Lancets Market | Ongoing Trends and Recent Developments | Major Key Players like Roche Diagnostics (Switzerland), Ypsomed (Switzerland), B. Braun Melsungen (Germany)

The Growth in the Lancets Market is mainly driven by the growing prevalence of diabetes and the high prevalence of infectious diseases across the globe. 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 needlestick injuries, the reuse of lancets, and the poor reimbursement scenario in developing countries are restricting the growth of this market.

What the Market Looks Like?

Predicted to grow at a CAGR of 12.4% during the forecast period, the global Lancets Market is estimated to reach USD 1,442 million by the end of 2024. Asia Pacific to dominate the market during the forecast period

The safety lancets accounted for the largest market share in 2018. This is primarily be attributed to the advantages associated with safety lancets such as their ease of use, the capability to prevent needlestick injuries and cross-contamination, and painlessness of vein puncture. In line with this, According to PharmaJet, in the US, around 600,000 to 800,000 needlestick injuries are reported every year. This is expected to increase the demand of safety lancets.

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The glucose testing segment accounted for the largest share of the Lancets Market, by application, in 2018. This is primarily due to the increasing prevalence of diabetes, and the need for its prevention and management. For instance, according to the International Diabetes Federation (IDF), in 2017, there were almost 425 million people suffering from diabetes worldwide, and this figure is expected to increase to 629 million by 2045. The growing prevalence of diabetes has resulted in the increased adoption of lancets to effectively handle the growing patient pool.

What Drives the Lancets Market?

The growth of the global market for Lancets is primarily influenced by the following factors:

• Growing Prevalence of Diabetes
• High Prevalence of Infectious Diseases
• High Growth Prospects in Emerging Countries

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Geographical growth scenario of Lancets Market:

North America is projected to dominate the market in 2019. On the other hand, the APAC region is expected to witness the highest CAGR during the forecast period. The growing healthcare industry, rising geriatric population in China and India, rapid economic growth, and rising awareness about diabetes treatment are some of the key factors driving the growth of the market in the Asia Pacific region.

Leading market players and strategies adopted:

Prominent players in the Lancets Market are Becton, Dickinson and Company (US), Roche Diagnostics (Switzerland), Ypsomed (Switzerland), B. Braun Melsungen (Germany), Terumo Corporation (Japan), Own Mumford (UK), HTL-STREFA S.A (Poland), ARKRAY (Japan), Sarstedt (Germany), and SteriLance Medical (Suzhou) (China).

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This release was published on openPR.