Lancet Market - Know the Latest Profit Sources of the Industry

Lancet Market: Introduction

Lancet is a small finger-pricking device used to make punctures, such as a fingerstick, to obtain small blood specimens. Lancets are mostly disposable. However, some types of "lancet holders" are designed to be used to test more than one time.

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 Key Drivers and Restraints of Global Lancet Market

Increase in incidence of diabetes, high cholesterol, and other chronic diseases boost the usage of lancets. The prevalence of elevated total cholesterol was the highest in the WHO Region of Europe (54% for both sexes), followed by the WHO Region of the Americas (48% for both sexes). According to the CDC, 7% of children and adolescents ages 6 to 19 in the U.S. have high total cholesterol. Change in lifestyle has increased diabetes patients across the world. According to the WHO, there are about 60 million people with diabetes in Europe, or about 10.3% of men and 9.6% of women aged 25 years and over.

However, rise in cases of needlestick injury (NSI) is anticipated to hamper the usage of safety lancets. Around three million needlestick injuries occur globally each year, including one million in Europe, although not all such injuries are reported. The World Health Organization reported in 2003 that there were 3 million accidental NSIs, leading to 37% of all new hepatitis B virus (HBV) cases in HCWs, 39% of new hepatitis C virus (HCV) cases, and 5.5% of new human immunodeficiency virus (HIV) cases.

Standard Lancets to Dominate Global Lancet Market

In terms of type, the global lancet market can be bifurcated into safety lancets and standard lancets. The safety lancets segment can be split into push button safety lancet, pressure activated safety lancet, and side button safety lancet.

Standard lancets generated the largest revenue in 2019, as it is a traditional device. However, safety lancets are gaining preference, as these reduce the risk of infection and prevent accidental pricks. This high-speed device ensures minimal prick sensation, yet drawing adequate amount of blood for testing. In February 2016, Greiner Bio-One expanded its MiniCollect product line by launching MiniCollect Lancelino Safety Lancet.

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Home Care Segment to Witness Strong Growth

Based on end user, the global lancet market can be divided into hospitals & clinics, diagnostic centers, home care, and others

The diagnostic centers segment held major market share in 2019. Lancets are used for capillary blood sampling. Rise in demand for diagnostic services, increase in insurance penetration, and surge in awareness about early diagnosis of diseases among population drive the segment. According to the Royal College of Pathologists Registered Charity in England and Wales, 500 million biochemistry and 130 million hematology tests are carried out per year in England and 300,000 tests are performed every working day.

However, the home care segment is expected to grow at a rapid pace during the forecast period. Increase in health care costs and the growing need of affordable treatment options along with government initiatives to promote home health care are projected to boost the growth of the segment in the near future. About 70% of people availing home care are aged 65 and older. In this age group, the most common medical conditions requiring home care are heart disease, diabetes, and cerebral vascular diseases.

North America to Dominate Global Lancet Market

In terms of region, the global lancet market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
In terms of revenue, North America dominated the global lancet market in 2019, followed by Europe. Mergers & acquisitions, introduction of new products, and investments are the key strategies adopted by companies to ensure growth in the lancet market in North America. High prevalence of diseases and well-established health care infrastructure that enables proper diagnosis are attributed to the region's high market share.

Lancets are used for diabetes diagnosis. According to the American Diabetes Association, about 210,000 people in the U.S. aged under 20 are estimated to have diagnosed diabetes, approximately 0.25% of that population.

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However, Asia Pacific is expected to emerge as a promising market for lancets. The last three decades have witnessed an epidemic rise in the number of people with diabetes, especially type 2 diabetes, in countries in Asia Pacific. The rise of type 2 diabetes in South Asia is estimated to be more than 150% between 2000 and 2035. Aging, urbanization, and associated lifestyle changes are the major determinants for the rapid increase in diabetes population, which lead to development of many diseases in developing countries.

Key Players Operating in Global Lancet Market

The global lancet market was highly fragmented in 2019. Leading players operating in the global market are:

F. Hoffmann-La Roche AG
Becton, Dickinson and Company
Terumo Medical Corporation
Bayer AG
HTL-STREFA S.A.
Sarstedt AG & Co
Improve Medical Technology Co. Ltd.
Abbott Laboratories
Greiner Bio-One International GmbH
Tenko Medical System
HemoCue AB

Global Lancet Market: Research Scope

Global Lancet Market, by Type

Safety Lancets
Push Button Safety Lancet
Pressure Activated Safety Lancet
Side Button Safety Lancet
Standard Lancets 

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 Global Lancet Market, by End-user

Hospitals & Clinics
Diagnostic Centers
Home Care
Others

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