(EMAILWIRE.COM, June 10, 2021 ) The research study involved the extensive use of both primary and secondary sources. The research process involved the study of various factors affecting the industry to identify the segmentation types, industry trends, key players, competitive landscape, key market dynamics, and key player strategies. The market size estimates and forecasts provided in this study are derived through a mix of the bottom-up approach (seg-mental analysis of major segments) and top-down approach (assessment of utilization/adoption/penetration trends, by type, application, end user, and region).

Expected Revenue Surge: The lancets market is projected to reach USD 1,442 million by 2024 from USD 804 million in 2019, at a CAGR of 12.4% between 2019 and 2024.

The Growth in the lancing devices market is mainly driven by the growing prevalence of diabetes and the high prevalence of infectious diseases across the globe. In addition, emerging markets such as India and China are expected to offer growth opportunities for players operating in the lancets market during the forecast period. However, the risk of needlestick injuries, the reuse of lancets, and the poor reimbursement scenario in developing countries are restricting the growth of this market.

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Market Segmentation in Detailed:

By End-User;

The lancets market is segmented into hospitals and clinics, home care settings, and other end users (diagnostic centers and pathology laboratories). In 2019, the hospitals and clinics segment is expected to dominate the Lancing Devices & Lancets Market. The dominant share of this segment is primarily attributed to the availability of a large patient pool and the increasing prevalence of infectious diseases that require blood testing for diagnosis and treatment.

By Application;

The glucose testing segment accounted for the largest share of the lancets market in 2018. This is primarily due to the increasing prevalence of diabetes, and the need for its prevention and management. For instance, according to the International Diabetes Federation (IDF), in 2017, there were almost 425 million people suffering from diabetes worldwide, and this figure is expected to increase to 629 million by 2045. The growing prevalence of diabetes has resulted in the increased adoption of lancets to effectively handle the growing patient pool.

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In 2018, North America dominated the lancets market, followed by Europe. Increasing prevalence of diabetes and favorable reimbursement scenario in the region are the factors propelling the growth of the market in the region.

The Asia Pacific region is projected to register the highest growth rate in the global disposable lancets market during the forecast period. This is primarily attributed to the rapid economic growth, rising awareness about diabetes treatment, rising geriatric population in China and India, and Japan’s growing healthcare industry.

Prominent players in the lancets market are Becton, Dickinson and Company (US), Roche Diagnostics (Switzerland), Ypsomed (Switzerland), B. Braun Melsungen (Germany), Terumo Corporation (Japan), Own Mumford (UK), HTL-STREFA S.A (Poland), ARKRAY (Japan), Sarstedt (Germany), and SteriLance Medical (Suzhou) (China).