Safety Lancet Market

Global Safety Lancet Market Size (2023 to 2028)

The global safety lancet market is estimated to grow at a CAGR of 9.75% from 2023 to 2028. As a result, the global market for safety lancets is expected to grow from USD 1593 million in 2023 to USD 2536 million by 2028.

Safety lancets are medical devices that are used for obtaining blood samples conveniently. A lancelet is a piece of medical equipment with a sharp-pointed needle used to prick the skin and collect sample blood to measure the blood sugar level in the body. This process is known as blood sugar monitoring or capillary blood sampling. These safety lancets are single-use devices, and they ensure no incidence of sharp injury or infection during the blood sample collection. Lancets can be used for patients suffering from endocrine-related or cardiovascular complications and to conduct cholesterol and glucose tests along with phenylketonuria (PKU) tests in newborns, HBO and HIV tests, blood group tests, coagulation tests, allergy tests, etc. The lancelets can also be used for scarred and severely burned patients, obese patients, and thrombotic tendency patients.  Safety lancets are often used as an alternative to vein punctures. In addition, the safety lancelet device can be used to collect samples from fingers from heeling. 

Impact of COVID-19 on the global safety lancets market:

The COVID-19 crisis severely affected the healthcare industry regarding workforce, business, and supply chain. Many medical devices were researched and developed, and the market fell behind and faced losses due to the stringent lockdowns applied during the spread of the pandemic. But even with these restrictions, the pandemic is estimated to have positively affected the safety lancet market. This positive effect is due to the increased demand for safety lancets caused by an increased need for home care. As people started quarantining, testing kits at home became a primary requirement propelling the market. However, it is estimated that the global safety lancet market was already on the rise even before the pandemic. 

MARKET DRIVERS:

Increased chronic illness, diabetes, obesity, and government funding are majorly propelling the global safety lancets market.

The global safety lancet market is expected to show significant growth due to the increasing number of chronic illness and diabetes cases worldwide. In addition, an elevated awareness about diabetes treatment and healthcare requirements, coupled with support from government authorities, is expected to drive market growth. Additionally, the growing demand for home healthcare as it has become the most preferred method of diagnosis and the convenience of self-diagnosis has fueled the market growth. Furthermore, advanced telehealth systems around the globe have driven up the market. In addition, the rise in the number of insulin users and the rate of contagious and non-contagious diseases worldwide are also factors for the magnification of the market.

The wide range of uses of the safety lancets makes them preferable medical devices among populations. For example, heel-stick screening tests, glucose tests, diabetes, and brutally burned patients' assistance make it a multi-use device, thus increasing its efficiency. The ease of usage, the increasing interest and investment in the safety lancet market, and the funds provided by governments for better healthcare systems are expected to propel the expansion of the market.

MARKET RESTRAINS:

However, reusing safety lancets and poor reimbursement programs may hinder its growth in developing countries. Aside from this, there is also a high risk of needle stick injuries (injuries that occur when the needle accidentally punctures the skin). These risks may become a hurdle to the growth of the market. In addition, the lack of awareness about safety lancets in developing countries can also restrain the market.

This research report on the global safety lancet market has been segmented based on the product type, application, and region.

Safety Lancet Market – By Type:

• Push-Button Safety Lancet
• Pressure Activated Safety Lancet
• Side Button Safety Lancet

Based on the type, the push-button lancet is the most common type among the others and is the most used lancet. The push button is a spring mechanism that punches the skin and automatically retracts into the housing, which reduces the risk of fatal injury. The segment accounted for USD 497.8 million in 2016 and is expected to continue growing during the forecast period. 

Safety Lancet Market – By Application:

• Hospitals And Clinics
• Diagnostic Centers
• Pathology Laboratories
• Home Diagnostics
• Others

During the forecast period, the hospitals and clinics segment is expected to contribute the most towards the safety lancet market. Hospitals and clinics use safety lancets to conduct simple diagnostic tests. With the increase in the number of diabetes and chronic diseases, the use of safety lancets for hospitals has also increased. As a result, the hospital's segment dominated the market in the recent period with USD 463.9 million and is expected to continue showing growth.

Safety Lancet Market – By Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

North America is expected to show significant growth in the global safety lancet market during the forecast period. The regional market growth is driven owing to favorable reimbursement policies and increasing costs of healthcare services in the region. The Centers for Medicaid and Medicare Services data estimates that the U.S. national healthcare expenditure surpassed USD 4.1 trillion in 2020. Aside from this, the increasing labor population and opportunities in the healthcare sector are also leading the region to more contributions towards the safety lancet market.

Europe is more likely to witness the second-largest share of the safety lancet market and is expected to continue the growth during the forecast period. This growth in the region is attributed to the broader healthcare networks with numerous hospitals and clinics, significant market players in the area, and the growing senior population. 

The Asia Pacific is projected to show growth with a fast CAGR. The development can be attributed to the upgraded health care services and the increasing number of patients who need diagnostic treatment—the rise in chronic illnesses like malaria, chikungunya, and dengue, which need diagnostic assistance. The covid 19 pandemic has also helped increase the market scope in these regions. Countries like Japan, China, India, and South Korea are now developing in the market. Companies like navarang medical limited and AMBITECH are expanding the market in India.

Latin America, the middle east, and Africa, with countries like Brazil, Argentina, UAE, and South Africa, are also showing promising growth in the market.

KEY MARKET PLAYERS:

Many companies are now emerging in the market of safety lancets; some of the major market players are Improve Medical Technology Co., HTL-STREFA S.A., Sarstedt AG &Co., Bayer AG, Becton, Dickson and Company, F. Hoffmann-La Roche AG, Terumo Medical Corporation, BD, Abbott and others.

RECENT MARKET DEVELOPMENTS:

• On Jan 12, 2022, Roche announced the Cobas Pulse system. It is the first blood glucose management solution with a digital health capability to improve patient care. The device is handheld blood glucose management equipment that works around the specific need of the healthcare professionals. 
• The FDA has approved Roche's vabysmo, the first-ever bispecific antibody for the eye. The antibody can help treat two leading causes of vision loss. In addition, Vabysmo is the only approved injectable eye medicine with flexible dosing according to patients' requirements.