Global Lancet Market to Grow at a CAGR of ~12% During 2022 – 2031 on the Account of Increasing Population Worldwide
Kenneth Research published a report titled “Lancet Market: Global Demand Analysis & Opportunity Outlook 2031” which delivers detailed overview of the global lancet market in terms of market segmentation by type, application, end users, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The global lancet market is garnered an approximate revenue figure of USD 1125 million in year 2021 and is estimated to grow at a CAGR of ~12% over the forecast period, i.e., 2022 – 2031. On the basis of application segment, the market is further divided into glucose testing, hemoglobin testing, and coagulation testing. The glucose testing segment is anticipated to grow at a promising CAGR over the forecast period on the back of growing diabetes incidences, accurate results of glucose testing, and no account of side effects.
Lancets are small finger-pricking devices that helps in obtaining blood samples without any hassle. The growth of the global lancet market can be associated with the growing incidences of chronic diseases such as diabetes, as well as high prevalence of infectious diseases. Moreover, advancement in healthcare infrastructure, increasing patient pool, and better provision for reimbursement policies are anticipated to boost the growth of the market.
On the basis of region, the global lancet market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and Middle East & Africa region. Even though North America presented the maximum growth in the year 2021, the market in Asia Pacific is estimated to show significant growth over the forecast period. The growth of the market can be attributed to the rising cases of chronic disease and growing patient population in the region. Moreover, the advancement in healthcare infrastructure and support initiatives taken by government are also expected to drive the market growth.
The research is global in nature and covers detailed analysis on the market in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa). In addition, analysis comprising market size, Y-O-Y growth & opportunity analysis, market players’ competitive study, investment opportunities, demand for future outlook etc.has also been covered and displayed in the research report.
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Growing Prevalence of Diabetes to Boost the Growth of Global Lancet Market
As per the American Diabetes Association, 37.3 million people had diabetes in the year 2019. The patients suffering from diabetes are required to monitor their blood sugar level on a daily basis, hence they account to the largest population base for using lancets. In the other statistics sourced from the American Diabetes Association, 1.4 million new diabetes cases are recorded every year. Hence, the growing prevalence of diabetes is anticipated to act as a major factor to the growth of the global lancet market during the forecast period.
However, rising cases of needlestick injury, and high risk of infection at homecare settings are expected to operate as key restraint to the growth of global lancet market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global lancet market which includes company profiling F. Hoffmann-La Roche Ltd., Becton, Dickinson and Company, SARSTEDT AG & Co. KG, Tenko Medical Systems Corp, HTL-STREFA (MTD Medical Technology and Devices S.A), Terumo Corporation, Ypsomed AG, Owen Mumford Limited, ARKRAY, Inc., Bayer AG, and others. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global lancet market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities,new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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