DUBLIN, June 13, 2023 /PRNewswire/ — The “Lancets Market – Global Forecast to 2028” report has been added to ResearchAndMarkets.com’s offering.
The lancets market 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, and the rising geriatric population. However, the risk of lancet-related needlestick injuries, the reuse of lancets, and Pricing pressure owing to reimbursement cuts and budget constraints are restricting the growth of this market.
The Safety lancet segment accounted for the highest market share in the lancets systems market, by type, during the forecast period
Based on the segment type, the lancets system market is categorized into standard lancets and safety lancets. Safety lancets are sub-categorized into Manually Activated and Automatically activated/Pressure activated. Push Button Lancets and Side Button Lancets Manually Activated are expected to have the highest growth in the market which is attributed to the growing geriatric population.
Glucose Testing applications accounted for the highest CAGR during the forecast period
Based on type, the application market is segmented into Glucose Testing, Hemoglobin Testing, Coagulation Testing, Cholesterol Testing, Allergy Testing, Neonatal Screening, and Other Applications. In 2022, Glucose Testing dominated the market and the lancets market observed the highest growth rate. Factors supporting the growth of the market are due to the growing prevalence of diabetes and the increasing adoption of self-monitoring devices.
The North American segment accounted for the highest market share in the lancets systems market, by region, during the forecast period
Based on the region, the global lancets market is categorized into North America, Europe, Asia Pacific, and Rest of the world. North America is expected to witness a high market share during the forecast period. The rising prevalence of various chronic diseases which is attributed to the demand of a rising number of hospitals and surgical centers is also supporting the growth of the lancets market.
Market Dynamics
Drivers
- Growing Prevalence of Diabetes and Increasing Adoption of Self-Monitoring Devices
- Rising Prevalence of Various Chronic Diseases
- Increasing Demand for Painless Lancets
- Growing Geriatric Population
- Rising Number of Hospitals and Surgical Centers
Restraints
- Increasing Incidence of Lancet-Related Needlestick Injuries and Infections
- Pricing Pressure Owing to Reimbursement Cuts and Budget Constraints
Opportunities
- High Growth Prospects in Emerging Countries
- Increasing Awareness of Novel Technologies
Challenges
Companies Mentioned
- A. Menarini Diagnostics S.R.L
- Abbott Laboratories
- Acon Laboratories, Inc.
- Agamatrix, Inc.
- Allison Medical, Inc.
- Arkray, Inc.
- B. Braun Se
- Becton, Dickinson and Company
- Cml Biotech Ltd.
- Disera Tibbi Malzeme Lojistik Sanayi Ve Ticaret A.S.
- F. Hoffmann-La Roche Ltd.
- Fl Medical S.R.L
- Glucorx Limited
- Greiner Bio-One International GmbH
- Htl-Strefa S.A.
- Medline Industries
- Mhc Medical Products, LLC
- Neomedic
- Owen Mumford
- Sanli Medical & Health Service
- Sarstedt AG & Co. Kg
- Sterilance Medical (Suzhou) Inc.
- Terumo Corporation
- Ypsomed
For more information about this report visit https://www.researchandmarkets.com/r/ubkqcd
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SOURCE Research and Markets
