Lancet Market: Introduction

  • Lancet is a small finger-pricking device used to make punctures, such as a fingerstick, to obtain small blood specimens. Lancets are mostly disposable. However, some types of “lancet holders” are designed to be used to test more than one time.

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Key Drivers and Restraints of Global Lancet Market

  • Increase in incidence of diabetes, high cholesterol, and other chronic diseases boost the usage of lancets. The prevalence of elevated total cholesterol was the highest in the WHO Region of Europe (54% for both sexes), followed by the WHO Region of the Americas (48% for both sexes). According to the CDC, 7% of children and adolescents ages 6 to 19 in the U.S. have high total cholesterol. Change in lifestyle has increased diabetes patients across the world. According to the WHO, there are about 60 million people with diabetes in Europe, or about 10.3% of men and 9.6% of women aged 25 years and over.
  • However, rise in cases of needlestick injury (NSI) is anticipated to hamper the usage of safety lancets. Around three million needlestick injuries occur globally each year, including one million in Europe, although not all such injuries are reported. The World Health Organization reported in 2003 that there were 3 million accidental NSIs, leading to 37% of all new hepatitis B virus (HBV) cases in HCWs, 39% of new hepatitis C virus (HCV) cases, and 5.5% of new human immunodeficiency virus (HIV) cases.

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Standard Lancets to Dominate Global Lancet Market

  • In terms of type, the global lancet market can be bifurcated into safety lancets and standard lancets. The safety lancets segment can be split into push button safety lancet, pressure activated safety lancet, and side button safety lancet.
  • Standard lancets generated the largest revenue in 2019, as it is a traditional device. However, safety lancets are gaining preference, as these reduce the risk of infection and prevent accidental pricks. This high-speed device ensures minimal prick sensation, yet drawing adequate amount of blood for testing. In February 2016, Greiner Bio-One expanded its MiniCollect product line by launching MiniCollect Lancelino Safety Lancet.

 Home Care Segment to Witness Strong Growth

  • Based on end user, the global lancet market can be divided into hospitals & clinics, diagnostic centers, home care, and others
  • The diagnostic centers segment held major market share in 2019. Lancets are used for capillary blood sampling. Rise in demand for diagnostic services, increase in insurance penetration, and surge in awareness about early diagnosis of diseases among population drive the segment. According to the Royal College of Pathologists Registered Charity in England and Wales, 500 million biochemistry and 130 million hematology tests are carried out per year in England and 300,000 tests are performed every working day.
  • However, the home care segment is expected to grow at a rapid pace during the forecast period. Increase in health care costs and the growing need of affordable treatment options along with government initiatives to promote home health care are projected to boost the growth of the segment in the near future. About 70% of people availing home care are aged 65 and older. In this age group, the most common medical conditions requiring home care are heart disease, diabetes, and cerebral vascular diseases.

North America to Dominate Global Lancet Market

  • In terms of region, the global lancet market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
  • In terms of revenue, North America dominated the global lancet market in 2019, followed by Europe. Mergers & acquisitions, introduction of new products, and investments are the key strategies adopted by companies to ensure growth in the lancet market in North America. High prevalence of diseases and well-established health care infrastructure that enables proper diagnosis are attributed to the region’s high market share. Lancets are used for diabetes diagnosis. According to the American Diabetes Association, about 210,000 people in the U.S. aged under 20 are estimated to have diagnosed diabetes, approximately 0.25% of that population.
  • However, Asia Pacific is expected to emerge as a promising market for lancets. The last three decades have witnessed an epidemic rise in the number of people with diabetes, especially type 2 diabetes, in countries in Asia Pacific. The rise of type 2 diabetes in South Asia is estimated to be more than 150% between 2000 and 2035. Aging, urbanization, and associated lifestyle changes are the major determinants for the rapid increase in diabetes population, which lead to development of many diseases in developing countries.

Key Players Operating in Global Lancet Market

The global lancet market was highly fragmented in 2019. Leading players operating in the global market are:

  • F. Hoffmann-La Roche AG
  • Becton, Dickinson and Company
  • Terumo Medical Corporation
  • Bayer AG
  • HTL-STREFA S.A.
  • Sarstedt AG & Co
  • Improve Medical Technology Co. Ltd.
  • Abbott Laboratories
  • Greiner Bio-One International GmbH
  • Tenko Medical System
  • HemoCue AB

Global Lancet Market: Research Scope

Global Lancet Market, by Type

  • Safety Lancets
    • Push Button Safety Lancet
    • Pressure Activated Safety Lancet
    • Side Button Safety Lancet
  • Standard Lancets

Global Lancet Market, by End-user

  • Hospitals & Clinics
  • Diagnostic Centers
  • Home Care
  • Others

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

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

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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