Northbrook, IL 60062 -- (SBWIRE) -- 06/12/2023 -- The lancets industry is poised for significant growth and innovation in the near future. Lancets, which are small, pricking devices used for blood sampling, play a crucial role in various healthcare settings, including home-based testing, diagnostics, and monitoring of chronic conditions such as diabetes. In the coming years, we can expect several advancements in lancet technology and design to improve patient experience, safety, and accuracy. This may include the development of lancets with smaller and more precise needles, painless sampling techniques, and integrated safety features to minimize the risk of needlestick injuries. Furthermore, the integration of lancet devices with digital health platforms and mobile applications may enable better data management, real-time monitoring, and seamless integration of blood glucose or other health measurements into patient health records. The Lancets industry is likely to witness increased adoption and demand, driven by the rising prevalence of chronic diseases, the growing need for point-of-care testing, and the emphasis on patient-centric healthcare solutions.

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 according to a new report by MarketsandMarkets™. Growth in the lancets market is mainly driven by the growing prevalence of diabetes, the high prevalence of chronic diseases, the rising geriatric population, and the increasing demand for painless lancets. In addition, emerging markets such as India and China are expected to offer growth opportunities for players operating in the Lancets market during the forecast period. However, the risk of lancet-related needlestick injuries, the reuse of lancets, and the poor reimbursement scenario in developing countries are restricting the growth of this market.

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Safety Lancets segment is expected to account for the largest share in 2022.

The lancets market, by type has been segmented into safety and standard lancets. Increasing demand for painless lancets is expected to drive the safety lancets market. The increasing demand for painless lancets can be attributed to improved patient comfort, increased prevalence of diabetes, improved technology, and convenience. As healthcare technology continues to advance, there will be more innovations in painless lancet technology to meet the growing demand.

The Glucose Testing segment held the largest market share in the application market.

By application, the global lancets market is broadly segmented into Glucose Testing, Hemoglobin Testing, Coagulation Testing, Cholesterol Testing, Allergy Testing and Neonatal Screening. Growing prevalence of diabetes and increasing adoption of self-monitoring devices have revolutionized the application of lancets in research. 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.

North America dominates the global lancets market

Based on the region, the lancets market is segmented into North America, Europe, Asia Pacific and Rest of the world. North America market is driven by growing focus on rising prevalence of various chronic diseases and growing geriatric population. Thus, the rising geriatric population and the corresponding increase in the incidence of chronic diseases have increased the demand for lancets for early disease diagnostics. According to the WHO, globally, by 2030, 1 in every 6 individuals will be aged 60 years or over in the world. By 2050, the world's geriatric population (aged 60 years and older) will witness a two-fold increase (2.1 billion). The number of individuals aged 80 years or older is expected to grow three times between 2020 and 2050 to reach 426 million. There are over 46 million older adults living in the US as of 2021, and by 2050, the geriatric population is expected to grow to over 90 million.

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Lancets Market Dynamics:

Drivers:

1. Growing prevalence of diabetes and increasing adoption of self-monitoring devices
2. Rising prevalence of various chronic diseases
3. Increasing demand for painless lancets
4. Growing geriatric population
5. Rising number of hospitals and surgical centers

Restraints:

1. Increasing incidence of lancet-related needlestick injuries and infections
2. Pricing pressure owing to reimbursement cuts and budget constraints

Opportunities:

1. High growth prospects in emerging countries
2. Increasing awareness of novel technologies

Challenges:

1. Reuse of lancets

Key Market Players:

Major players in lancets market include Becton, Dickinson and Company (US), F. Hoffmann-La Roche Ltd. (Switzerland), B. Braun SE (Germany), and Abbott Laboratories (US).

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Recent Developments:

- 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.

Lancets Market Advantages:

- Convenience and Ease of Use: Lancets provide a convenient and easy-to-use method for blood sampling. They are compact, portable, and require minimal training to operate, making them suitable for use in various healthcare settings, including home-based testing. Patients can perform blood sampling themselves, reducing the need for frequent visits to healthcare facilities.

- Minimized Pain and Discomfort: The advancement of lancet technology has led to the development of devices with smaller and finer needles, resulting in reduced pain and discomfort during blood sampling. This is particularly important for individuals who require regular blood glucose monitoring, such as those with diabetes. Minimizing pain and discomfort improves patient compliance and encourages regular testing.

- Safety Features: Many lancets now come with integrated safety features to minimize the risk of needlestick injuries. These features may include mechanisms that retract the lancet after use, preventing accidental pricks and reducing the risk of cross-contamination and the spread of infectious diseases. Safety-enhanced lancets contribute to healthcare worker safety and infection control measures.

- Precision and Accuracy: Lancets are designed to provide precise and accurate blood samples for diagnostic purposes. They are often used in conjunction with glucose meters, hemoglobin meters, or other testing devices to measure specific parameters. Accurate and reliable results obtained from lancet-based blood sampling aid in the diagnosis, monitoring, and management of various medical conditions.

- Cost-effectiveness: Lancets are generally cost-effective compared to other blood sampling methods, such as venipuncture. They are single-use devices, reducing the risk of cross-contamination and eliminating the need for expensive sterilization procedures. The affordability and accessibility of lancets make them a viable option for routine blood sampling and point-of-care testing, particularly in resource-limited healthcare settings.

- Integration with Digital Health: The lancets market is increasingly integrating with digital health platforms and mobile applications. This integration allows for the seamless transfer and analysis of blood sampling data, enabling real-time monitoring, trend analysis, and improved management of chronic conditions. Integrated lancets and digital health solutions contribute to personalized and patient-centric care.

Overall, the advantages of the lancets market make it a valuable tool in healthcare, providing convenient and reliable blood sampling methods for various diagnostic and monitoring purposes. The continuous advancements in lancet technology aim to further enhance patient comfort, safety, and accuracy, reinforcing its importance in modern healthcare practices.

Lancets market - Report Highlights:

- Recession Impact Analysis: The existing report includes an analysis of the impact of recession on the lancets the market overview section.

- Newer and improved representation of financial information: The new edition of the report provides updated financial information till 2022-2023 (depending on the availability) for each listed company in a graphical representation in a single diagram (instead of multiple tables). This will allow for the easy analysis of the present status of profiled companies in terms of their financial strength, profitability, key revenue-generating country/region, and business segment focus in terms of the highest revenue-generating segment.

- Recent Market Developments: Recent developments are helpful to know the market trend and growth strategies adopted by players in the market. The report provides the updated developments in terms of acquisitions, agreements, expansions, and agreements/collaboration etc.

- Latest Product portfolio: The new edition of the report provides an updated product portfolio of the companies profiled in the report.

- Competitive leadership mapping: The competitive landscape chapter has been updated with the market evaluation matrix. The competitive landscape also includes the market share analysis for 2023, updated competitive leadership mapping, and competitive situation & trends. This report version has added the vendor dive matrix, covering a comprehensive study of the key vendors. Competitive leadership mapping has also been done for start-ups/SMEs.

- Additional analysis by segment: The new edition of the report provides an analysis of additional segments in the ME chapters for all regions. The current edition of the report includes the pricing analysis, value chain analysis, supply chain analysis, ecosystem analysis, trade analysis, technology analysis, regulatory landscape analysis, patent analysis, Porter's five forces analysis, trends & disruptions impacting customers' business, key conferences and events in 2023–2024, and key stakeholders and buying criteria in the market overview chapter. This edition of the report also covers the product and geographical footprint of key players in the competitive landscape chapter.