Lancet Market 2023 Investment Opportunities Emerge with Expanding Revenue $2,882.6 Mn by Leading Players as Becton, Dickinson and Company, F. Hoffmann-La Roche AG,
Lancet Market Size Analysis by Type (Safety Lancet, Personal Lancet), End User (Hospitals & Clinics, Diagnostic Centers and Pathology Laboratories, Home Diagnostics, Others) and Region - Forecast till 2024
The demand for lancets has grown rapidly following the escalating cases of diabetes worldwide. Market reports connected with the healthcare industry have been offered by Market Research Future which crafts reports on various industry verticals that aims to evaluate the current market scenarios better. The Global Lancet Market Size is expected to grow at a CAGR of 10.50% during the assessment period, with a market value of USD 1,595.5 Million in 2018.
The need to keep a regular check on sugar levels has motivated the lancet market globally. Increasing awareness about diabetes as well as its treatment is boosting the sales of lancets around the world. The ease of use in terms of lancets and blood sugar machines is also expected to fuel market development. Escalated spending on awareness campaigns to educate about the use of lancets is expected to bolster the market in the coming years further.
Increasing demand for blood sampling devices owing to the increasing prevalence of various contagious and non-contagious diseases is majorly driving the global lancet market. The need for discarding a lancet after a single use for hygiene purpose is one of the major factors that are generating high demand for lancets in the global market. Increasing use of lancets by individuals suffering from endocrine-related complications, cardiovascular diseases and other disorders is positively impacting the growth of the global lancets market.
However, risk associated with blood transfusion, poor health care facilities and lack of awareness among the population of underdeveloped regions are likely to act as restraints on the growth of the global lancets market.
Competitive Analysis
Amplified conformity of market companies to new customers and market trend inclinations are boosting the growth curve of the market and will persist in the forecast period. The expansion of a strong value chain is additionally motivating the development of the market. The development of the market is moving in a favorable direction due to new product introductions or intensifying gross revenue of the players in the market. The vertical enhancements and product tactics of the market are advancing the potential of the market players. The tactical goals intended for the market are buoyed due to advantageous product differentiation carried out by market contestants. Substantial cuts in administrative costs are inducing further expansion of the market. The active implementation of strategies is likely to stimulate the market in the approaching years.
The noteworthy contenders in the lancet market globally are Improve Medical Technology Co. Ltd, F. Hoffmann-La Roche AG, Greiner Bio One International GmbH, Terumo Medical Corporation, Becton, Dickinson and Company, Bayer Cropscience Limited, HTL-STREFA S.A, Sarstedt AG & Co and Others
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Lancet Market Segmental Analysis
The segmental analysis of the Lancet market has been segmented on the basis of types, end users and regions. Based on types, the lancet market globally is segmented into safety, personal and others. The segmentation of the lancet market globally on the basis of end users consists of diagnostic centers and pathology laboratories, hospitals & clinics, home diagnostics, and others. The regions considered in the lancet market globally are the Middle East, North America, Europe, Asia Pacific, and Africa.
Lancet Market Detailed Regional Analysis
The regional analysis of the lancet market consists of regions such as the Middle East, North America, Europe, Asia Pacific, and Africa. The North American region is the major market for lancets globally. The North American market for lancets is anticipated to develop at a CAGR of 11.2% through the forecasted period. This is primarily because of the growing incidence of diabetic patients. The European region is the next major market for lancets with a market value of USD 592.8 million in 2015. While the Asia Pacific region is anticipated to grow at a rapid rate in the upcoming forecast period.