Global Lancets Market, 2023-2028
Market Overview
Blood lancets are small, disposable medical devices that are used for capillary blood sampling. They are primarily used to create small punctures in the skin to obtain blood samples, which are then used to diagnose various diseases such as diabetes, hyperlipidemia, and dyslipidemia. Diabetic patients widely use these lancets to monitor their blood glucose levels. These devices are critical in the healthcare industry, and their demand is increasing due to the rising prevalence of diabetes and other related diseases. Blood lancets are available in various sizes and shapes to accommodate different skin types and sampling needs. The global lancets market size is projected to grow by USD 0.6 billion from 2023 to 2028, registering a CAGR of 5.1 percent, according to the latest market data.
Research Coverage
The global lancets market is segmented on the basis of product type, application, end user, and region. By product type, the global lancets market has been segmented into safety lancets, standard lancets, others. The safety blood lancets segment is expected to witness the highest CAGR during the forecast period. Safety lancets are sterile, single-use products that are designed for capillary puncture. After the puncture, the blade is automatically retracted, reducing the risk of needlestick injuries. These lancets are available in a range of puncture depths to accommodate different skin types and sampling needs. The growing demand for safety blood lancets can be attributed to the increasing awareness about the importance of safety in healthcare settings and the rising demand for disposable medical devices to prevent the spread of infections.
Other lancets refer to the new type of blood lancets that use vacuum technology. The combination of vacuum technology and skin stretching can effectively extract enough blood from the skin. The amount of blood extracted increases with the application of vacuum before blood collection and the increase in skin stretching. Vacuum and skin stretching significantly increase the blood perfusion in the skin, up to five times higher. For example, Genteel's lancing device uses vacuum technology to draw blood from the finger. The device creates a vacuum that draws blood from the narrow lance puncture site. The device is equipped with a contact indicator that controls the depth of the lance puncture, and can use any type of square lance. Due to its fast and non-invasive pricking technology, vacuum blood lancets are expected to experience the fastest growth rate during the forecast period.
Based upon application, the global lancets market is categorized into glucose monitoring, others (hemoglobin, coagulation, cholesterol, newborn screening tests, etc.). Lancets are primarily used for pricking the skin to obtain a small drop of blood for glucose monitoring. Glucose monitoring is a critical aspect of diabetes management, and lancets are an essential tool for people living with diabetes. When a lancet is used, it is typically inserted into a lancing device, which is then placed against the fingertip or another area of the skin. A spring or other mechanism is then triggered, causing the lancet to quickly puncture the skin, creating a small wound that allows a small amount of blood to be collected for testing.
Lancets come in a variety of sizes, with some being designed specifically for use with children or individuals with particularly sensitive skin. They can also be used for other types of blood tests, such as hemoglobin and coagulation testing, cholesterol monitoring, newborn screening tests, etc. One of the main benefits of using lancets for glucose monitoring is that they are relatively painless compared to other methods of obtaining blood samples. This is particularly important for individuals who need to monitor their glucose levels frequently, as it can become quite uncomfortable to use more painful methods over time.
On the basis of end user, the global lancets market has been segmented into blood banks, homecare, hospitals and clinics, others. The market for blood lancet is experiencing significant growth, with the homecare segment accounting for the highest share of the market. This growth is due to the widespread acceptance of self-monitoring devices, not only in developed countries but also in developing and underdeveloped countries.
One of the main reasons for this acceptance is the convenience and ease of use of these devices. With self-monitoring devices, individuals can easily monitor their glucose levels from the comfort of their own homes, without the need for frequent visits to healthcare providers.
Another factor driving the growth of the homecare segment is the increasing prevalence of diabetes worldwide. According to the International Diabetes Federation, there are currently over 463 million adults living with diabetes, and this number is expected to rise to 700 million by 2045. As a result, there is a growing need for effective and efficient glucose monitoring devices that can be used at home.
In addition to the convenience and rising prevalence of diabetes, the homecare segment is also supported by insurance coverage in most developed and developing countries. This coverage makes it easier for individuals to access and afford the necessary monitoring devices, which in turn helps to improve their overall health outcomes.
Geographical Analysis
Geographically, the global lancets market is segmented into North America, Europe, Asia-Pacific, MEA (Middle East and Africa), Latin America. The blood lancet market is dominated by the North American region due to its developed healthcare infrastructure, heightened awareness among diabetic patients, and high average selling price (ASP) of blood lancets. The region has a high adoption rate of self-monitoring blood glucose devices, which has contributed to its market dominance.
In Europe, the use of blood glucose monitoring devices is not evenly distributed across the major countries. While some countries include these devices under medical insurance plans and provide reimbursement to diabetic patients, others require patients to pay for the devices and related consumables like blood lancets. This has led to varying levels of adoption of lancets in different parts of the region.
In the APAC region, the high demand for lancets is driven by the large diabetic population and high adoption of self-monitoring blood glucose devices. The distribution channels, both online and offline, play a crucial role in the sales of these devices in the region. Both online and offline channels play a crucial role in the sales of lancets in the region. Online sales channels have become increasingly popular due to their convenience and accessibility, while offline channels like pharmacies and clinics remain important for those who prefer to purchase these devices in person.
In Latin America and the Middle East & Africa, the penetration of blood glucose monitoring devices is low due to the high cost of diabetes care and lack of developed healthcare infrastructure. The use of lancets is limited to professionals in clinics and emergency departments, and fewer diabetic patients in the region prefer self-monitoring blood glucose devices and related consumables, as they find urine-based tests to be a more convenient alternative.
Competitive Landscape
The global lancets market is highly competitive. The prominent players operating in the global lancets market include A. Menarini Diagnostics S.r.l., Abbott Laboratories, ACON Laboratories, Inc., AgaMatrix, Inc., ARKRAY, Inc., Ascensia Diabetes Care Holdings AG, B. Braun Holding GmbH & Co. KG, Becton, Dickinson and Company, Chengdu Rich Science Industry Co., Ltd., Disera Tibbi Malzeme Lojistik Sanayi Ve Ticaret A.S. , DongBang Acupuncture, F. Hoffmann-La Roche AG, Genteel LLC, Greiner Bio-One International GmbH, Guangzhou Improve Medical Instruments Co., Ltd., Hebei Xinle Medical Equipment Technology Co., Ltd., HTL-STREFA S.A. (MTD Medical Technology and Devices S.A.), LifeScan, Inc., Medline Industries, LP., Nipro Corporation, Owen Mumford Limited, Sarstedt AG & Co. KG, Shandong Lianfa Medical Plastic Products Co., Ltd., Shanghai Kindly Enterprise Development Group Co., Ltd. (KDL), Smiths Medical, Inc., Sterilance Medical (Suzhou) Inc., Terumo Corporation, Tianjin Huahong Technology Co., Ltd., Weihai Hongyu Medical Devices Co., Ltd., Ypsomed AG. Competitive landscape gives a description of the competitive nature of the global lancets market and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
Key Questions Answered
What is the projected global market size of lancets by 2028
In the lancets market, which product type segment attains the foremost position
Which application segment generates the most substantial revenue
Which end user segment achieves the highest performance in the lancets market
Within the market, which region segment has secured the leading position
Who are the key players with the largest market share in the lancets market
What is the estimated global market size for the lancets market in 2023
What are the main factors driving the growth of the lancets market
What is the expected incremental growth of the lancets market during the forecast period
1. Scope and Methodology
1.1 Introduction
1.2 Report Scope
1.3 Research Methodology
2. Executive Summary
3. Market Overview
4. Global Lancets Market - Product Type Analysis
4.1 Safety lancets
4.2 Standard lancets
4.3 Others
5. Global Lancets Market - Application Analysis
5.1 Glucose monitoring
5.2 Others (hemoglobin, coagulation, cholesterol, newborn screening tests, etc.)
6. Global Lancets Market - End User Analysis
6.1 Blood banks
6.2 Homecare
6.3 Hospitals and clinics
6.4 Others
7. Global Lancets Market - Region Analysis
7.1 North America
7.2 Europe
7.3 Asia-Pacific
7.4 MEA (Middle East and Africa)
7.5 Latin America
8. Patents Analysis
9. Competitive Landscape
9.1 Competitive Scenario
9.2 Market Positioning/Share Analysis
9.3 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
10. Company Profiles
10.1 A. Menarini Diagnostics S.r.l.
10.2 Abbott Laboratories
10.3 ACON Laboratories, Inc.
10.4 AgaMatrix, Inc.
10.5 ARKRAY, Inc.
10.6 Ascensia Diabetes Care Holdings AG
10.7 B. Braun Holding GmbH & Co. KG
10.8 Becton, Dickinson and Company
10.9 Chengdu Rich Science Industry Co., Ltd.
10.10 Disera Tibbi Malzeme Lojistik Sanayi Ve Ticaret A.S.
10.11 DongBang Acupuncture
10.12 F. Hoffmann-La Roche AG
10.13 Genteel LLC
10.14 Greiner Bio-One International GmbH
10.15 Guangzhou Improve Medical Instruments Co., Ltd.
10.16 Hebei Xinle Medical Equipment Technology Co., Ltd.
10.17 HTL-STREFA S.A. (MTD Medical Technology and Devices S.A.)
10.18 LifeScan, Inc.
10.19 Medline Industries, LP.
10.20 Nipro Corporation
10.21 Owen Mumford Limited
10.22 Sarstedt AG & Co. KG
10.23 Shandong Lianfa Medical Plastic Products Co., Ltd.
10.24 Shanghai Kindly Enterprise Development Group Co., Ltd. (KDL)
10.25 Smiths Medical, Inc.
10.26 Sterilance Medical (Suzhou) Inc.
10.27 Terumo Corporation
10.28 Tianjin Huahong Technology Co., Ltd.
10.29 Weihai Hongyu Medical Devices Co., Ltd.
10.30 Ypsomed AG
APPENDIX
DISCLAIMER
Methodology/Research Approach
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.Research Programs/Design
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Market Size Estimation
Top-down and bottom-up approaches are used to validate the global Voluntary Carbon Offset market size market and estimate the market size for Company, regions segments, product segments and Application (end users).
The market estimations in this report are based on the marketed sale price of Voluntary Carbon Offset (excluding any discounts provided by the player, distributor, wholesaler or traders). The percentage splits, market share, and breakdowns of the product segments are derived on the basis of weights assigned to each of the segments on the basis of their utilization rate and average sale price. The regional splits of the overall Voluntary Carbon Offset market and its sub-segments are based on the percentage adoption or utilization of the given product in the respective region or country.
Major Company in the market is identified through secondary research and their market revenues determined through primary and secondary research. Secondary research included the research of the annual and financial reports of the top Company; whereas, primary research included extensive interviews of key opinion leaders and industry experts such as experienced front-line staff, directors, CEOs and marketing executives. The percentage splits, market share, Growth Rate and breakdowns of the product markets are determined through using secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or other factors are not accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Market Intellix and presented in this report
The following figure shows an illustrative representation of the overall market size estimation process used for this study.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation, extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report. Extensive qualitative and further quantitative analysis is also done from all the numbers arrived at in the complete market engineering process to list key information throughout the report.
Data Source
Secondary Sources
Secondary sources include such as press releases, annual reports, non-profit organizations, industry associations, governmental agencies and customs data, etc. This research study involves the usage of widespread secondary sources, directories, databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), and TRADING ECONOMICS, and News Network, statista, Federal Reserve Economic Data, annual reports, BIS Statistics, ICIS; company house documents; CAS(American Chemical Society); investor presentations; and SEC filings of companies. Secondary research was used to identify and collect information useful for the extensive, technical, market-oriented, and Hospitals study of the Voluntary Carbon Offset market. It was also used to obtain important information about the top companies, market classification and segmentation according to industry trends to the bottom-most level, and key developments related to market and technology perspectives.
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Primary Sources
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product Company (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end use (product buyers), and related key executives from various key companies and organizations operating in the global market.
Primary research was conducted to identify segmentation Type, product price range, product Application, key Company, raw materials supply and the downstream demand, industry status and outlook, and key market dynamics such as risks, influence factors, opportunities, market barriers, industry trends, and key player strategies.
Key Executives Interviewed
Key Data Information from Primary Sources
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