Lancets Market Size, Industry Analysis By Segmentations, Top Key Players, Trends, Future Development & Forecast By 2033
- PUBLISHED ON
- 2023-06-01
- NO OF PAGES
- 266
- CATEGORY
- Healthcare & Life Sciences
Lancets Market size was valued at USD 2,400 million in 2022 and is projected to reach USD 3,700 million by 2033, growing at a CAGR of 7.5% during the forecast period.
Report Scope
Report Attributes | Description |
Market Forecast in 2022 | USD 2,400 million |
Market Forecast in 2033 | USD 3,700 million |
CAGR % 2023-2033 | 7.5% |
Base Year | 2022 |
Historic Data | 2020-2021 |
Forecast Period | 2023-2033 |
Report USP | Product, end-user industry, company share, company heat map, company Capacity Technology Product capacity, growth factors and more |
Key Companies | Roche Diagnostics; BD (Becton, Dickinson and Company); Johnson & Johnson; Abbott Laboratories; Ascensia Diabetes Care; Owen Mumford; Terumo Corporation; Ypsomed; Sarstedt AG & Co. KG; ARKRAY, Inc. |
Lancets Market- Description
Lancets are small, disposable medical devices used for obtaining blood samples in various healthcare settings. They are commonly used in home blood glucose monitoring for individuals with diabetes and are also utilized in other medical procedures requiring a small blood sample.
Lancets market: Key Trends
• Technological Advancements
The lancets market has witnessed continuous advancements in technology, leading to the development of lancets with improved safety features, precision, and usability. For example, many lancets now feature retractable needles, minimizing the risk of accidental needlestick injuries. Some lancets also incorporate spring-loaded mechanisms for precise and controlled skin penetration.
• Rising Demand for Home Healthcare
With the growing emphasis on self-monitoring and home healthcare, there has been an increasing demand for lancets that are user-friendly, portable, and enable easy blood sample collection. Lancets that require minimal training and provide quick, accurate results are preferred by individuals managing chronic conditions such as diabetes at home.
Lancets market: Segmental Analysis
By Type
• Safety Lancets
• Standard Lancets
By Application
• Glucose Testing
• Cholesterol Testing
Lancets market: Geographical landscape
North America has traditionally been a significant market for lancets, driven by a high prevalence of diabetes and a well-established healthcare infrastructure. The United States and Canada are the major contributors to the regional market. The market is characterized by the presence of key manufacturers and increasing adoption of advanced lancets with features like safety and convenience.
Lancets Market- Recent Developments
• In 2021, Owen Mumford has introduced a new addition to their Unistik Touch line of safety lancets, specifically designed to obtain a maximum of 500 μl of blood. This expansion of the Unistik Touch portfolio includes a contact activated safety lancet (with a blade size of 2.0mm x 1.5mm), intended for situations where high volumes of blood are required for capillary blood sampling. This device offers a convenient one-touch solution for obtaining blood samples, ensuring simplicity and ease of use. The Unistik Touch lancet is designed to simplify the process of capillary blood sampling with its one-touch activation feature. It is available in various sizes to cater to different blood volume requirements.
Lancets Market: Key Companies
• Roche Diagnostics
• BD (Becton, Dickinson and Company)
• Johnson & Johnson
• Abbott Laboratories
• Ascensia Diabetes Care
• Owen Mumford
• Terumo Corporation
• Ypsomed
• Sarstedt AG & Co. KG
• ARKRAY, Inc.
• Others
Lancets Market: Regional Scope
North America
• U.S.
• Canada
• Mexico
Europe
• U.K.
• Germany
• France
• Italy
• Spain
• Rest of Europe
Asia Pacific
• China
• India
• Japan
• South Korea
• Australia
• Rest of Asia Pacific
South America
• Brazil
• Argentina
• Rest of South America
Middle East and Africa
• Saudi Arabia
• UAE
• Egypt
• South Africa
• Rest of Middle East and Africa
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Case Study- Automotive Sector
One of the key manufacturers of automotive had plans to invest in electric utility vehicles. The electric cars and associated markets being a of evolving nature, the automotive client approached We Market Research for a detailed insight on the market forecasts. The client specifically asked for competitive analysis, regulatory framework, regional prospects studied under the influence of drivers, challenges, opportunities, and pricing in terms of revenue and sales (million units).
Solution
The overall study was executed in three stages, intending to help the client meet its objective of precisely understanding the entire market before deciding on an investment. At first, secondary research was conducted considering political, economic, social, and technological parameters to get a gist of the various aspects of the market. This stage of the study concluded with the derivation of drivers, opportunities, and challenges. It also laid substantial emphasis on understanding and collecting data not only on a global scale but also on the regional and country levels. Data Extraction through Primary Research
The second stage involved primary research in which several market players and automotive parts suppliers were contacted to study their viewpoint concerning the development of their market and production capacity, clientele, and product line. This stage concluded in a brief understanding of the competitive ecosystem and also glanced through the strategies and pricing of the companies profiled.
Market Estimates and Forecast
In the final stage of the study, market forecasts for the electric utility were derived using multiple market engineering approaches. This data helped the client to get an overview of the market and accelerate the process of investment.
Case Study- ICT Sector
Business process outsourcing, being one of the lucrative markets from both supply- and demand- side, has appealed to various companies. One of the prominent corporations based out of Japan approached us with their requirements regarding the scope of the procurement outsourcing market for around 50 countries. Additionally, the client also sought key players operating in the market and their revenue breakdown in terms of region and application.
Business Solution
An exhaustive market study was conducted based on primary and secondary research that involved factors such as labor costs in various countries, skilled and technical labors, manufacturing scenario, and their respective contributions in the global GDP. A comparative study of the market was conducted from both supply- and demand side, with the supply-side comprising of notable companies, such as GEP, Accenture, and others, that provide these services. On the other hand, large manufacturing companies from them demand-side were considered that opt for these services.
Conclusion
The report aided the client in understanding the market trends, including country-level business scenarios, consumer behavior, and trends in 50 countries. The report also provided financial insights of crucial players and detailed market estimations and forecasts till 2033.
Frequently Asked Questions
What is the market size and growth projections?
The global Lancets market size was valued at USD 2,400 million in 2022 and is projected to reach USD 3,700 million by 2033, growing at a CAGR of 7.5% during the forecast period.
What are the drivers shaping various markets?
Technological Advancements: - The lancets market has witnessed continuous advancements in technology, leading to the development of lancets with improved safety features, precision, and usability. For example, many lancets now feature retractable needles, minimizing the risk of accidental needlestick injuries. Some lancets also incorporate spring-loaded mechanisms for precise and controlled skin penetration.
Who are the key competitors of market Players?
Some of the major players operating within the market are Roche Diagnostics; BD (Becton, Dickinson and Company); Johnson & Johnson; Abbott Laboratories; Ascensia Diabetes Care; Owen Mumford; Terumo Corporation; Ypsomed; Sarstedt AG & Co. KG; ARKRAY, Inc.
What are the top performing segments, and countries / regions of each of the markets?
The Asia Pacific region is experiencing significant growth in the lancets market due to a rising prevalence of diabetes, a growing aging population, and improving healthcare infrastructure. Countries like China, India, and Japan are major contributors to the regional market.
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