Safety Lancet Market Growing at 10.5% CAGR by 2032 - User demand is Driving Growth

The global safety lancet market size was USD 1.88 Billion in 2022 and is expected to register a revenue CAGR of 10.5% during the forecast period. This growth is fueled by several factors, including the rising prevalence of chronic diseases, an aging population, and the growing demand for point-of-care testing.

Safety lancets, utilized for blood sample collection, offer a convenient and less painful method, crucial for individuals monitoring their blood glucose levels multiple times a day. With rapid urbanization, unhealthy dietary habits, and sedentary lifestyles contributing to the rise in diabetes cases, the need for effective blood sampling tools becomes imperative. According to the World Health Organization (WHO), diabetes accounts for approximately 2 million deaths annually, including those from associated complications like kidney disease.

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Market Drivers:
Rising Prevalence of Chronic Diseases: The escalating prevalence of chronic diseases is a significant driver for market expansion. Safety lancets play a crucial role in facilitating safe and convenient blood sampling for individuals managing chronic illnesses such as cancer, heart disease, stroke, and diabetes.

Increasing Adoption of Painless Lancets: Emerging trends indicate a growing preference for painless lancets, driving market growth. These lancets, which do not cause pain or anxiety, are becoming increasingly sought-after, particularly for applications involving neonates and individuals requiring frequent blood glucose monitoring.
Development of Painless Safety Lancets: Key market players are investing in the development of painless safety lancets, further propelling market growth. For instance, Pip Diabetes recently launched painless lancets with hidden needles, promising a vibration-free and painless experience for users.

Market Restraints:

Stringent Product Testing and Commercialization Requirements: Stringent regulatory processes, including those by authorities such as the U.S. Food and Drug Administration (FDA) and the European Medicines Agency (EMA), pose challenges to market growth. Varied approval and distribution processes across different regions further slow down market expansion.

Risk of Infection Transmission: Concerns regarding infection transmission due to residual blood traces present a restraint to market growth. Diseases such as Hepatitis B virus and HIV-1 can be transmitted through blood transfusions, emphasizing the importance of stringent safety measures in lancet design and usage.

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Market Segment Insights:

Safety Lancet Type Insights: Pressure-activated safety lancets dominate the market, offering a one-step safety mechanism and faster results. The side button safety lancet segment is anticipated to register the fastest growth, driven by increasing demand for blood glucose monitoring.

Safety Lancet End-Use Insights: Hospitals and clinics currently hold the largest market share, owing to the widespread use of safety lancets in medical facilities. However, the home diagnostics segment is expected to exhibit the fastest growth, driven by the rising demand for at-home blood glucose testing among diabetic patients.
As the global safety lancet market continues to evolve, key players are focusing on innovation and regulatory compliance to capitalize on emerging opportunities while addressing existing challenges.
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Safety Lancet Top Companies and Competitive Landscape
The global safety lancet market is fragmented, with several key players accounting for the majority of market revenue. Major players are deploying various strategies, entering mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing new products and solutions.
• Hoffmann-La Roche Ltd
• Becton, Dickinson and Company
• Terumo Corporation
• Bayer AG
• MTD Medical Technology and Devices S.p.A.
• SARSTEDT AG & Co. KG
• Improve Medical
• Eli Lilly and Company
• Ypsomed AG
• Braun SE
• Greiner Bio-One International GmbH
• Abbott
• Owen Mumford
• Smith's Group plc
• Nipro Europe Group Companies
• Cardinal Health
• Roche Diabetes Care Limited
• HTL
• MediPurpose
• Medtronic
• Athersys, Inc

Strategic Development
• On 19 September 2023, Tasso Inc, a leading patient-centric clinical-grade blood collection solution provider announced the CE Mark certification for their new product Tasso plus, a pain free safety blood lancets that collects whole blood liquid samples.

• On 13 May 2022, The U.S. Food and Drug Administration (FDA) approved Mounjaro (tirzepatide) injection, a new once-weekly GIP (glucose-dependent insulinotropic polypeptide) and GLP-1 (glucagon-like peptide-1). It is indicated as an adjunct to diet and exercise to enhance glycaemic control in adults diagnosed with type 2 diabetes. The U.S. FDA-approved GIP and GLP-1 receptor agonist.

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Global Safety Lancet Market Report - Segmental Analysis:
• Type Outlook (Revenue, USD Billion; 2019-2032)
o Push Button safety lancet
o Pressure activated safety lancet
o Side button safety lancet
• End-use Outlook (Revenue, USD Billion; 2019-2032)
o Hospitals and clinics
o Diagnostic centres and pathology laboratories
o Home diagnostic
o Others

• Regional Outlook (Revenue, USD Billion; 2019-2032)
o North America
1. U.S.
2. Canada
3. Mexico
o Europe
1. Germany
2. France
3. U.K.
4. Italy
5. Spain
6. Benelux
7. Rest of Europe
o Asia Pacific
1. China
2. India
3. Japan
4. South Korea
5. Rest of APAC
o Latin America
1. Brazil
2. Rest of LATAM
o Middle East & Africa
1. Saudi Arabia
2. UAE
3. South Africa
4. Turkey
5. Rest of MEA

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