Growing count of the population suffering from chronic medical conditions such as diabetes, hyperlipidemia, and dyslipidemia is driving the demand for disposable lancet. Use of disposable lancet for convenient and painless diagnosis of blood sugar level, hemoglobin, fat level, and other essential blood components is pushing the market growth. Also, usage of disposable lancet to prevent the risk of blood transfusion and related infections is generating major demand from healthcare facilities. Moreover, the increase in R&D activities for the development of cost-effective single-use lancets is projected to propel the market growth in the forecasting period.
The latest report by Value Market Research expects the Global Disposable Lancet Market to reach USD 3,157.4 million by 2025. It was valued USD 1,646.3 million in 2018. The report foresees a 9.75% CAGR from 2019 to 2025.
SAFETY LANCET DOMINATED THE PRODUCT SEGMENT
In 2018, safety lancet emerged as the leading product segment. The rapid adoption of safety lancet owing to faster retraction of blood with minimum pricking sensation is propelling its demand from hospitals, clinics and nursing homes, Also, safety lancet minimizes risk of cross blood infections, sharp injuries, and offers safe and specific penetration of the blade/needle is pushing the segment growth uphill.
ADULTS LED THE APPLICATION SEGMENT
By application, adult dominated the segment in 2018. Growing elderly population along with a rising number of adult population suffering from chronic diseases such as diabetes, hyperlipidemia and dyslipidemia, anemia, etc. is driving the demand for various blood tests. This is supporting the market growth. Sedentary lifestyle, increased consumption of processed and ready to eat food products, and lack of exercise are also indirectly pushing the market growth.
NORTH AMERICA EMERGED AS THE LEADING REGIONAL MARKET
Established healthcare infrastructure coupled with high-income generating end-use industries is driving the regional market growth. Also, rising demand of painless and safer retract devices owing to compulsory testing of a newborn for diseases under the affordable healthcare act are again pushing the market growth.
KEY PLAYERS OF THE MARKET
Abbott, AgaMatrix, ARKRAY, B. Braun, Bayer, BD, Greiner Bio One, HTL Strefa, I-SENS, Infopia, Lifescan, Narang Medical, Nipro, Omron, Roche, Sarstedt, Smiths Medical and Terumo are the prominent players of the disposable lancet market.
As per this study the Global Disposable Lancet Market was valued USD 3.09 BN (by revenue) in 2022 and is anticipated to reach USD 7.06 BN by 2030 with a CAGR of 10.9%.
The disposable lancet is a scalpel shaped surgical tool with double-edged needle used in medical facilities as a pricking needle. The disposable lancet is a single use lancet that minimizes the risk of blood transfusion. Basically, disposable lancet is the blood lancet that withdraws blood for medical testing for diabetes, cholesterol detection, and other medical condition.
Market Dynamics
The rising prevalence of chronic condition such as diabetes, arthritis, etc. especially among elderly population is driving the market growth. Technological advancement for the development of painless, portable blood lancet is again fueling the market growth. Also, increasing usage of the disposable lancet for infant test, diabetic, anemia, and related test are again boosting its demand across pathology laboratories and hospitals.
This detailed market study is centered on the data obtained from multiple sources and is analyzed using numerous tools including porter's five forces analysis, market attractiveness analysis and value chain analysis. These tools are employed to gain insights of the potential value of the market facilitating the business strategists with the latest growth opportunities. Additionally, these tools also provide a detailed analysis of each application/product segment in the global market of disposable lancet.
Market Segmentation
The broad disposable lancet market has been sub-grouped into type and application. The report studies these subsets with respect to the geographical segmentation. The strategists can gain a detailed insight and devise appropriate strategies to target specific market. This detail will lead to a focused approach leading to identification of better opportunities.
By Type
- Homecare Disposable lancets
- Safety Disposable lancets
- Others
By Application
By End-User
- Medical Device Companies
- Pharmaceutical Industries
- Hospitals
- Other End Users
Regional Analysis
Furthermore, the report comprises of the geographical segmentation, which mainly focuses on current and forecast demand for disposable lancet in North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The report further focuses on demand for individual application segments in all the regions.
Global Disposable Lancet Market Share by Region (Representative Graph)
The report also covers detailed competitive landscape including company profiles of key players operating in the global market. The key players in the Disposable Lancet market include Abbott, Narang Medical, AgaMatrix, B. Braun, BD, HTL Strefa, I-SENS, Bayer, Infopia, Lifescan, Greiner Bio-One, and ARKRAY. An in-depth view of the competitive outlook includes future capacities, key mergers & acquisitions, financial overview, partnerships, collaborations, new product launches, new product developments and other developments with information in terms of H.Q.
In case you have any custom requirements, do write to us. Our research team can offer a customized report as per your need.