The global lancet market size reached USD 1.40 billion in 2023 and is predicted to surpass around USD 2.22 billion by 2033, expanding at a CAGR of 4.73% from 2024 to 2033.
Key Points
- The North America lancet market size reached USD 570 million in 2023 and is expected to attain around USD 920 million by 2033, poised to grow at a CAGR of 4.90% between 2024 and 2033.
- North America dominated the market with the largest revenue share of 41% in 2023.
- Asia Pacific is expected to be the fastest-growing market during the forecast period.
- By type, the standard lancets segment has contributed more than 39% of revenue share in 2023.
- By type, the safety lancets segment is expected to grow at the fastest rate in the market during the projected period.
- By size, the 23G-33G segment has held a major revenue share of 44% in 2023.
- By size, the 22G and below segment is expected to grow at the fastest rate in the market during the projected period.
- By end use, the hospital segment has generated more than 32% of revenue share in 2023.
- By end use, the ambulatory surgical centers segment is expected to register significant growth in the market over the forecast period.
The lancet market revolves around devices used for capillary blood sampling, primarily in healthcare settings. Lancets are small, disposable instruments with a sharp needle or blade used to prick the skin for blood collection, typically for glucose monitoring and other diagnostic tests.
Get a Sample: https://www.precedenceresearch.com/sample/4555
Growth Factors:
The lancet market is driven by the rising prevalence of diabetes worldwide, increasing demand for self-monitoring blood glucose (SMBG) devices, and advancements in lancet design for painless sampling. Technological innovations such as safety lancets and devices that minimize discomfort and risk of infection also contribute to market growth.
Region Insights:
North America and Europe dominate the lancet market due to high diabetes prevalence rates, robust healthcare infrastructure, and adoption of advanced medical technologies. The Asia-Pacific region is experiencing rapid growth driven by improving healthcare access, rising disposable incomes, and increasing awareness of diabetes management.
Lancet Market Scope
| Report Coverage | Details |
| Market Size by 2033 | USD 2.22 Billion |
| Market Size in 2023 | USD 1.40 Billion |
| Market Size in 2024 | USD 1.47 Billion |
| Market Growth Rate from 2024 to 2033 | CAGR of 4.73% |
| Largest Market | North America |
| Base Year | 2023 |
| Forecast Period | 2024 to 2033 |
| Segments Covered | Type, Size, End-use, and Regions |
| Regions Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
Lancet Market Dynamics
Drivers:
Key drivers include the growing diabetic population globally, increasing adoption of point-of-care testing (POCT) devices, and initiatives promoting blood glucose monitoring. Government policies supporting diabetes management and healthcare reforms emphasizing preventive care also boost market growth.
Opportunities:
Opportunities in the lancet market include expanding product portfolios with safer and more effective lancet designs, targeting emerging markets with unmet medical needs, and integrating lancet devices with digital health platforms for enhanced patient care and data management.
Challenges:
Challenges include pricing pressures due to competitive market dynamics, regulatory hurdles for new product approvals, and patient compliance issues related to regular blood sampling. Addressing these challenges requires continuous innovation, regulatory compliance, and effective marketing strategies.
Read Also: Data Acquisition System Market Size to Surpass USD 3.35 Bn by 2033
Lancet Market Companies
- F. Hoffmann-La Roche Ltd.
- Abbott Laboratories
- Terumo Corporation
Recent Developments
- In February 2024, according to exclusive Reuters reporting released on Wednesday, Eli Lilly intends to introduce its best-selling type 2 diabetes medication, Mounjaro (tirzepatide), in India as early as next year. Currently, Mounjaro is being examined by India’s health regulatory agencies.
- In February 2024, according to Mykhailo Fedorov, Minister of Digital Transformation, Ukraine will sign the first contracts for the mass production of attack drones that resemble the Russian Lancet drones. The 40-kilometer-range Lancet is a kamikaze drone manufactured by ZALA Aero Group, a division of the massive Russian armaments manufacturer Kalashnikov Concern.
Segment Covered in the Report
By Type
- Safety Lancets
- Standard Lancets
- Manually Activated Lancets
- Automatically Activated Lancets
By Size
- 22G and Below
- 23G-33G
- Above 33G
By End-use
- Hospitals
- Clinics
- Homecare Settings
- Ambulatory Surgical Centers
- Others
By Geography
- North America
- Asia Pacific
- Europe
- Latin America
- Middle East & Africa
Contact Us:
Mr. Alex
Sales Manager
Call: +1 9197 992 333
Email: sales@precedenceresearch.com
Web: https://www.precedenceresearch.com
Blog: https://www.expresswebwire.com/
Blog: https://www.uswebwire.com/
