Lancet Market Size - By Type (Safety Lancets, Standard Lancets, Manually Activated Lancets, Automatically Activated Lancets), By Size (22G and Below, 23G-33G, Above 33G), By End-use – Global Forecast (2023-2032)
Published Date: August - 2024 | Publisher: MIR | No of Pages: 240 | Industry: Healthcare | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationLancet Market Size - By Type (Safety Lancets, Standard Lancets, Manually Activated Lancets, Automatically Activated Lancets), By Size (22G and Below, 23G-33G, Above 33G), By End-use – Global Forecast (2023-2032)
Lancet Market Size
Lancet Market size was valued at USD 1.1 billion in 2022 and is estimated to account for USD 1.8 billion by 2032. A lancet is a small, sharp, and pointed surgical instrument or medical device used for pricking or piercing the skin to obtain a blood sample or perform a small incision for medical purposes.
Think of lancets as tiny needles, like the ones you might find in a thumbtack. They're mostly used once and then tossed out. Doctors and nurses often use them to take a little bit of blood, especially if someone needs to check their blood sugar levels. They're handy because they hurt less than drawing blood from a vein. Right now, more and more people are living with diabetes and other long-term health issues, so there's a growing need for lancets. Plus, our aging population is getting bigger, and they need more healthcare. With new technology and ways to keep track of patients remotely, lancets are becoming even more important. It's also worth noting that governments and individuals are spending more on healthcare overall, and more people are getting tests done at home or in clinics rather than at hospitals. All of these factors add up to a growing demand for lancets.
| Report Attribute | Details |
|---|---|
| Base Year | 2022 |
| Lancet Market Size in 2022 | USD 1.1 Billion |
| Forecast Period | 2023 to 2032 |
| Forecast Period 2023 to 2032 CAGR | 4.7 % |
| 2032 Value Projection | USD 1.8 Billion |
| Historical Data for | 2018 to 2022 |
| No. of Pages | 210 |
| Tables, Charts & Figures | 375 |
| Segments covered | Type, Size, End-use and Region |
| Growth Drivers |
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| Pitfalls & Challenges |
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Picture thismillions of people around the world are struggling with diabetes. Right now, over 537 million adults are fighting this disease. And it's only getting worse, with experts predicting that number will skyrocket to 783 million by 2045. With more people getting diabetes, there's a huge need for lancets, little tools used to draw blood for testing. This has caught the attention of companies like Astellas Pharma, who are investing heavily in diabetes care. They've teamed up with Roche Diabetes Care Japan to create and sell cutting-edge blood glucose monitoring systems. One of their creations is the Accu-Chek Guide M system, which is known for being super accurate. They've paired it with the awesome BlueStar solution, giving people with diabetes a complete package to help them manage their condition.
COVID-19 Impact
The lancet market experienced a positive impact due to the COVID-19 pandemic. The increased demand for testing during the pandemic led to a surge in sales of lancets, as they were essential for collecting blood samples for COVID-19 diagnostics. The adoption of telemedicine and home healthcare solutions further drove the demand for lancets, enabling remote monitoring and self-testing at home. The emphasis on safety and hygiene increased the preference for single-use disposable lancets. Moreover, the pandemic stimulated research and development activities in the lancet industry, resulting in innovative advancements in lancet technologies.
Lancet Market Trends
Hi there! Technology is revolutionizing the world of blood testing. Companies like BD are introducing some really exciting new features to their lancets. One of the biggest changes is the use of ultra-thin needles, like the ones in the BD Nano 4mm lancets. These needles are so fine that you barely feel them when they prick your skin. Safety is also a top priority. New lancets come with clever features like retractable needles or shields, which protect both healthcare professionals and patients. But wait, there's more! Lancets are now connecting to digital health tools, so you can easily track your blood sugar or other health data on your phone. This makes it so much easier to stay on top of your health. Thanks to all these advances, people are using lancets in more and more healthcare settings. It's like the future of blood testing is here, and it's way better than anything we've seen before!
Lancet Market Analysis
The lancet market by type is categorized into safety lancets, standard lancets, manually activated lancets, and automatically activated lancets. The manually activated lancets segment is further subdivided into push button lancets and side button lancets. The standard lancets segment garnered USD 409.6 million revenue size in 2022.
Standard lancets are widely recognized and familiar to both healthcare professionals and patients due to their well-established usage. Their compatibility and interchangeability with various lancet devices make them convenient to use. Moreover, standard lancets are affordable and cost-effective, making them accessible to a wide range of healthcare providers and patients. Their diverse applications and regulatory approvals further contribute to their market dominance.
Have you heard about lancets? They come in various sizes, like 22G and smaller, 23G to 33G, and bigger than 33G. In 2022, the middle ground, 23G to 33G, was a crowd favorite, taking up over 42% of the market. There are several reasons why 23G to 33G lancets are so popular. Firstly, they're super adaptable and can handle everything from keeping an eye on glucose levels to other medical checkups. Plus, they find the sweet spot between being easy on your skin and getting enough blood for accurate tests. Thirdly, they're frequently the choice of healthcare professionals. And finally, they're easy to track down in stores. These lancets have slimmer needles, which means they're gentler on the skin but still manage to draw enough blood for testing. Take the FreeStyle Lancets from Abbott Laboratories, for instance. They're made of disinfected stainless steel and have a super-fine 28-gauge design. That means they're both safe and comfy to use. Also, lots of medical guidelines and standards recommend using lancets in the 23G to 33G range. So, there you have it!
Based on end-use, the lancet market is segmented into hospitals, clinics, homecare settings, ambulatory surgical centers, and others. The hospitals segment accounted for over 29% market share in the year 2022. Hospitals have a large patient pool and offer a diverse range of healthcare services, Including critical care and disease management. They possess advanced infrastructure, adhere to stringent quality and safety standards, and employ skilled healthcare professionals. Lancets are extensively used in hospitals for blood sampling and diagnostics, particularly in critical care and disease monitoring.
U.S. lancet market accounted for USD 428.3 million revenue size in 2022. U.S. has a large and advanced healthcare industry, providing a conducive environment for the utilization of lancets. For instance, in 2020, the Centers for Disease Control and Prevention (CDC) reported that diabetes affected over thirty-four million Americans, accounting for approximately 11% of the U.S. population. Furthermore, the U.S. witnesses around 1.5 million new cases of diabetes each year. With a high prevalence of chronic diseases such as diabetes, lancets are in high demand for regular blood glucose monitoring in the U.S.
Furthermore, the U.S. is known for its continuous technological advancements and innovations in healthcare, including the development of advanced lancet technologies and integration with digital health solutions. The robust healthcare reimbursement system in the U.S. facilitates patient access to lancets and related healthcare services. Additionally, the emphasis on point-of-care testing further drives the demand for lancets across various healthcare settings.
Lancet Market Share
Some of the eminent market participants operating in the lancet market include
- AgaMatrix
- Abbott Laboratories
- All Medicus Co., Ltd.
- Ascensia Diabetes Care Holdings AG
- Arkray, Inc
- B. Braun Melsungen AG
- Bionime Corporation
- DarioHealth Corp
- Dexcom, Inc.
- Essenlife Bioscience, Inc.
- F. Hoffmann-La Roche Ltd.
- LifeScan Inc.
- Medtronic
- Nova Biomedical, Inc.
- Sinocare Inc.
Lancet Industry News
- In April 2022, BD successfully concluded the spinoff of Embecta Corp., which now assumes ownership of BD's former Diabetes Care business. Embecta Corp., renowned as one of the world's leading diabetes management companies, now operates independently, facilitating the continued progress and innovation of its diabetes management solutions. This strategic decision empowers BD to concentrate on its core business domains while granting Embecta the opportunity to advance its diabetes care offerings autonomously.
- In July 2021, BD announced a significant advancement in revolutionizing the patient experience with their vision of a "One-Stick Hospital Stay." This builds upon BD's history of innovation and leadership in the development of blood collection and vascular access solutions. The company is dedicated to improving patient care by streamlining the process and minimizing the need for multiple needle sticks during hospital stays. Such initiatives augment industry expansion.
Lancet market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2018 to 2032 for the following segments
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By Type (USD Million & Units)
- Safety lancets
- Standard lancets
- Manually activated lancets
- Push button lancets
- Side button lancets
- Automatically activated lancets
By Size (USD Million)
- 22G and below
- 23G-33G
- Above 33G
By End-use (USD Million)
- Hospitals
- Clinics
- Homecare settings
- Ambulatory surgical centers
- Others
The above information is provided for the following regions and countries
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Switzerland
- The Netherlands
- Denmark
- Poland
- Sweden
- Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- New Zealand
- Thailand
- Vietnam
- Indonesia
- Latin America
- Brazil
- Mexico
- Argentina
- Colombia
- Chile
- Middle East & Africa
- Saudi Arabia
- South Africa
- UAE
- Turkey
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