Global Lancet Market Report and Forecast 2024-2032

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Global Lancet Market Overview

The lancet is a small medical implement used to prick the skin, particularly for blood sugar monitoring or capillary blood sampling. The growth of the lancet market can be attributed to the availability of a big pool of diabetic patients and the growing incidences of infectious diseases requiring blood testing for diagnosis and therapy, along with increased awareness of diabetes treatment globally.

Rising Prevalence of Diabetes and High Cholesterol

The increasing issue of high cholesterol among people, especially the geriatric population, is contributing to the global lancet market demand. It is estimated that high cholesterol causes 4.4 million deaths every year. It is a major risk factor for heart disease and stroke in both high- and low-income countries. Practices such as consuming a healthy diet, regular exercise, and medication can help reduce high cholesterol.

In June 2023, according to data from the Institute for Health and Metrics Evaluation, over 500 million people across the globe are currently living with diabetes. This chronic disease affects individuals of all ages and genders in every country worldwide. Unfortunately, this number is projected to more than double in the next 30 years, with estimates suggesting that 1.3 billion people will be living with diabetes by then. This increase is expected to be experienced in every country, highlighting the urgent need for effective prevention and management strategies.

The high prevalence of such conditions requires regular checkups so that they can be diagnosed early and treated well. The lancet are used in the devices that are used to diagnose these conditions through blood sampling such as cholesterol testing devices.

Increased Product Launches in the Market

In August 2023, Roche Diabetes Care Japan Co., Ltd. announced the launch of Accu-Chek Pico, a handy and fully disposable lancet device for blood glucose monitoring to enhance diabetes care for older people living with diabetes nationwide. Accu-Chek Pico will be available in medical institutions such as hospitals and retail pharmacies across Japan.

This innovative product, designed for older people with diabetes is poised to enhance diabetes care. Further, the availability in medical institutions and retail pharmacies throughout Japan for this product is expected to potentially increase demand for lancet in the region, bolstering the lancet market growth.

Additionally, in January 2024, Dexcom revealed new details about Stelo, its new continuous glucose monitor (CGM) designed for people with diabetes who do not take insulin. Stelo by Dexcom, a new continuous glucose monitor targeted for people with diabetes who are not on insulin, has been submitted to the FDA. The medical equipment manufacturer also shared updates on the unique features of the wearable, pricing, and the planned rollout timeline for the device. Stelo launch is expected this summer of 2024 if approved successfully.

This may impact the lancet market potentially by reducing the demand for traditional blood glucose monitoring using lancet. CGMs like Stelo offer continuous monitoring without the need for frequent fingerstick tests which may potentially lead to a shift in user preferences and impact the market for lancet used in traditional blood glucose meters.

Rapid Improvements to Provide a Significant Push

In November 2023, Biodesix, Inc. (Nasdaq: BDSX), a leading diagnostic solutions company with a focus on lung disease, announced the validation and launch of a new method of collecting blood specimens for Nodify Lung Nodule Risk Assessment testing. The method uses the FDA-cleared Tasso+™ device, a single-use blood lancing device intended for obtaining capillary whole blood samples from a patient’s upper arm.

The integration of innovative devices like Tasso+™ signals potential growth, as it introduces an efficient and patient-friendly alternative for fetching blood samples, potentially influencing increased adoption and demand in the lancet market.

Increase in FDA Approvals

In October 2023, Sanguina received the approval from the US Food and Drug Administration (FDA) for its haemoglobin test kit, AnemoCheck Home. AnemoCheck Home, which is an in vitro diagnostic device, will be available only through prescription. Sanguina’s disposable test helps users receive precise haemoglobin level readings by carrying out a simple fingerstick blood test. Sanguina is focused on the development of digital and at-home health platforms for quick home-based testing and disease management. The brand is excited to provide a convenient, accurate, and accessible tool to monitor their haemoglobin levels at home. This approval would significantly aid the global lancet market demand as the test requires a simple fingerstick blood sample, propelling the demand for lancets used in home-based testing and aligning with the growing trend of at-home health monitoring and disease management. Globally, around 40% of all children aged 6–59 months, 37% of pregnant women, and 30% of women 15–49 years of age are affected by anaemia.

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Global Lancet Market Segmentations

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Global Lancet Market Regional Analysis

The growth of the market is primarily driven by the increasing incidences of diabetes and high infectious diseases worldwide. However, the danger of needlestick injuries, the reuse of lancets, and the bad reimbursement situation may act as the major market constraints, hampering the lancet market growth.

North America is anticipated to dominate the regional market due to factors such as the increasing healthcare sector, increasing geriatric population, fast financial development, and increased awareness of diabetes treatment are some of the primary factors, which are aiding in the growth of the North America lancet market growth.

In January 2023, Cipla launched a point-of-care testing device for various non-communicable diseases and other medical conditions. Another addition to its product offerings for diagnostics laboratories, Cipla’s device named Cippoint, offers a wide range of testing parameters including cardiac markers, diabetes, infectious diseases, fertility, thyroid function, inflammation, metabolic markers, and coagulation markers. The device is approved by the European In-Vitro Diagnostic Device Directive, thus ensuring reliable testing solutions.

Cippoint – an immunofluorescence-based quantitative analyser, can help healthcare professionals to get test results in 3 to 15 minutes, thus enabling a faster clinical decision-making process.

The introduction of Cipla's point-of-care testing device could increase the demand for lancets as they are commonly used in devices for blood sampling in point-of-care diagnostics, bolstering the market demand. The focus of Cippoint on accessibility in rural and remote areas is further expected to drive the need for lancets in healthcare settings.

Global Lancet Market: Competitor Landscape

In December 2023, BD (Becton, Dickinson and Company) (NYSE: BDX), a leading global medical technology company, announced it had received 510(k) clearances from the U.S. Federal Drug Administration (FDA) for a novel blood collection device that obtains blood samples from a fingerstick that produce lab-quality results for some of the most commonly ordered blood tests.

The key features of the market report include patent analysis, grants analysis, clinical trials analysis, funding and investment analysis, partnerships, and collaborations analysis by the leading key players. The major companies in the market are as follows:

• Terumo Corporation

• Bayer AG

• MTD Medical Technology and Devices

• Sarstedt AG & Co. KG

• BD

• Abbott

• F. Hoffmann-La Roche Ltd.

• Greiner Bio-One International GmbH

• Improve Medical

• B. Braun SE

• Medline Industries, Inc.

• Nipro Medical Corporation

• Owen Mumford

• ARKRAY, Inc.

• Bionime Corporation

Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.