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 Market 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.
Leading players profiled in the safety lancet market 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.
The global safety lancet market has been segmented by type and end user.
- On the basis of type, it is segmented into push button safety lancet, pressure activated safety lancet, and side button safety lancet. Push button safety lancets are being procured by major healthcare organizations for its easy application and its retraction of the sample with a single push. They enable rapid blood collection, comfortable, and painless.
- On the basis of end user, it comprises hospitals & clinics, diagnostic centers and pathology laboratories, home diagnostics, and other end users. Hospitals & clinics accounted for the biggest share of 44% in the global safety lancet market, followed by diagnostic centers & pathology laboratories (25%), home diagnostics (18%), and others (13%) in 2016. Home diagnostics can see massive demand from the market due to rise in healthcare costs. Rise of self-administration of medicines in homes can lead to demand for safety lancet kits.
The geographical overview global market has been conducted in four major regions, namely North America, the Asia Pacific, Europe, and the rest of the world (including Latin America and the Middle East and Africa).
Europe will lead the safety lancet market over the forecast period. This is due to the rising need and demand for safe blood glucose tests in hospitals and clinics and diagnostic centers combined with an upsurge in insulin users. It is projected to touch USD 1.032 billion by 2023. France, Germany, and the UK are the key contributors in Europe.
The safety lancet market in North America is prophesied to have a rapid growth over the forecast period due to the examinations of newborn babies for diseases being obligatory under the budget-friendly healthcare act. The US is the key contributor to this region’s market share.
On the other hand, the APAC region is expected to witness the highest CAGR during the forecast period. The growing healthcare industry, the rising geriatric population in China and India, rapid economic growth, and rising awareness about diabetes treatment are some of the key factors driving the growth of the lancets market in the Asia Pacific region.
The Middle East and Africa safety lancet market are projected to have a steady growth over the forecast period due to low healthcare expenditure and weak economic conditions in Africa.