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Blood Lancet Market Size To Grow Significantly in Next Five Years | Industry Forecast, 2019-2026

03-11-2020 03:59 PM CET | Health & Medicine

Press release from: Allied Market Research

Blood Lancets Market

Blood Lancets Market

Global "Blood Lancet Market" 2019-2026 report presents a pin-point breakdown of Industry based on type, applications, and research regions. Growth strategies adopted by these companies are studied in detail in the report. The market size section gives the Blood Lancet market revenues, covering both the historic growth of the market and forecasting the future.

A blood lancet is a small and disposable medical device utilized in capillary blood sampling. Lancets are similar to scalpel but has a double-edged needle or blade. Blood lancets are used to make minuscule punctures to obtain blood samples for diagnosis of several diseases such as diabetes hyperlipidemia and dyslipidemia.

Diabetes is a global scourge that is largely due to our modern day, fast-paced lifestyle. According to the International Diabetes Federation, 415 million adults were living with this disease in the year 2015, which is a sharp rise from 108 million in 1980. This corresponds to roughly 8.5% of the global population or one in eight adults. While it was largely seen in developed countries initially, the prevalence has unfortunately risen much faster in low and middle-income countries in recent times. While diabetics would fret over researching the correct insulin pumps or glucose meters, how many would consider devices in the blood sugar lancet market with the attention required? Most people use the device that comes along with their glucose meter, but these are also sold as a separate device.

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Factors such as increase in prevalence of chronic diseases such as diabetes, hyperlipidemia, and dyslipidemia, rise in awareness about advanced technology, and growth in geriatric population drive the market growth. In addition, rise in reimbursement policies also fuel the market growth. However, high cost of product and lack of patient awareness is expected to hinder the growth of the market. R&D in the field of surgical equipment is anticipated to create new opportunities during the forecast.

The second driver of the blood sugar lancet market is the reimbursement options available, especially in developed countries. These devices are typically replaced every six to eight months which makes them expensive in the long run. Thus, patients prefer health insurance plans that cover most of the device expenditure. These plans also provide coverage for glucose test strips, glucose meters and diabetes testing supplies. In the U.S. alone, Medicare covers almost 80% of the cost of blood glucose monitoring devices like blood sugar lancets. The American Association of Diabetes Educators has also published a reimbursement procedure for primary caregivers, which categorically states that Medicare will reimburse medical service costs of diabetic patients.

A key challenge in the blood sugar lancet market is a lack of patient awareness. The International Diabetes Federation estimates that almost one in two cases will remain undiagnosed. A person dies approximately every six seconds and 12% of global healthcare expenditure i.e. $673 billion is spent on treating diabetes. Diabetes can be a life-threatening disease if not properly treated. However, if it is, a patient can almost lead a completely normal life, with very few restrictions. Governments must educate their citizens about the disease and the self-monitoring of blood glucose with the help of devices like blood sugar lancets.

Key Benefits for Stakeholders:

o The blood lancets market share and analysis is based on a comprehensive analysis of the key developments in the blood lancets industry.
o The development strategies adopted by the key market players are enlisted to understand the competitive scenario of the global blood lancets market.
o The study provides an in-depth analysis of the blood lancets market trends to elucidate the imminent investment pockets.
o The global blood lancets market trends are studied from 2018 to 2026.
o Information about key drivers, restrains, and opportunities and their impact analysis on the blood lancets market size is provided.
o Porter's five forces analysis illustrates the potency of buyers and suppliers operating in the industry.
o The quantitative analysis of the global blood lancet market from 2019 to 2026 is provided to determine the market potential.

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Table Of Content

Chapter: 1 INTRODUCTION

1.1. REPORT DESCRIPTION
1.2. KEY BENEFITS
1.3. KEY MARKET SEGMENTS
1.4. RESEARCH METHODOLOGY
1.4.1. Secondary research
1.4.2. Primary research
1.4.3. Analyst tools & models

Chapter: 2 EXECUTIVE SUMMARY
2.1. CXO PERSPECTIVE

Chapter: 3 MARKET OVERVIEW
3.1. MARKET DEFINITION AND SCOPE
3.2. KEY FINDINGS
3.2.1. Top investment pockets
3.2.2. Top winning strategies
3.3. MARKET SHARE ANALYSIS, 2016
3.4. PORTER'S FIVE FORCES ANALYSIS
3.5. MARKET DYNAMICS
3.5.1. Drivers
3.5.2. Restraints
3.5.3. Opportunities....

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

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