A recent report published by Infinium Global Research on lancet market provides in-depth analysis of segments and sub-segments in the global as well as regional lancet market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional lancet market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global lancet market. According to the report, the global lancet market is projected to grow at a CAGR of 12.5% over the forecast period of 2019-2025.
A small medical implement used blood sampling is known as blood lancets. A blood lancet is a needle or a blade with double- edge. A report defines lancet by type (safety lancets and personal lancets) used for different applications such as blood glucose testing, skin testing, and hemoglobin testing. Hospitals, clinics, and home care are the end user of the lancet
The change in lifestyle has increased the diabetes patient worldwide. According to WHO, in 2015 India had 69.2 million people suffering from diabetes. There would be 20% rise in diabetes patient worldwide over the next 12 years, reported in a study by Lancet Diabetes & Endocrinology journal. With the rise in the occurrence of diabetes, the demand for lancet is increased. In addition, the high prevalence of infectious diseases is the factor driving the growth of the market. On the other hand, the risk associated with blood transfusion is likely to hamper the growth of the market. Furthermore, the injuries caused due to needlestick and reuse of lancet is likely to restrain the growth of this market. The companies are more focusing on research and development, for instance, Roche Diagnostics invested 1.36 billion in 2016 for research and development to provide digital solutions and services, which has been augmented to USD 1.76 billion in 2018. The emerging market in Asian countries is likely to bring more opportunities to this market. China has a large number of lancet manufacturers as it is a technically advanced developing country.
The safety lancets are classified into push button, pressure activated and side button. The market of safety lancet is expected to grow with a CAGR of 8.95% over the forecast period. The push button segment has the highest market share among the other two types. The lancets are used by hospital and clinics, laborites, diagnostic centers, and home care. The hospitals and clinics accounted for the largest market share among the other applications.
Among the geographies, North America has dominated the lancet market due to rise in the number of diabetic patients. The emerging markets such as India and China is likely to augment the growth of the Asia-Pacific region in the coming years.
The report on global lancet market covers segments such as type, application, and end user. On the basis of type, the sub-markets include safety lancets, and personal lancets. On the basis of application, the sub-markets include blood test, hemoglobin test, and skin test. On the basis of end user, the sub-markets include hospitals and clinics, diagnostic centers, and homecare.
The report provides profiles of the companies in the market such as Becton, Dickinson and Company, Own Mumford, SteriLance Medical, B. Braun Melsungen, HTL-STREFA S.A, Roche Diagnostics, Terumo Corporation, Abbott Laboratories, Sarstedt AG & Co, and Ypsomed
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of lancet market. Moreover, the study highlights current market trends and provides forecast from 2019-2025. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.
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