(EMAILWIRE.COM, October 23, 2023 ) The report “Lancets Market by Type (Safety Lancets (Manually & Pressure activated), Standard Lancets, Application (Glucose Testing, Cholesterol Testing), Gauze Size (22G and Below), Age Group (Adult, Pediatrics), End Users (Hospitals), Region – Global Forecast to 2028″, is projected to reach USD 3.6 billion by 2028 from USD 2.3 billion in 2023, at a CAGR of 9.7% during the forecast period. Growth in the lancets market is mainly driven by the growing prevalence of diabetes, the high prevalence of chronic diseases, the rising geriatric population, and the increasing demand for painless lancets. In addition, emerging markets such as India and China are expected to offer growth opportunities for players operating in the Lancets market during the forecast period. However, the risk of lancet-related needlestick injuries, the reuse of lancets, and the poor reimbursement scenario in developing countries are restricting the growth of this market.
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Safety Lancets segment is expected to account for the largest share in 2022.
The lancets market, by type has been segmented into safety and standard lancets. Increasing demand for painless lancets is expected to drive the safety lancets market. The increasing demand for painless lancets can be attributed to improved patient comfort, increased prevalence of diabetes, improved technology, and convenience. As healthcare technology continues to advance, there will be more innovations in painless lancet technology to meet the growing demand.
The Glucose Testing segment held the largest market share in the application market.
By application, the global lancets market is broadly segmented into Glucose Testing, Hemoglobin Testing, Coagulation Testing, Cholesterol Testing, Allergy Testing and Neonatal Screening. Growing prevalence of diabetes and increasing adoption of self-monitoring devices have revolutionized the application of lancets in research. According to the Centers for Disease Control and Prevention (CDC), in 2020, more than 34 million Americans had diabetes, which is nearly 11% of the US population. There are 1.5 million new cases of diabetes in the United States each year.
North America dominates the global lancets market
Based on the region, the lancets market is segmented into North America, Europe, Asia Pacific and Rest of the world. North America market is driven by growing focus on rising prevalence of various chronic diseases and growing geriatric population. Thus, the rising geriatric population and the corresponding increase in the incidence of chronic diseases have increased the demand for lancets for early disease diagnostics. According to the WHO, globally, by 2030, 1 in every 6 individuals will be aged 60 years or over in the world. By 2050, the worlds geriatric population (aged 60 years and older) will witness a two-fold increase (2.1 billion). The number of individuals aged 80 years or older is expected to grow three times between 2020 and 2050 to reach 426 million. There are over 46 million older adults living in the US as of 2021, and by 2050, the geriatric population is expected to grow to over 90 million.
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Major players in lancets market include Becton, Dickinson and Company (US), F. Hoffmann-La Roche Ltd. (Switzerland), B. Braun SE (Germany), and Abbott Laboratories (US).