Global Lancets Market: Overview
Lancets are a thin needle used to pierce the skin, primarily for diabetes. The lancet market is gaining popularity over the years and expected to grow at a staggering rate in the following years. It falls under medical device category and is a boon to the medical sector.
Hospitals are projected to create a huge demand for lancets to cater to large number of in and out patients, owing to the substantial growth in the global lancets market during the forecast period.
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TMR Research report sheds some lights about the market trends, share, size during the forecast period. The report also shares detailed insights on geographical outlook, growth and restraints of the global lancets market.
Global Lancets Market: Key Developments
Some of the key developments that have taken place in the global lancet market are as given below:
- In February 2019, Roche entered a merger to acquire Spark Therapeutics, the pioneer in gene therapies. The aim of both the companies is to broaden the avenues for gene therapy, cover more diseases under gene therapies and eradicate the gene based diseases.
- In 2018, Investindustrial acquired one of the prominent companies HTL-STREFA to expand the services of catering to diabetes patients across the globe.
Apart from these, the global lancets market comprises of some of the key players in the market such as Roche Diagnostics (Switzerland), B. Braun Melsungen (Germany), Own Mumford (UK), Terumo Corporation (Japan), SteriLance Medical (Suzhou) (China). Sarstedt (German), and ARKRAY (Japan). All these companies offer lancets to end users such as pharmacies, hospitals, clinics, and home users.
Global Lancets Market: Key Trends
Prevalence of Diabetes to Surge Lancets Market
Rising occurrence of diabetes is expected to drive the global lancets market during the forecast period. Gestational diabetes among pregnant women, rising geriatric population are expected to expand the market.
Additionally, rising number of infectious diseases are projected to drive the global lancets market during the forecast periods. Rapid changes in lifestyle results in disease such as diabetes, thus owing in the growth of the lancets market. Further, rising awareness, easy to use, easy accessibility are some of the few other factors that are projected to aid in the growth of the global lancets market during the forecast period.
On the basis of product, the global lancet market is segmented into safety lancet and personal lancet. Safety lancet is further divided into pressure activated safety lancets, side button safety lancets, and push button safety lancets.
The injuries resulting from the use of lancets due to lack of knowledge about the use is anticipated to hamper the growth of the global lancets market.
Nevertheless, the huge demand from various end users such as clinics, hospitals, and homes are projected to expand the global lancets market in the future. Also growing advances in healthcare sector is projected to drive the lancets market towards a robust growth in the next few years.
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Global Lancets Market: Geographical Analysis
Lancets market is divided into five key regions namely, South America, North America, Europe, Asia Pacific, and Middle East and Africa. However, Asia Pacific is projected to dominate the global lancets market over the forecast period. The major growth can be expected from India and China, this is mainly due to rising populations, fast paced economic growth, and rising awareness about diabetes are some of the factors that are expected to drive the global lancets market. Currently, North America holds the highest growth in the global lancets market. The growth in this region can be attributed technologically advanced devices and rising old population.
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