Market Analysis
The Global Safety Lancet Market is predicted to touch USD 2,305.1 million at an 11.8% CAGR over the forecast period (2017-2023), as per the latest Market Research Future (MRFR) report. Safety lancets, simply put, are retractable needles which reduce risk of infection and prevent accidental pricks. It is receiving global acceptance and recognition owing to its various convenient characteristics that give it an edge over the traditional vein puncture methods. These features include safety while using, easy handling, and painless vein puncture.
Safety lancets are single-use, sterile devices that are intended for capillary blood samplings. It has an extensive range of applications including coagulation tests, allergy tests, blood group test, HIV and HBO screening test, blood group test, cholesterol test, capillary blood micro sampling, and different other blood-based tests. No risk of sharp injuries, no risk of cross-infection, easy to use, pre-set, cost-effective, and no needle loading and removal are some of the benefits of using safety lancets. Safety lancets are ideal for “on the go testing” as it needs no loading as well as can be done with only one hand. Using safety lancets while travelling is an ideal choice and needs fewer supplies. It can be tried on flights, trains, cruises, or driving trips.
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Various factors are propelling the safety lancet market growth. These factors, as stated by the MRFR report, include growing geriatric population, rise in awareness regarding advanced technology, increase in the prevalence of chronic diseases such as dyslipidemia, hyperlipidemia, and diabetes, and increase in reimbursement policies. Additional factors boosting market growth include increasing inclination towards healthcare, improving medical device regulation, growing government support, increasing research and development activities in surgical equipment, and rising healthcare spending.
On the contrary, lack of patient awareness and high cost of the product are factors that may impede the safety lancet market growth over the forecast period.
Key Players
Leading players profiled in the Safety Lancet Market Share report include Sarstedt AG & Co., Dickinson and Company, F. Hoffmann-La Roche AG, Improve Medical Technology Co. Ltd, Becton, HTL-STREFA S.A., Bayer AG, and Terumo Medical Corporation, among others. Key players have acquired some strategies such as acquisition, mergers, product development, and innovation to create a niche in the market.
December 2018- In response to the burgeoning demand for a convenient and safe means to dispose of used or unwanted lancets and medical needles, Sanford Health has installed sharps disposable drop-box kiosk.
Market Segmentation
The Market Research Future report provides a wide segmental analysis of the safety lancet market based on the type and end user.
By type, the safety lancet market is segmented into side button safety lancet, pressure activated
safety lancet, and push-button safety lancet. Of these, the push-button safety lancet segment will dominate the market over the forecast period.
By end user, the safety lancet market is segmented into home diagnostics, diagnostic centers and pathology laboratories, hospitals and clinics, and others. Among these, the hospitals and clinics segment will lead the market over the forecast period.
Regional Analysis
Based on the region, the safety lancet market report covers the latest trends and growth opportunities across the Asia Pacific (APAC), Europe, North America, and the Middle East and Africa (MEA). Of these, Europe will spearhead the market over the forecast period. This is owing to the growing need and demand for safe blood glucose tests in hospitals and clinics and diagnostic centers coupled with an increase in insulin users. It is predicted to touch USD 1,032.7 million. Germany, France, and the UK are the key contributors in this region.
The safety lancet market in North America is predicted to have a faster growth over the forecast period owing to the testing of newborn babies for diseases being mandatory under the budget-friendly healthcare act. The US is the key contributor in this region.
The safety lancet market in the Middle East and Africa is predicted to have a steady growth over the forecast period owing to low healthcare expenditure and poor economic conditions in Africa.
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