Global demand for disposable lancets market was valued at approximately USD 1,702.1 million in 2018 and is expected to generate revenue of around USD 3281.4 million by end of 2025, growing at a CAGR of around 9.8% between 2019 and 2025.
Disposable Lancets Market
The report covers forecasts and analyses for the disposable lancets market on a global and regional level. The study provides historic data from 2015 to 2018 along with a forecast from 2019 to 2025 based on revenue (USD Million). The study includes drivers and restraints for the disposable lancets market along with the impact they have on the demand over the forecast period. Additionally, the report includes the study of opportunities and various trends in the disposable lancets market on a global level.
As per the report, the global demand for disposable lancets market was valued at approximately USD 1,702.1 million in 2018 and is expected to generate revenue of around USD 3281.4 million by end of 2025, growing at a CAGR of around 9.8% between 2019 and 2025.
Worldwide demand for disposable lancets is growing at a rapid pace. Global demand for disposable lancets is expected to be driven by a large number of population affected by severe medical conditions or diseases like dyslipidemia, diabetes, and hyperlipidemia. The procedure for using a disposable lancet is painless and convenient. It is useful in detecting the fat level, blood sugar levels, and hemoglobin. Furthermore, it is used to analyze essential blood components. Healthcare centers use disposable lancets to prevent the risk of diseases arising out of blood transfusion. There is also an increase in R&D for the development of single-use lancets which are also cost-effective and multipurpose. However, lack of awareness among patients and the high costs may act as restraints for disposable lancets market growth. Emerging countries are expected to bring new growth avenues for disposable lancets manufacturers.
Based on type, the market is segmented into type, application, end-user, and region. Among the type segment, there are homecare disposable lancets, safety disposable lancets, and others. Applications include adults, newborns, and others. A large number of companies in North America, Europe, Asia Pacific, Africa, and the Middle East are manufacturing disposable lancets. Safety lancets are leading among the types of disposable lancets. This is due to its increased use in nursing homes, clinics, and hospitals. They are mostly preferred due to the ease of use and fast blood retraction. It also has less prickling sensation as compared to other devices. They are used to treat blood infections and injuries. Medical device companies, pharmaceutical industries, and hospitals are the various end users in this market. Hospitals are the major end-user segment that dominated the market in terms of revenue in 2018 owing to a large number of diseases such as cholesterol, diabetes, and infections arising out of blood transfusion, that are treated using disposable lancets.
At the regional level, North America dominated the global disposable lancets market. The North American region is projected to lead the market over the forecast period with progress mostly focused on the U.S. market. There are a large number of populations suffering from diseases such as hyperlipidemia, anemia, diabetes, and dyslipidemia. The sedentary lifestyle of people is increasing the growth of this market due to a rise in a number of diseases such as obesity and diabetes arising due to an increase in intake of processed food products. Lack of exercise is further pushing the market to grow. Europe was the second largest disposable lancets market in 2018 globally. The incomes of people earning are generally high and the government's initiative for research and development and various health programs drive the growth of the market in this region. This has led to increased awareness among patients for preventive surgical treatment. There is an increasing demand for safer and painless retract devices. Testing of newborns and infants for diseases is compulsory due to the healthcare act and is a major factor driving the demand for disposable lancets in Europe. The Asia Pacific and the Middle East and Africa are having a high prevalence of infections and diseases, especially among women and children. There are many companies manufacturing lancing devices. They are used to increase safety and hygiene. A growing number of health care centers, legislators, and health authorities, growing awareness among people, the introduction of reimbursement policies, a growing geriatric population, and increased government support for research centers to manufacture improved varieties of medical products are some of the factors driving the growth of the market. However, the lack of financial resources and unstable economic environment is slowing down the growth of the disposable lancet market.
Some of the key players in the disposable lancets market include Abbott, Narang Medical, AgaMatrix, B. Braun, BD, HTL Strefa, I-SENS, Bayer, Infopia, Lifescan, Greiner Bio-One, and ARKRAY among others.