Global Lancets Market is expected to grow at a CAGR of 12.6% during the forecast period 2020-2027
A new research report published by Fior Markets with the title Lancets Market by Type (Personal Lancets, Safety Lancets (Push button, Pressure Activated, Side Button), Application (Haemoglobin Testing, Glucose Testing), End-User (Clinic, Hospital, Homecare), Region, Global Industry Analysis, Market Size, Share, Growth, Trends, and Forecast 2020 to 2027.
The global lancets market is expected to grow from USD 805 million in 2019 to USD 2080 million by 2027, at a CAGR of 12.6% during the forecast period 2020-2027. North America is expected to dominate the market with the increasing number of patients suffering from diabetes in the region. Several authorities have predicted that the region will witness a rise in the number of patients suffering from diabetes. This rise will directly contribute to the high market share of lancets in the region. The easy availability of lancets in the region has also contributed to a dominant market share. The Asia-Pacific region is expected to account for the highest growth rate with rise in demand for improved healthcare facilities in the region and the increase in investments by the governments in the healthcare infrastructure of the region. The rising awareness about the treatment of diabetes with efficient healthcare facilities in the region will also contribute to the growth of the market.
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The leading players in the market include Becton, Improve Medical, Dickinson & Company, Sarstedt AG & Co., Terumo Corporation, F.L. Medical SRL, Haemonetics Corporation, Medtronic plc, Nipro Medical Corporation, Shangdong Lianfa Medical, and Abbott Laboratories. The companies are adopting strategies like investments in innovative products, collaborations and partnerships to maintain and increase their market share. The launch of a new product for blood collection from newborn babies by Sarstedt AG & Co, has contributed to the company’s growth.
On the basis of type, the market can be divided into personal and safety lancets. The safety lancets can further be divided into push-button, Pressure activated, and side button lancets. The safety lancets account for the largest market share and also expected to register a high growth rate in the forecast period. The push-button safety lancet will increase its market share as they are easy to handle, withdraws adequate blood sample, quick, and pain-free. On the basis of application, the market can be divided into haemoglobin testing and glucose testing. The glucose testing segment will account for a high growth rate due to the rising prevalence of diabetes in the world and increasing adoption of lancets for collecting blood samples and diabetes management. On the basis of the end-user, the market can be divided into clinics, hospitals, and homecare. The hospitals and clinics segment are expected to hold a significant market share with a large number of patients and a rising incidence of infectious diseases. The homecare segment is expected to show a high growth rate with the changing preferences of patients towards their convenience. The people prefer to use the devices at home because they are portable and easy-to-use.
A rise in the incidence of diabetes, anaemia, dyslipidemia, hyperlipidemia and infectious diseases across the globe is anticipated to result in the growth of the market. The lancets help in preventing infection and other risks like blood transfusion, which also contribute to market growth. The regulatory requirements to ensure the use of high-quality medical devices is expected to drive the market growth. Less awareness regarding the use of lancets in homecare or clinics will act as a restraint to market growth.
About the report:
The global lancets market is analyzed on the basis of value (USD Billion), volume (K Units), export (K Units), and import (K Units). All the segments have been analyzed on global, regional and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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