Lancet Market Worldwide Industry Analysis and New Market Opportunities Explored
The rising prevalence of chronic diseases is one of the major factors propelling the demand for lancets across the world. There has been a huge increase in the occurrence rate of chronic obstructive pulmonary disease (COPD), diabetes, cardiovascular diseases (CVDs), and cancer across the globe over the last few years and this has considerably boosted the need for minimally invasive blood-drawing medical devices such as lancets. According to the World Health Organization (WHO), more than 235 million people around the world are suffering from asthma and 3 million deaths are caused each year, due to COPD.
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The increasing prevalence of infections and injuries due to the use of needlesticks is another important factor fuelling the rise in the demand for lancets across the globe. Due to these factors, the global lancet market generated revenue of $830.3 million in 2019 and is expected to exhibit a CAGR of 9.5% during the forecast period (2020–2030). Lancets are being widely adopted in diagnostic centers, hospitals and clinics, and homecare settings throughout the world. Amongst these, the hospitals and clinics are predicted to observe the highest growth in the adoption of lancets during the forecast period.
The major trend currently being observed in the lancet market is the increasing usage of lancets in homecare settings all around the world. Due to this factor, there has been a huge rise in the development of lancets suitable for home use as the lancets used in the various medical facilities like clinics and hospitals cannot be used by untrained people. As a result, many major lancet manufacturing companies are developing simple point-of-care-testing (POCT) lancets that can be used for monitoring the blood glucose level.
Across the world, the Asia-Pacific (APAC) region is expected to register the fastest growth in the adoption of lancets in the near future. This is primarily ascribed to the soaring geriatric population, improving healthcare infrastructure, rising prevalence of chronic diseases, increasing number of initiatives and measures being taken by the various public and private companies and organizations for increasing the awareness amongst the people about diabetes, and the rising spending power of the people in the region. For instance, as per the WHO, 90% of around 6 million diabetics in Southeast Asia are suffering from type 2 diabetes.
Thus, it can be concluded that due to the rising incidence of chronic diseases especially diabetes and the ballooning popularity of minimally invasive blood drawing medical devices, the demand for lancets will rise significantly across the world, over the next few years.