResearchAndMarkets.com's offering.
The lancets market is projected to reach USD 3.6 Billion by 2028 from USD 2.3 Billion in 2023, at a CAGR of 9.7%
The report offers a detailed examination of major industry players, shedding light on their business profiles, solutions, services, key strategies, contractual agreements, partnerships, product launches, mergers and acquisitions, and recent developments within the lancets market. Additionally, the report includes a competitive analysis of emerging startups within the lancets market ecosystem.
The growth of the lancets market is primarily propelled by factors such as the increasing prevalence of diabetes, a high incidence of chronic diseases, a growing aging population, and the surging demand for painless lancets. Moreover, emerging markets like India and China present growth prospects for lancet market players in the forecast period. However, challenges such as the risk of needlestick injuries related to lancets, lancet reuse, and inadequate reimbursement conditions in developing nations are constraining market growth.
North America is anticipated to hold a significant market share during the forecast period, driven by the rising prevalence of chronic diseases, which correlates with the growing number of hospitals and surgical centers, thus supporting the lancets market's expansion.
The global lancets market is characterized by high competitiveness, with numerous large and small players vying for market share. The report offers an in-depth assessment of market shares, growth strategies, and service offerings of key players, including 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), among others.
The Safety lancet segment accounted for the highest market share in the lancets systems market, by type, during the forecast period
Based on the segment type, the lancets system market is categorized into standard lancets and safety lancets. Safety lancets are sub-categorized into Manually Activated and Automatically activated/Pressure activated. Push Button Lancets and Side Button Lancets Manually Activated are expected to have the highest growth in the market which is attributed to the growing geriatric population.
Glucose Testing applications accounted for the highest CAGR during the forecast period
Based on type, the application market is segmented into Glucose Testing, Hemoglobin Testing, Coagulation Testing, Cholesterol Testing, Allergy Testing, Neonatal Screening, and Other Applications. In 2022, Glucose Testing dominated the market and the lancets market observed the highest growth rate. Factors supporting the growth of the market are due to the growing prevalence of diabetes and the increasing adoption of self-monitoring devices.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 212 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $2.3 Billion |
| Forecasted Market Value (USD) by 2028 | $3.6 Billion |
| Compound Annual Growth Rate | 9.7% |
| Regions Covered | Global |
Premium Insights
- Increasing Incidence of Diabetes to Drive Market
- Safety Lancets Held Largest Share of North American Market in 2022
- China to Register Highest Growth During Forecast Period
Market Dynamics
Drivers
- Growing Prevalence of Diabetes and Increasing Adoption of Self-Monitoring Devices
- Rising Prevalence of Various Chronic Diseases
- Increasing Demand for Painless Lancets
- Growing Geriatric Population
- Rising Number of Hospitals and Surgical Centers
Restraints
- Increasing Incidence of Lancet-Related Needlestick Injuries and Infections
- Pricing Pressure Owing to Reimbursement Cuts and Budget Constraints
Opportunities
- High Growth Prospects in Emerging Countries
- Increasing Awareness of Novel Technologies
Challenges
- Reuse of Lancets
Company Profiles
Key Players
- Becton, Dickinson and Company
- F. Hoffmann-La Roche Ltd.
- Ypsomed
- B. Braun Se
- Terumo Corporation
- Greiner Bio-One International GmbH
- Abbott Laboratories
- Owen Mumford
- Htl-Strefa S.A.
- Arkray, Inc.
- Sarstedt AG & Co. Kg
- Sterilance Medical (Suzhou) Inc.
- Medline Industries
- Agamatrix, Inc.
- Acon Laboratories, Inc.
- Sanli Medical & Health Service
- Allison Medical, Inc.
- Glucorx Limited
Other Players
- Fl Medical S.R.L
- Mhc Medical Products, LLC
- Neomedic
- Cml Biotech Ltd.
- Disera Tibbi Malzeme Lojistik Sanayi Ve Ticaret A.S.
- A. Menarini Diagnostics S.R.L
For more information about this report visit https://www.researchandmarkets.com/r/jr7tkn
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