(PharmaNewsWire.Com, September 29, 2021 ) According to the new market research report ‘Lancets Market by Type (Safety Lancets (Push button, Pressure Activated, Side Button), Personal Lancets), Application (Glucose Testing, Hemoglobin Testing), End User (Hospital, Clinic, Homecare), Region – Global Forecast to 2024′, published by MarketsandMarkets™, the Lancing Devices Market is projected to grow at a CAGR of 12.4% during the forecast period to reach USD 1,442 million by 2024 from USD 804 million in 2019.
Recent Developments;
- In 2018, HTL-STREFA expanded its storage capacity in Leczyca by almost 50%, with an equivalent of 3,550 m2 additional storage space.
- In 2018, HTL-STREFA was acquired by Investindustrial. This acquisition helped the companies partner for diabetes management, thus serving an extensive customer base.
- In 2017, Owen Mumford opened its new facility in Malaysia to strengthen and accelerate the growth of the company in the Asia Pacific region.
Asia Pacific to dominate the Lancets Market during the forecast period
In 2018, North America dominated the Lancing Devices Market, followed by Europe. Increasing prevalence of diabetes and favorable reimbursement scenario in the region are the factors propelling the growth of the market in the region.
The Asia Pacific region is projected to register the highest growth rate in the global Lancet and Lancing Devices Market during the forecast period. This is primarily attributed to the rapid economic growth, rising awareness about diabetes treatment, rising geriatric population in China and India, and Japan’s growing healthcare industry.
Prominent players in the Lancets Market are Becton, Dickinson and Company (US), Roche Diagnostics (Switzerland), Ypsomed (Switzerland), B. Braun Melsungen (Germany), Terumo Corporation (Japan), Own Mumford (UK), HTL-STREFA S.A (Poland), ARKRAY (Japan), Sarstedt (Germany), and SteriLance Medical (Suzhou) (China).
Safety Lancet is expected to be the most widely used type of the Lancets Market
The safety lancets accounted for the largest market share in 2018. This is primarily be attributed to the advantages associated with safety lancets such as their ease of use, the capability to prevent needlestick injuries and cross-contamination, and painlessness of vein puncture. In line with this, According to PharmaJet, in the US, around 600,000 to 800,000 needlestick injuries are reported every year. This is expected to increase the demand of safety lancets.
Glucose testing segment is expected to account for the largest share of the Lancets Market application
The glucose testing segment accounted for the largest share of the Lancing Devices Market, by application, in 2018. This is primarily due to the increasing prevalence of diabetes, and the need for its prevention and management. For instance, according to the International Diabetes Federation (IDF), in 2017, there were almost 425 million people suffering from diabetes worldwide, and this figure is expected to increase to 629 million by 2045. The growing prevalence of diabetes has resulted in the increased adoption of lancets to effectively handle the growing patient pool.
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