USD 1.59 billion
Report ID:
SQMIG35A2818 |
Region:
Global |
Published Date: April, 2024
Pages:
219
|
Tables:
91 |
Figures:
74
Global Safety Lancet Market size was valued at USD 1.59 billion in 2022 and is poised to grow from USD 1.74 billion in 2023 to USD 3.60 billion by 2031, growing at a CAGR of 9.5% in the forecast period (2024-2031).
The global safety lancet market is growing exponentially, with the increasing incidence of diabetes and infectious diseases worldwide largely driving Lancets popularity in the healthcare industry, and has played an important role in blood glucose monitoring and analytics in the diagnosis of the disease. The market growth is driven by the growing demand for easy-to-use single-use blades that offer improved safety and comfort.
Emerging markets such as India and China offer growth opportunities for companies in the global safety lancet market, supported by the rise of healthcare initiatives and increased health awareness among the population. Despite these positive factors, certain factors hinder the growth of the market. Concerns about needlestick injuries, which pose a risk of infectious disease, especially among health workers using lancets, are important. Furthermore, the possibility of infection due to lancet return use highlights the increasing adoption of single-use lancets in healthcare settings.
Global Market Size
USD 1.59 billion
Largest Segment
Hospital
Fastest Growth
Hospital
Growth Rate
9.5% CAGR
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The safety lancet market is segmented by application into Blood Glucose Testing, Haemoglobin Testing, Cholesterol Testing, Coagulation Testing, and Other Applications. The safety lancet market is segmented by end-use into hospitals and clinics, diagnostic centers, home care, and others. The safety lancet market can be segmented by type into two categories: safety lancets and personal lancets. The safety lancet market can be segmented by region into North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa.
Analysis by Application
The hemoglobin testing segment is poised to witness steady growth during the forecast period, mainly due to anemia and hemoglobin-related disorders. Anemia, global public health, the main problem, affects 2 billion people worldwide. Lancets play an important role in the collection of venous blood for hemoglobin analysis, and the growing demand at the point of care is expected to be a key factor in the growth of this segment.
Expected to grow significantly, the cholesterol testing segment is poised for an exciting trend over the forecast period. This positive outlook is largely due to the growing trend of home lipid testing devices gaining in popularity. The increasing number of individuals opting for home lipid testing is expected to be a key driver for the growth of this segment. A major factor contributing to this increase is increased awareness of preventive health care among the population. As individuals become more proactive in their healthcare, there is an increasing emphasis on easy-to-use and easy-to-use solutions for fat management.
Analysis by End-User
The hospital segment has demonstrated market dominance by 2022 and is poised to maintain this leading position over the forecast period. This dominance can be attributed to the increasing prevalence of infectious diseases, large patient groups with diabetes, numerous factors requiring the use of blood test kits. The prevalence of these health conditions warrants extensive research in the phase of diagnosis, which is usually performed in clinical settings.
The home care segment is expected to exhibit rapid growth over the forecast period, with various factors contributing to increased blood glucose self-monitoring and making this growth underpinned by increased awareness on the importance of looking after themselves in individuals. Effectiveness also greatly contributes to the rapid development of this section.
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By 2022, North America has shown dominance in the market, driven by various factors, including adequate patient volume, favorable payment model. The leading position of the region is further strengthened by the frequency of new product launches and continuous growth in healthcare expenditure, which contributes significantly to the market growth. Notably, The International Diabetes Federation reports that a whopping 43% of all diabetes-related healthcare expenditures are in North America, underscoring the region’s dominant role in the market.
Asia-Pacific is poised to witness rapid growth during the forecast period, driven by improving healthcare infrastructure and large patient cohorts requiring diagnostic tests to enable effective treatment. And the region’s growth rate continues to be fueled by the increasing incidence of infectious diseases associated with disposal machinery. The increasing demand is matched by the expansion of healthcare infrastructure in Asia Pacific, which emphasizes the importance of the region in the changing landscape of the market.
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Drivers
Increasing Prevalence of Diabetes
Restraints
Low Intelligence in Individuals
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The competitive environment of the global Safety Lancet market is dynamic and characterized by the presence of a mix of well-established brands, emerging players, and niche producers. Innovation is a key competitive factor.
Top Player’s Company Profiles
Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research. Several important factors are anticipated to drive the growth of the global safety lancet market, including rising prevalence of diabetes mellitus, significant rise in the number of insulin users, rise in infectious and non-communicable diseases. Safety arrows play an important role in various medical applications, such as hip stumps. Test-tests for diabetes and glucose, as well as infant tests, are expanding their use in situations involving emergency patients with wounds or patients with severe burns, contributing to greater flexibility and expanding its application in the market.
Report Metric | Details |
---|---|
Market size value in 2022 | USD 1.59 billion |
Market size value in 2031 | USD 3.60 billion |
Growth Rate | 9.5% |
Base year | 2023 |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Safety Lancet Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Safety Lancet Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Safety Lancet Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Safety Lancet Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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Product ID: SQMIG35A2818