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Trending News Corona Impact on Lancet Market Competitive Share Analysis and Forecast Report

As per a research conducted by P&S Intelligence, the global lancet market generate a revenue of $830.3 million in 2019, and it is projected to advance at a 9.5% CAGR during the forecast period (2020–2030). The increasing adoption of such instruments for testing allergies, rising prevalence of chronic diseases, growing incidence of needle stick injuries and infections, initiatives that are aimed at encouraging the usage of single-use lancets are leading to the growth of the market. 

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When type is considered, the lancet market is categorized into standard and safety, between which, the safety category dominated the market in 2019. These variants are meant to be just one time, which is why, they minimize the risk of contracting any kind of infection. In addition to this, safety lancets are designed for retracting automatically after the ricks, thereby preventing injuries. The category is further expected to advance at a faster pace during the forecast period. 

The largest share of the lancet market was held by North America during the historical period (2014–2019), owing to the rising prevalence of chronic diseases, technological advancements, and growing geriatric population. The Asia-Pacific region is expected to exhibit the highest CAGR during the forecast period, which can be ascribed to the improving healthcare infrastructure, increasing purchasing power, rising geriatric population, and rapidly surging prevalence of chronic diseases in the region.

The surging incidence of chronic diseases is a key driving factor of the lancet market. Chronic diseases such as cardiovascular diseases, chronic obstructive pulmonary disease, diabetes, and cancer are leading to the high demand for minimally invasive blood-drawing devices, such as lancets. As per the WHO, 9.6 million people are killed because of cancer each year. Lancets are being extensively utilized for diagnosing these diseases during the early stages for bringing down the mortality rate.



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Last Updated: 26-Nov-2020