Personal Lancets Market Scope
Lancets are used for diabetes/glucose testing, baby testing, heel pin screening, and scarred emergency or severely burned patients. Personal lancets should be used by laypeople with a lancing device to collect capillary blood. Pricking your fingers is an integral part of blood sugar self-monitoring and part of everyday life for millions of people with diabetes. A small finger prick followed by a drop of blood on the test strip allows people to see blood sugar levels within seconds. This helps patients identify symptoms of hypo- / hyperglycemia and prevent long-term complications from diabetes. Factors driving market growth include the incidence of infectious and non-contagious diseases, the prevalence of diabetes, and the tendency towards home treatment and diagnosis. However, the risk associated with blood transfusions is likely to hamper market development during the forecast period.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
Key Companies Profiled | Becton, Dickinson, and Company (United States), Roche Diagnostics (Switzerland), Ypsomed (Switzerland), B. Braun Melsungen (Germany), Terumo Corporation (Japan), Own Mumford (United Kingdom), HTL-STREFA S.A (Poland) and ARKRAY (Japan) |
CAGR | % |
The companies are now exploring the market by adopting mergers & acquisitions, expansions, investments, new developments in existing products, and collaborations as their preferred strategies. The players are also exploring new geographies and industries through expansions and acquisitions so as to avail a competitive advantage through combined synergies. Research Analyst at AMA estimates that United States Players will contribute to the maximum growth of Global Personal Lancets market throughout the predicted period.
Becton, Dickinson, and Company (United States), Roche Diagnostics (Switzerland), Ypsomed (Switzerland), B. Braun Melsungen (Germany), Terumo Corporation (Japan), Own Mumford (United Kingdom), HTL-STREFA S.A (Poland) and ARKRAY (Japan) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research are Sarstedt (Germany) and SteriLance Medical (Suzhou) (China).
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
Segmentation Overview
The study have segmented the market of Global Personal Lancets market by Type , by Application (Glucose Testing, Hemoglobin Testing, Coagulation Testing and Other Applications) and Region with country level break-up.
On the basis of geography, the market of Personal Lancets has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
region held largest market share in the year 2023.
Market Leaders and their expansionary development strategies
In 2018, HTL-STREFA was acquired by Investindustrial. This acquisition helped the companies partner for diabetes management, thus serving an extensive customer base.
In 2018, HTL-STREFA expanded its storage capacity in Leczyca by almost 50%, with an equivalent of 3,550 m2 additional storage space.
Influencing Trend:
The Rising Adoption of Push-Button Safety Lancets due to the Efficient Retraction of the Sample with the Push of a Single Button will Foster their Demand
Market Growth Drivers:
Monitoring of diabetes in the diabetic community is one of the main uses or working fields of lancets. According to the Centers for Disease Control and Prevention ( CDC), diabetic patients account for 9.4 percent of the US population. The need for lancets is projected to be tremendous with the growing prevalence of diabetes, resulting in a rising need for diabetes detection and management equipment and products, potentially leading to expanded use of lancets.
Challenges:
Reuse of Lancets
Restraints:
Risk of Needlestick Injuries and Poor Reimbursement Scenario in Developing Countries
Opportunities:
High Growth Prospects in Emerging Countries and High Prevalence of Anemia Expected to Increase Hemoglobin Testing Volume and the Demand for Lancets
Key Target Audience
Providers of Personal Lancets, End-Users, Potential Investors, Market Research Firms and Others