Lancets Market Growing at a CAGR of 12.4% – High Prevalence of Infectious Diseases

PUNE, India, 2021-Apr-05 — /EPR Network/ — The study involved the extensive use of both primary and secondary sources. The research process involved the study of various factors affecting the industry to identify the segmentation types, industry trends, key players, competitive landscape, key market dynamics, and key player strategies. The primary sources from the demand side included industry experts, such as researchers and scientists, and industry experts from medical devices companies. Primary research was conducted to validate the market segmentation, identify key players in the market, and gather insights on key industry trends & key market dynamics.

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 & Lancets Market is projected to reach USD 1,442 million by 2024 from USD 804 million in 2019, at a CAGR of 12.4% between 2019 and 2024.

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Geographical Scenario in Depth:

The APAC market is expected to grow at the highest CAGR during the forecast period

North America is projected to dominate the blood sugar lancets market in 2019. On the other hand, the APAC region is expected to witness the highest CAGR during the forecast period. The growing healthcare industry, rising geriatric population in China and India, rapid economic growth, and rising awareness about diabetes treatment are some of the key factors driving the growth of the lancing devices market in the Asia Pacific region.

Leading Key-Players:

Prominent players in the blood 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).

Roche Diagnostics (Switzerland) is the diagnostics division of F. Hoffmann-La Roche AG. The company develops and manufactures equipment and reagents used for research and medical diagnostic applications. Roche operates through four business segments, namely, Centralized and Point of Care Solutions, Diabetes Care, Molecular Diagnostics, and Tissue Diagnostics. The company offers lancets to various end users including physicians, hospitals, clinics, academic institutes, and for personal use through its Diabetes Care segment.

Becton, Dickinson and Company (US) is another leading player in the lancets market. The company develops, manufactures, and sells of medical devices, instrument systems, and reagents used by healthcare institutions, life science researchers, clinical laboratories, and the pharmaceutical industry. It offers lancets for blood sugar monitoring tests and other blood tests. With its strong product portfolio, the company has established a strong presence in more than 50 countries across North America, South America, Europe, Africa, and Asia Pacific and is serving customers in around 190 countries. BD competes with other players on the basis of price, quality, innovation, brand image, distribution, promotion, and other factors.

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Recent Developments in Lancets Market:

• 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.