What are Reasons behind Growth of Lancet Market?
SummaryThe global lancet market, generated $830.3 million revenue in 2019, is projected to experience a 9.5% CAGR between 2020 and 2030, according to P&S Intelligence.A lancet is a pen-like device, which contains a needle connected to a spring, meant to draw sufficient blood, in a minimally invasive manner.
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Around 17.9 million die as a result of cardiovascular diseases (CVDs) and 9.6 million as a result of cancer, every year, says the World Health Organization (WHO). Moreover, over 250 million suffer from chronic obstructive pulmonary disease (COPD), 235 million have asthma, and 422 million are living with diabetes. A lot of these diseases can be detected early via blood tests, which is the primary reason for the increasing demand for lancets.
Till 2030, the safety bifurcation is predicted to continue generating higher revenue in the lancet market, as the preference for these devices is high, on account of their better safety profile. Owing to their single-use design, they reduce the chances of infection spread; similarly, with the needle automatically springing back after use, the risk of unintentional pricks and injuries is minimized. Additionally, they eliminate the requirement for lancing devices, which makes them easier to use, for testing the capillary blood.
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The glucose testing category held the largest share in the market during the historical period (2014–2019), on account of the rising number of people suffering from diabetes. For ascertaining the severity of the pancreatic disorder and managing it, it is important to monitor the level of glucose in the blood, which is why the requirement for lancets is surging around the world.
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North America was the largest lancet market during the historical period, as a result of the technological advancements in medical devices, growing population of the elderly, and rising incidence of chronic diseases. According to the U.S. Department of Health and Human Services, people in the age group of 65 and above numbered 49.2 million in 2016, and this population will further surge to 98 million by 2060. In the coming years, Asia-Pacific (APAC) would witness the most rapid market advance, owing to the surging geriatric population, rapid economic growth, improving healthcare infrastructure, rising prevalence of chronic diseases, and increasing number of initiatives by public and private organizations to create awareness on diabetes.