Safety Lancet Market – A Definite Shift From The Developed To The Developing Regions

Safety lancets are one of the widely used devices used for blood sampling and collection. The safety lancets are used for prevention of injury in healthcare centres, clinics, and laboratories. Use of safety lancets, helps in preventing injuries and associated infections. Important desirable features of the safety lancets are painless vein puncture, easy handling and safety. The major applications of the safety lancets are capillary blood sampling, blood and allergy test, HBO and HIV screening test, blood group test and others. Lancets are increasingly substituting traditional methods for vein puncture.

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The market for safety lancet is been driven by factors such as demand for painless and minimally invasive testing, growing demand for micro blood testing, desired characteristics such as minimal blood loss, elimination of infection and contamination, development of high quality materials, growing focus and expanse of diagnostics, rising number of laboratories, rising number of infectious and other diseases and others. The market is restrained because of factors such as lack of awareness, low quality products from developing regions such as China, increasing pricing pressures due to large competition and fragmentation of market. However increasing demand for the self-monitoring of blood glucose coupled especially for the diabetes testing, development of innovative glucose-monitoring devices will however is expected to trump all constraining factors and the lancet market is expected to witness precipitous growth.

According to World Health Organisation, the number of people with diabetes has risen from 108 million in 1980 to 422 million in 2015. The global prevalence of diabetes among adults over 18 years of age has risen from 4.7% in 1980 to 8.5% in 2015 with Diabetes prevalence has been rising more rapidly in middle- and low-income countries. The World Health Organisation, further estimates that in 2015, an estimated 1.6 million deaths were directly caused by diabetes. As per the International Diabetes Federation, by 2035 the numbers of diabetics are expected to surge further.

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Product development is a strong strategy which must take into account the needs of the end users and markets. One of such device is safety lancet, which is capturing a huge market share due to its innovative features. The safety lancet can be further divided into push button safety lancet, pressure activated safety lancet and side button safety lancet. There is also a lot of development in the grips used with materials such as silicon replacing the traditional rubber.

The global safety lancet market reached USD 2,305.1 million in 2023 from 1,056.2 million in 2016. Europe region captured the largest market globally and is expected to reach USD 1,032.7 million by 2023 due to the growing demand and need for safe blood glucose tests in hospitals, clinics, diagnostics centers etc. and the growth of insulin users.   

Key Players for Global Safety Lancet Market:

Some of the key players in this 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 and others.

Segments for Global Safety Lancet Market

Global Safety lancet Market has been segmented on the basis of types which comprises of push button safety lancet, pressure activated safety lancet and side button safety lancet. On the basis of end user, it comprises of hospitals & clinics, diagnostic centers and pathology laboratories, home diagnostics and other end users.

Regional Analysis of Global Safety Lancet Market:

The global market for safety lancet is growing steadily. The market for safety lancet is growing with the CAGR of 11.8% during the forecast period from 2017-2023. Blood sampling safety lancet are the most common devices used in hospitals, clinics, diagnostic centres and home monitoring. The global safety lancet market reached USD 2,305.1 million in 2023 from 1,056.2 million in 2016. Europe region captured the largest market globally and is expected to reach USD 1,032.7 million by 2023 due to the growing demand and need for safe blood glucose tests in hospitals, clinics, diagnostics centres etc. and the growth of insulin users. However there is a definite shift in the market in favour of the developing countries. Safety lancet market is estimated to be driven by the growing demand from developing countries of Asia Pacific region, especially, China and India. Developing countries in Asia Pacific such as Indonesia, Cambodia, China, and India will hold a significant share of Asia Pacific safety lancet market. The presence of large population with unmet needs and the growing number of diagnostic and sampling procedures will drive the growth of the markets during the review period. Thus, the developing countries have potential to grow in this region due to less competition. Risk factors that cause demand for safety lancet are increasing incidence of infectious diseases, diabetes etc. which will indirectly drive the market for capillary blood collection devices in these regions.

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The healthcare industry in Asia Pacific is growing rapidly as compared to other regions due to growing per capita income of the region, which, in turn, drives the market for safety lancet. Furthermore, the rising health care expenditure in this region expected to drive the safety lancet market over the forecast period. Moreover, increasing population and improving & politically stable environment are adding fuel to the market growth.

However, low spending on the health care may hinder the market growth during the review period. Also, a lower penetration of diagnostics in the region will reduce the potential of the market. Thus, low cost products will find a stronger growth in these markets owing to low income and low spending on diagnostics.

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